LABUBU DOLL MAKER, WANG NING JOINS CHINA’S TOP 10 RICHEST WITH $22.7BN FORTUNE
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By: Sefiu Ajape
Wang Ning, the founder and CEO of Pop Mart International Group, has entered China’s top 10 wealthiest individuals for the first time, driven by a spike in global demand for the company’s popular Labubu dolls.
According to Forbes’ Thursday report, the 38-year-old now holds the 10th spot among China’s richest, with a net worth of $22.7 billion.
His fortune is primarily tied to his ownership in Pop Mart, the Beijing-based toy manufacturer whose stock has seen significant growth this year.
“Wang Ning, founder of toy maker Pop Mart International Group, has joined the ranks of China’s top ten billionaires for the first time, as the company’s Labubu dolls fly off store shelves in Asia, Europe and the U.S,” Forbes reported.
Pop Mart’s shares, listed on the Hong Kong Stock Exchange, have surged over threefold in 2025, now trading above HK$270 ($34.40) and lifting the company’s market value to HK$365 billion.
The soaring popularity of the mischievous, rabbit-like Labubu doll—created by Hong Kong-born artist Kasing Lung—has sparked a global collector frenzy.
High-profile celebrities including Rihanna, Dua Lipa, and Blackpink’s Lisa have been spotted with the dolls, further fueling their worldwide appeal.
“It is rare for a comic/toy IP [intellectual property] to break the culture wall and be embraced by both Asian cultures as well as mainstream Western pop stars and sports stars,” Deutsche Bank analyst Jessie Xu wrote in a research note.
Amid skyrocketing demand, the release of a third edition Labubu in April led to scuffles at a London store as fans scrambled to pay between £13.50 ($18.30) and £50 per doll.
In Beijing, a life-sized Labubu recently fetched 1.08 million yuan ($150,000) at auction.
The doll’s popularity has sparked unconventional marketing strategies. Forbes revealed that Ping An Bank in China began offering Labubu dolls as incentives to customers who opened new accounts and deposited over 50,000 yuan.
The practice was later halted by regulators, who deemed it an improper promotional tactic.
With the company’s strong international growth, investment banks are optimistic. Deutsche Bank recently raised its price target on Pop Mart shares by 52% to HK$303, while Morgan Stanley also adjusted its projections upwards.
Wang is now the youngest member of China’s billionaire elite, joining the ranks of other business giants like ByteDance’s Zhang Yiming, Nongfu Spring’s Zhong Shanshan, and Tencent’s Ma Huateng.
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