Viral doll Labubu creator Wang Ning joins China’s top 10 billionaires as youngest member

The unconventional popularity of Labubu — the scruffy, wide-eyed designer toy that has sharply divided public opinion — has propelled its creator Wang Ning into the ranks of China’s wealthiest individuals. The 38-year-old founder and chairman of Pop Mart International Group was recently named the 10th richest person in China, with a net worth of $22.7 billion, according to Forbes’s Real-Time Billionaires List.

Wang’s fortune is largely tied to his substantial stake in Pop Mart, the Beijing-headquartered toy company responsible for producing Labubu. The firm has witnessed meteoric success as its signature toy continues to fly off the shelves across Asia, Europe, and the United States. With this ascent, Wang also became the youngest member of China’s billionaire top ten, joining the ranks of ByteDance founder Zhang Yiming, Nongfu Spring’s Zhong Shanshan, and Tencent’s Ma Huateng.

Pop Mart’s current valuation stood at HK$365 billion, with its shares trading at over 50 times its projected 2025 earnings. The company’s latest financial performance, disclosed through preliminary results on the Hong Kong Stock Exchange in April, revealed a 170 percent year-on-year growth in sales for the first quarter of 2025 — a sharp surge that highlights the growing appeal of its products.

Labubu, launched in 2019, was designed by Hong Kong artist Kasing Lung. It forms part of the so-called “blind box” trend — a marketing format where consumers purchase sealed boxes without knowing which figure is inside. The mix of mystery, limited-edition collectibility, and an element of gamified chance has proven particularly irresistible to Gen Z buyers and adult collectors alike.

Despite — or perhaps because of — its unusual appearance, Labubu has generated an intense following online. While some social media users have described it as “ugly-cute”, others have been more baffled than enthusiastic. Still, the toy’s divisive charm has only fuelled its cultural traction. International celebrities such as Rihanna, Dua Lipa, and Blackpink’s Lisa have all been spotted with Labubu figures, helping to elevate the brand’s status from niche collectible to global pop culture icon.