Labubu creator Wang Ning, 38, becomes one of China’s top 10 richest billionaires

The idiosyncratic, toothy–eyed Labubu doll, designed by Hong Kong designer Kasing Lung in 2019, has burst onto the global scene, winning the hearts of Gen Z collectors and solidifying its place as a fashion icon and pop culture icon. This unexpected sensation has not only created immense demand for blind box and limited–edition dolls, leading to long store queues and six-figure resale prices for rare versions, resulting in six–figure resale values for special versions and long lines outside stores, but also catapulted Pop Mart International CEO Wang Ning into the top 10 richest billionaires in China with a mind–boggling net worth of $22.7 billion.

Labubu: The whimsical Chinese doll sweeping the world

Wang Ning, 38, a graduate of Zhengzhou University‘s advertising programme, originally launched Pop Mart in 2010 peddling comics and phone cases. His transition to collectible toys, specifically with the Molly doll series in 2016, was the foundation, but it was Labubu that catapulted Pop Mart and Wang into the orbit.

Unkempt hair on the doll and a cheeky grin have struck a chord with consumers. Pop Mart’s expertise in the blind box model, coupled with restricted drops and seasonal releases, has turned toy purchasing into a “dopamine-heavy” affair, more of a game of luck. This creative strategy, paired with aggressive worldwide expansion — a reported 900 percent surge in US sales and more than 600 percent in European sales in 2024 — has seen Pop Mart’s market cap triple in 2025 to HK$365 billion.

Endorsements from pop culture icons such as Lisa of BLACKPINK, Dua Lipa and Rihanna also added to the frenzy, turning Labubu from a hippie cult hit into a world fashion accessory. While some people describe its unusual appearance as “creepy” or “odd”, this polarisation has only served to enhance its popularity, making each new release an event. The Labubu phenomenon showcases Pop Mart’s ability to mix art, collectability and consumer psychology, demonstrating that even a toothy, grinning monster can galvanise the world’s imagination and create phenomenal wealth.

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