Thanks to the growing demand for the company’s iconic Labubu dolls around the world, Wang Ning, the founder and CEO of Pop Mart International Group, has made it into China’s top 10 richest people for the first time.
With a net worth of $22.7 billion, the 38-year-old is currently the 10th richest person in China, according to a Forbes article released on Thursday.
His ownership in Pop Mart, a toy manufacturer based in Beijing whose stock has skyrocketed this year, is a major source of his fortune.
As the company’s Labubu dolls sell out of stores in Asia, Europe, and the United States, Forbes stated that Wang Ning, the founder of the toy manufacturer Pop Mart International Group, has become one of China’s top 10 billionaires for the first time.
The market capitalization of Pop Mart, which is listed in Hong Kong, has increased to HK$365 billion after its stock more than quadrupled in 2025 and is currently trading above HK$270 ($34.40).
The playful, rabbit-like Labubu doll, made by Hong Kong-born artist Kasing Lung, has become a collector’s fad due to its enormous success.
The dolls have gained international recognition thanks to appearances with celebrities like Rihanna, Dua Lipa, and Lisa from Blackpink.
“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.
Regulators later stopped the practice because they believed it to be an inappropriate marketing strategy.
Investment banks are upbeat due to the company’s robust global expansion. Morgan Stanley likewise revised its forecasts upward, and Deutsche Bank recently increased its price objective on Pop Mart shares by 52% to HK$303.
In addition to Zhang Yiming of ByteDance, Zhong Shanshan of Nongfu Spring, and Ma Huateng of Tencent, Wang is now the youngest member of China’s wealthy elite.
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