Labubu Dolls Spark Billion-Dollar Surge in Pop Mart CEO Wang Ning’s Wealth

Wang Ning, the Chairman and CEO of Chinese toy manufacturer Pop Mart International, saw his wealth increase by $1.6 billion in just one day, driven by the explosive popularity of his company's Labubu dolls. These seemingly simple toys are inspired by a character created by Hong Kong-born artist Kasing Lung for his 2015 picture book series, The Monsters. The doll is characterized by its distinctive bunny ears and mischievous grin, and it gained widespread attention after Lung collaborated with Pop Mart in 2019.

Since then, Labubu has become a highly sought-after collectible among Generation Z, with its popularity extending to celebrities such as Rihanna, Lisa from Blackpink, and Singaporean socialite Jamie Chua, who have been seen carrying the dolls on luxury bags.

The craze for Labubu has significantly boosted its creator’s fortune. According to a Forbes report from April 2025, Wang Ning’s net worth soared by $1.6 billion in a single day, thanks to the doll’s skyrocketing sales in the United States.

Currently, Wang Ning’s net worth is estimated at $18.3 billion, as reported by Forbes’ Real-Time Billionaires List.

Pop Mart’s success with Labubu also propelled its digital performance, with the company’s app becoming the most downloaded shipping app in the US. Despite ongoing trade tensions between China and the US, American consumers lined up for hours to purchase the dolls, further fueling the company's growth. This surge in digital engagement and strong sales contributed significantly to Wang Ning’s wealth increase.

Kenny Ng, a securities strategist at Everbright Securities International in Hong Kong, commented to Forbes, “Pop Mart's shares experienced a short-term boost due to the app’s top ranking in the US and the high demand for its dolls.”

What are Labubu dolls?

Labubu is a character from Kasing Lung’s imaginative universe, The Monsters, which features various whimsical characters including Zimomo, Tycoco, Spooky, and Pato. According to Lung’s stories, Labubu is an elf-like girl with high-pointed ears, no tail, and a face that can appear innocent or mischievous. Known for her kind-hearted nature and quirky, slightly eerie grin, Labubu has captured the imagination of children and collectors alike. Over the years, the character has been reimagined in over 300 variations, differing in colors, outfits, sizes, and themes.

In 2019, Pop Mart partnered with Lung to introduce Labubu figures as part of their The Monsters series. These are sold in blind boxes, where each sealed package contains a surprise design. This element of unpredictability has fueled a buying frenzy, encouraging collectors to purchase multiple boxes to complete their sets. In 2024 alone, Pop Mart reported revenues of $1.8 billion, with nearly $400 million coming from Labubu-related sales.