The founder and Chief Executive Officer of Pop Mart International Group, Wang Ning, has ascended into the ranks of China’s ten wealthiest individuals, driven by the soaring global popularity of the company’s flagship Labubu collectible doll.
A recent Forbes report places Wang’s net worth at $22.7 billion, making him the youngest billionaire among China’s elite at just 38 years old.
His rise marks a milestone for the rapidly growing toy and entertainment brand, which has captivated markets worldwide.
Pop Mart, listed on the Hong Kong Stock Exchange, has seen its stock price triple in 2025, with shares surpassing HK$270 ($34.40) and its market capitalization climbing to HK$365 billion. This meteoric rise is largely credited to the success of Labubu, a mischievous rabbit-like character created by Hong Kong artist Kasing Lung.
The doll has become a global sensation, bolstered by high-profile endorsements from celebrities such as Rihanna, Dua Lipa, and BLACKPINK’s Lisa. The result has been a surge in demand across Asia, Europe, and North America.
“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 detailed.
The Labubu craze reached new extremes in April, when the launch of its third edition caused chaotic scenes in London as fans scrambled to purchase the toys, which retail between £13.50 and £50. The frenzy peaked when a life-sized Labubu sold for 1.08 million yuan ($150,000) at a Beijing auction. In China, an attempt by Ping An Bank to offer the doll as a promotional gift was halted by regulators citing concerns over improper incentives in financial marketing.
Pop Mart’s explosive success has attracted attention from major financial institutions. Deutsche Bank raised its price target on the company by 52% to HK$303. Analyst Jessie Xu noted, “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.”
Despite the enthusiasm, some analysts are urging caution. Morningstar’s Jeff Zhang warned of long-term risks tied to changing consumer preferences, while Everbright Securities’ Kenny Ng pointed out that Pop Mart’s shares are currently trading at over 50 times projected 2025 earnings, signaling possible short-term corrections if market sentiment shifts.
