Wang Ning, founder and CEO of Pop Mart International Group, has entered China’s elite circle of top ten wealthiest individuals, propelled by the unprecedented success of the company’s signature Labubu doll.
According to a recent Forbes report, Wang’s net worth now stands at $22.7 billion, making him the youngest member among China’s billionaire elite at just 38 years old.
The Hong Kong-listed company has seen its stock value triple in 2025, with shares soaring past HK$270 ($34.40) and market capitalization reaching HK$365 billion.
This remarkable growth stems from the global obsession with Labubu – a mischievous, rabbit-like collectible designed by Hong Kong artist Kasing Lung.
The doll’s popularity has been turbocharged by celebrity endorsements from Rihanna, Dua Lipa, and BLACKPINK’s Lisa, creating unprecedented 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 phenomenon reached new heights in April when the release of its third edition sparked chaotic scenes in London, with fans scrambling to purchase the £13.50-£50 toys. The craze peaked when a life-sized Labubu fetched 1.08 million yuan ($150,000) at a Beijing auction. In China, Ping An Bank’s attempt to offer the doll as a customer reward was halted by regulators concerned about improper banking incentives.
Financial institutions are taking notice of Pop Mart’s explosive growth. Deutsche Bank raised its price target by 52% to HK$303, with analyst Jessie Xu noting, “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.”
However, some analysts express caution about the company’s valuation. Morningstar’s Jeff Zhang warned of long-term risks from changing consumer tastes, while Everbright Securities’ Kenny Ng noted the shares trade at over 50 times projected 2025 earnings, suggesting potential short-term opportunities if prices correct.
