Wang Ning, founder and CEO of Pop Mart International Group, has vaulted into the ranks of China’s top ten richest individuals, propelled by the global craze for the company’s signature Labubu dolls.
According to a Forbes report published Thursday, the 38-year-old entrepreneur is now worth $22.7 billion, placing him 10th among China’s wealthiest.
His fortune is primarily tied to his stake in Pop Mart, a Hong Kong-listed toy maker whose shares have more than tripled in value this year.
The company’s meteoric rise is largely credited to the runaway success of the Labubu doll — a mischievous, rabbit-like character created by Hong Kong artist Kasing Lung.
The collectible has sparked a worldwide frenzy, with fans across Asia, Europe, and the U.S. clamoring to get their hands on the toy.
“Wang Ning, founder of toy maker Pop Mart International Group, has joined the ranks of China’s top ten billionaires for the first time, as the company’s Labubu dolls fly off store shelves in Asia, Europe and the U.S.”
“Wang, who is the Beijing-based company’s chairman and CEO, is now the 10th richest man in China, according to the 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,” Forbes reported.
Pop Mart’s stock is currently trading above HK$270 ($34.40), giving the company a market capitalization of HK$365 billion.
Investment banks are bullish: Deutsche Bank recently raised its price target for Pop Mart by 52% to HK$303, while Morgan Stanley also revised its projections upward.
Celebrity endorsements have helped fuel Labubu’s international appeal. Pop stars like Rihanna, Dua Lipa, and Blackpink’s Lisa have been spotted with the toy, lending it pop culture cachet beyond Asia.
“It is rare for a comic/toy IP to break the culture wall and be embraced by both Asian cultures as well as mainstream Western pop stars and sports stars,” Deutsche Bank analyst Jessie Xu noted in a research report.
The demand has been so intense that the April launch of the third edition Labubu doll triggered scuffles at a London store, where fans paid between £13.50 ($18.30) and £50 for a single unit.
In China, a life-sized Labubu sculpture recently fetched 1.08 million yuan ($150,000) at auction.
