Labubu doll maker, Wang Ning, joins China’s top 10 billionaire with $22.7bn

Wang Ning, founder and CEO of Pop Mart International Group, has broken into China’s top 10 richest individuals for the first time, thanks to surging global demand for the company’s signature Labubu dolls.

According to Forbes’ publication on Thursday, the 38-year-old now ranks as China’s 10th richest person, with a net worth of $22.7 billion.

His wealth stems largely from his stake in Pop Mart, a Beijing-based toy maker whose shares have soared 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 stock, listed in Hong Kong, has more than tripled in 2025, trading above HK$270 ($34.40), and pushing the company’s market capitalization to HK$365 billion.

The runaway success of the mischievous, rabbit-like Labubu doll,created by Hong Kong-born artist Kasing Lung, has turned it into a collector’s craze.

Celebrities such as Rihanna, Dua Lipa, and Blackpink’s Lisa have been seen with the dolls, boosting their international 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.