Wang Ning, founder and CEO of Pop Mart International Group, has joined the ranks of China’s top ten richest individuals, driven by the global popularity of the company’s signature product—the Labubu doll.
A recent Forbes report estimates Wang’s net worth at $22.7 billion, placing him 10th on China’s Real-Time Billionaires List and marking him as the youngest among the country’s wealthiest.
The soaring demand for Labubu—a mischievous, rabbit-like collectible created by Hong Kong artist Kasing Lung—has fueled a surge in Pop Mart’s stock, which has tripled in value in 2025.
The company’s Hong Kong-listed shares soared past HK$270 ($34.40), pushing Pop Mart’s market capitalization to HK$365 billion. The Labubu doll’s popularity has been further amplified by global celebrities like Rihanna, Dua Lipa, and Lisa of Blackpink, who have been seen with the collectibles, boosting demand across Asia, Europe, and the U.S.
“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.
“Wang, who is the Beijing-based company’s chairman and CEO, is now the 10th richest man in China, according to the Forbes’s Real-Time Billionaires List. With a net worth of $22.7 billion based on a Pop Mart stake, the 38-year-old is the youngest member of the country’s top echelon of tycoons, which includes ByteDance founder Zhang Yiming, Nongfu Spring Chairman Zhong Shanshan, and Tencent cofounder Ma Huateng,” the Forbes report read in part.
In April, the release of the third edition Labubu doll sparked a frenzy, with reports of scuffles breaking out at a London store as fans rushed to buy the toy, which retails for between £13.50 ($18.30) and £50. A life-sized version was also auctioned in Beijing for an astonishing 1.08 million yuan ($150,000).
In China, the doll’s craze reached new heights when Ping An Bank offered it as a customer reward—until regulators stepped in, halting the promotion over concerns about improper deposit incentives.
According to Forbes, investment banks are taking note of Pop Mart’s rapid rise, with Deutsche Bank raising its price target by 52% to HK$303, citing robust international expansion and surging global demand.
“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,” said Deutsche Bank analyst Jessie Xu.
However, some analysts remain cautious. Morningstar’s Jeff Zhang warned that Pop Mart shares appear overvalued, pointing to long-term risks tied to shifting consumer preferences.
Kenny Ng of Everbright Securities added that the company’s success depends heavily on its ability to consistently produce new hit designs. While shares are currently trading at more than 50 times projected 2025 earnings, Ng noted there could be short-term opportunities if prices experience a pullback.
