By Onyeanya Ebere
Wang Ning, founder and CEO of Pop Mart International Group, has entered the ranks of China’s top ten richest individuals for the first time, thanks to soaring global demand for the company’s iconic Labubu dolls.
According to Forbes, the 38-year-old entrepreneur now ranks as China’s 10th richest person, with a net worth of $22.7 billion, largely driven by his stake in Pop Mart; a Beijing-based toy company whose shares have surged dramatically in 2025.
Pop Mart’s stock, listed on the Hong Kong Stock Exchange, has more than tripled this year, trading above HK$270 ($34.40), and pushing the company’s market capitalization to HK$365 billion.
The company’s breakout success is largely attributed to the Labubu doll, a mischievous, rabbit-like character created by Hong Kong-born artist Kasing Lung.
The toy has become a global collector’s item, especially popular across Asia, Europe, and the U.S.
Celebrities including Rihanna, Dua Lipa, and Blackpink’s Lisa have been spotted with Labubu dolls, further propelling the brand’s international appeal.
“It is rare for a comic/toy IP [intellectual property] to break the cultural wall and be embraced by both Asian audiences and mainstream Western pop and sports stars,” Deutsche Bank analyst Jessie Xu noted in a research report.
Labubu’s popularity has even prompted unconventional marketing efforts. For instance, China’s Ping An Bank recently offered the dolls as incentives to customers who opened new accounts and deposited over 50,000 yuan; a practice regulators later halted, citing it as an improper promotional tactic.
The April release of the third-edition Labubu led to fan frenzies, including scuffles at a London store where prices ranged from £13.50 ($18.30) to £50 per doll. In Beijing, a life-sized Labubu was recently auctioned for a staggering 1.08 million yuan (approximately $150,000).
With Pop Mart’s explosive global growth, investor confidence is rising. Deutsche Bank has raised its price target for Pop Mart shares by 52% to HK$303, while Morgan Stanley has also increased its forecast.
Wang Ning now becomes the youngest member of China’s billionaire elite, joining notable names such as ByteDance’s Zhang Yiming, Nongfu Spring’s Zhong Shanshan, and Tencent’s Ma Huateng.
