Man Behind Labubu Dolls Is Now In Top 10 Richest People In China With Net Worth Of £16.59 Billion
30 Jun 2025
Pop Mart founder and CEO Wang Ning has officially broken into China’s Top 10 Richest for the first time with a net worth of $22.7 billion (16.9 billion), according to Forbes. His rise comes amid soaring global demand for Pop Mart’s collectible Labubu dolls.
The company’s Hong Kong-listed stock has more than tripled in 2025, lifting its market value to HK$365 billion. The popularity of Labubu — a mischievous, rabbit-like character created by artist Kasing Lung — has driven the boom, with celebrities like Rihanna, Dua Lipa, and Lisa of Blackpink adding to its global appeal.
The doll’s popularity has sparked unconventional marketing strategies. Forbes revealed that Ping An Bank in China began offering Labubu dolls as incentives to customers who opened new accounts and deposited over 50,000 yuan.
Amid skyrocketing demand, the release of a third edition Labubu in April led to scuffles at a London store as fans scrambled to pay between £13.50 ($18.30) and £50 per doll.