How Labubu dolls turned CEO Wang Ning into China's youngest billionaire with a net worth of $22 billion
Labubu was originally created by Hong Kong-based artist Kasing Lung as part of his illustrated series 'The Monsters'. The character first appeared in Lung's book in 2015, but it wasn't until 2023 that it was introduced to the commercial market through Pop Mart's popular blind-box format.
The toy's rise to global fame gained momentum in 2024, when K-pop star Lisa from Blackpink publicly expressed her love for Labubu. Lisa was also spotted with a Labubu doll. In a Vanity Fair interview, Lisa said, 'If I fly to New York, I go to Miami, I try to find Pop Mart there. Paris, everywhere. Kind of like finding treasure.'
Lisa's endorsement sparked a wave of international interest, and soon celebrities like Kim Kardashian, Rihanna, and Dua Lipa were also seen with the collectible, boosting its appeal worldwide.
Labubu dolls have has since evolved from a novelty into a major revenue generator. According to Emily Brough, head of licensing for Pop Mart North America, the toy generated over $419 million in 2024 alone — a 726 per cent year-on-year increase. Its popularity has extended to the collector's market, with a life-sized Labubu doll fetching 1.08 million Yuan (approximately $150,275) at a Beijing auction.
Pop Mart's blind-box strategy—where customers don't know which version of the toy they'll receive—has been key to Labubu's appeal. The surprise element has resonated with both casual buyers and serious collectors, contributing significantly to the brand's explosive success.
Wang Ning, the 38-year-old founder, chairman, and CEO of Pop Mart, has seen his net worth surge from $7.59 billion at the end of 2024 to $22.1 billion by June 2025, according to the Forbes Real-Time Billionaires List. This leap has made him the youngest billionaire among China's top ten richest individuals.
A graduate in advertising from Zhengzhou University, Wang founded Pop Mart in 2010, initially selling comics and mobile accessories. The company pivoted in 2016 with the success of the Molly doll series, laying the foundation for Labubu's eventual breakout.
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