A bunny made him a billionaire: Pop Mart's Labubu turned Wang Ning into China's youngest tycoon

Independent Singapore

23-06-2025

CHINA: In the world of designer items, where a whimsical mind meets commerce, few stories are as astonishing and as pleasantly peculiar as that of Wang Ning and his business, Pop Mart. At age 38, Wang has soared into the exalted ranks of China's top 10 wealthiest individuals, and he owed it to the breakneck fame of a playful, rabbit-like character named Labubu.
In the latest Forbes ' billionaire list, Wang now claims an overwhelming net worth of $22.7 billion, making him the 10th richest individual in China. His meteoric rise, according to a recent article published by Punchng , mirrors not only the financial triumph of the Pop Mart International Group but also the cultural sensation that the company has triggered worldwide. From niche to global craze
Created by Hong Kong-born artist Kasing Lung, Labubu isn't your archetypal fluffy mascot. With round, enlarged eyes manifesting an 'innocent gaze', shabby fur, and a 'nonchalant brashness,' the vinyl figure has found an improbable fan base extending from Asia to Europe to the U.S. The company's shares, traded on the Hong Kong Stock Exchange, have risen threefold in 2025, now soaring above HK$270 ($34.40), driving Pop Mart's market value to a jaw-dropping HK$365 billion.
'This is more than just a toy—it's a cultural export,' according to Deutsche Bank analyst Jessie Xu in a recent note. 'It's rare for a comic or toy IP to break cultural walls so effectively, appealing to both Asian fans and Western pop culture icons.'
Indisputably, Labubu's list of 'devotees' reads like a music holiday roster — Rihanna, Dua Lipa, and Lisa of Blackpink — have all been seen with Pop Mart's iconic figures, bolstering the brand's worldwide desirability and X-factor. Billionaire at play
Wang Ning's journey is a masterclass in niche advertising and shrewd brand building. Established in 2010, Pop Mart began as a tiny Beijing store fixated on blind-box novelties — taped-up parcels that make the toy inside a surprise until unlocked. The idea swiftly progressed into a fever of swapping, selling, trading, collecting, and social media sharing, building a 'subculture' that is a lot different from that of streetwear or sneaker culture.
Labubu took the company to another level. When the third edition showed up in April, scenarios at a London Pop Mart store looked like Black Friday havoc — fans pushed and shoved to grab the £13.50 to £50 toys, while others resold them online for hundreds. In Beijing, a full-size Labubu recently made 1.08 million yuan ($150,000) at a public sale, fortifying its position as a luxury collectible.
Even banks took part in the fun, Ping An Bank offered Labubu dolls as an 'incentive' to new account holders who placed more than 50,000 yuan as a deposit. The promotional stunt was so effective, regulators noticed it and eventually stopped. Investors took note
Pop Mart's spectacular upsurge hasn't gone unobserved on Wall Street. Deutsche Bank recently increased its price target for the stock by 52%, and Morgan Stanley followed, speculating on the brand's international growth.
Labubu and Pop Mart's route is vastly different from the conventional path to affluence in China, such as real estate, tech, or manufacturing. Instead, Wang Ning proved that pop culture can be just as potent as an engine for progress.
Now hobnobbing with giants like ByteDance founder Zhang Yiming, Nongfu Spring's Zhong Shanshan, and Tencent's Ma Huateng, Wang is the newest and youngest member of China's billionaire exclusive. However, unlike his equals, his domain didn't grow through data or drinks, but on a radiant, tiny rabbit with a grunge smile.
As hoarders and fans queue for the next release of Labubu, its influence grows further, and one thing is clear — with the kind of global economy at present, quirkiness and wealth are, in reality, closely aligned.