Wang Ning, the founder and CEO of Chinese toy company Pop Mart, has officially joined China’s top 10 richest individuals with a personal fortune estimated at $22.7 billion. His rise to billionaire status is driven by the global success of Pop Mart’s blind box collectables, particularly the now-iconic Labubu doll.
The 38-year-old entrepreneur, who started Pop Mart in 2010, capitalised on the growing trend of mystery toy boxes, where customers don’t know which character they’re buying until it’s unwrapped. This strategy turned Pop Mart into a cultural sensation, with the Labubu character leading the charge.
Pop Mart’s stock has surged in 2025, nearly tripling in value. The company now holds a market valuation of around HK$365 billion, thanks to skyrocketing demand in China, Southeast Asia, and even among Western celebrities. Rihanna, Blackpink’s Lisa, and Dua Lipa have all been spotted with Labubu figures, further fueling the brand’s popularity.
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Labubu, part of Pop Mart’s “Monsters” series designed by artist Kasing Lung, has become one of the most sought-after collectables in Asia. Some limited editions have sold for thousands of dollars in the resale market, and online communities continue to grow around each product drop.
Wang Ning’s rapid ascent to billionaire status not only highlights the financial power of niche consumer markets but also shows how pop culture, clever marketing, and digital hype can turn toys into global luxury items.
As Pop Mart continues to expand into new international markets, Wang’s wealth — and the Labubu craze — are likely to keep growing.
