Ugly-cute makes ultra-rich: Labubu CEO Wang Ning becomes one of China's youngest billionaires
You might not get the Labubu craze, and quite frankly, you wouldn't be the only one. The scruffy, wide-eyed creature that some lovingly call 'ugly-cute' has divided the internet. But whether you love it, hate it, or just don't understand why it's everywhere, there's one undeniable truth: it's made its creator a billionaire.
Wang Ning, the founder of Pop Mart International Group, the company behind the viral Labubu toys, has just become one of China's ten richest individuals. As the Labubu continues to fly off store shelves across Asia, Europe, and the U.S., the 38-year-old mogul has climbed to the upper echelons of the country's wealthiest.
A post shared by Kasing Lung (@kasinglung)
According to Forbes's Real-Time Billionaires List, the Beijing-based chairman is now the 10th richest man in China, with a net worth of $22.7 billion — a fortune largely driven by his stake in Pop Mart. He's also the youngest person to break into this elite billionaire circle, rubbing shoulders with heavyweights like ByteDance founder Zhang Yiming, Nongfu Spring's Zhong Shanshan, and Tencent's Ma Huateng.
Pop Mart, currently valued at HK$365 billion, is trading at over 50 times its estimated 2025 earnings — a figure that speaks to the toy's sudden cult following. According to preliminary results announced via the Hong Kong Stock Exchange in April, the company reported a 170% year-on-year growth in sales during the first quarter of this year.
Originally launched in 2019 and designed by Hong Kong artist Kasing Lung, Labubu toys are part of the 'blind box' phenomenon. Fans buy a sealed box without knowing which figure they'll get, an irresistible combination of mystery, collectibility, and gamified luck that appeals especially to Gen Z and adult collectors.
The dolls, with their oddball charm, have now entered global pop culture. Rihanna, Dua Lipa, and Blackpink's Lisa are both known collectors, helping to rocket Labubu from niche fandom to viral sensation. This cultural crossover is truly translating into some serious cash.
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