Wang Ning: Pop Mart CEO becomes 10th richest Chinese billionaire amid Labubu buzz

The hottest toy trend of 2025—the Labubu doll—has taken the global market by storm, redefining success for Pop Mart, the company behind its distribution.

Pop Mart’s CEO and founder, Wang Ning, has seen his net worth skyrocket, now estimated at an astounding $22.1 billion, according to Forbes. Just a year ago, Ning’s wealth stood at $1.18 billion, marking an exponential increase fueled largely by the doll’s explosive popularity.

Labubu, affectionately dubbed the “little monster,” made its debut in 2015 in The Monsters, a book by Hong Kong artist Kasing Lung. However, it wasn't until 2023—when the keychain version hit Pop Mart shelves—that the trend truly ignited.

The real breakthrough came when BLACKPINK’s Lisa revealed Labubu as her “secret obsession,” sparking global curiosity. Since then, the quirky, nine-toothed furry figure has been spotted with several A-list celebrities, including Madonna, Rihanna, and Dua Lipa, transforming it into a pop culture icon.

A major appeal lies in Pop Mart’s Blind Box packaging—an element of surprise that conceals which version of the doll buyers will receive, adding a layer of excitement that keeps consumers coming back.

Pop Mart’s head of licensing in North America, Emily Brough, confirmed that Labubu generated over $419 million in revenue in 2024 alone—a staggering 726% increase from the previous year.

The Labubu phenomenon has not only cemented Pop Mart’s position in the global toy industry but also turned Wang Ning into one of the richest figures in the business world.