The founder and CEO of Pop Mart International Group, Wang Ning, has become one of the top 10 richest people in China for the first time as a result of the growing demand for the company’s iconic Labubu dolls.
At $22.7 billion, the 38-year-old is now the 10th richest person in China, according to Forbes’ report released on Thursday.
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Much of his riches comes from his ownership of Pop Mart, a toy company based in Beijing whose stock has skyrocketed 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.
The market capitalisation 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.
The unveiling of a third edition Labubu in April caused a fracas at a London store as admirers rushed to pay between £13.50 ($18.30) and £50 per doll due to the rapidly increasing demand.
Recently, during an auction in Beijing, a life-sized Labubu brought in 1.08 million yuan ($150,000).
The doll’s widespread appeal has led to the use of unusual marketing techniques. Ping An Bank in China started rewarding clients who opened new accounts and deposited more than 50,000 yuan with Labubu dolls, according to Forbes.
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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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