Wang Ning, the founder and CEO of Pop Mart International Group, has officially entered the elite circle of China’s ten richest individuals, thanks to the phenomenal global success of the Labubu doll—a quirky, rabbit-like figurine that has become an international sensation.

According to Forbes, Wang’s net worth has skyrocketed to $22.7 billion, securing him the 10th spot on China’s Real-Time Billionaires List. At just 38 years old, Wang is also the youngest billionaire among the nation’s top ten, joining the ranks of corporate giants like ByteDance’s Zhang Yiming, Nongfu Spring’s Zhong Shanshan, and Tencent’s Ma Huateng.

Labubu Doll Ignites Pop Mart’s Meteoric Rise

The wild success of Labubu, designed by Hong Kong artist Kasing Lung, has sent Pop Mart’s valuation soaring. The mischievous, jagged-tooth character has captured hearts across Asia, Europe, and the U.S., attracting the attention of global celebrities like Rihanna, Dua Lipa, and Blackpink’s Lisa.

In 2025 alone, Pop Mart’s Hong Kong-listed shares have tripled, surpassing HK$270 ($34.40) and pushing the company’s market capitalization to a massive HK$365 billion ($46.5 billion).

The Labubu phenomenon reached a fever pitch in April when the third-edition release sparked pandemonium at a London Pop Mart store. Enthusiasts clashed in long queues to get their hands on the limited-edition toys, which retail between £13.50 ($18.30) and £50 ($67.80).

A Collector’s Craze With Billion-Dollar Returns

In a testament to the doll’s collector appeal, a human-sized Labubu was auctioned in Beijing for 1.08 million yuan ($150,000). The doll’s popularity in China also led Ping An Bank to offer it as part of a deposit reward scheme. However, Chinese regulators swiftly shut down the campaign, labeling it an improper promotional tactic.

Despite such hiccups, Pop Mart’s success has captivated both retail and institutional investors. According to Forbes, Deutsche Bank recently raised its price target for Pop Mart shares by 52% to HK$303, citing robust global demand and cultural crossover appeal.

“It is rare for a comic or toy IP to break the culture wall and be embraced not just in Asia but also by Western pop stars and sports figures,” said Jessie Xu, a Deutsche Bank analyst.

Analysts Cautiously Optimistic Amid Sky-High Valuations

While Pop Mart enjoys surging sales and expanding market reach, some analysts urge caution. Morningstar’s Jeff Zhang believes the company’s current stock price may not be sustainable, warning of overvaluation risks if consumer preferences shift.

Similarly, Everbright Securities’ Kenny Ng noted that the brand’s future depends on its ability to keep producing hit collectible designs. With shares trading at over 50 times projected 2025 earnings, Ng suggested that short-term investors might benefit from price dips, but long-term prospects remain tied to IP innovation.

Record-Breaking Growth in Sales and Revenue

Despite these concerns, Pop Mart continues to deliver eye-popping results. The company reported an astounding 170% year-on-year growth in Q1 2025 sales and projected full-year revenue exceeding ¥20 billion ($2.76 billion)—a 50% jump over 2024’s revenue.

In the previous year, Pop Mart doubled its revenue to ¥13 billion ($1.8 billion) and increased its net profit by 180% to ¥3.1 billion ($428 million). These financial milestones underscore the company’s transformation from a niche toy brand into a cultural and retail juggernaut.

From Retail Visionary to Cultural Icon

Wang Ning’s journey from startup founder to billionaire tycoon mirrors China’s evolution in the global retail landscape. Labubu’s success represents more than just a collectible craze—it illustrates the emergence of Chinese IP as a global cultural export, breaking the long-held dominance of Western toy brands like Funko and Hasbro.

At the heart of this revolution is Wang’s strategy of combining artistic collaboration, youth-driven marketing, and global pop culture synergy, all wrapped in an ecosystem that includes blind box packaging, mobile apps, and international flagship stores.

The Road Ahead for Pop Mart

As Pop Mart’s global footprint expands, analysts will closely watch the company’s next moves—whether it’s acquiring new IPs, expanding into augmented reality experiences, or launching animated content to complement its toy universe.

For now, Wang Ning stands as a symbol of a new generation of Chinese entrepreneurs who are rewriting the rules of global commerce—not through traditional manufacturing, but by creating emotionally resonant cultural products.

Pop Mart’s success—and Labubu’s unmistakable smile—remind the world that toys aren’t just for children anymore. They’re global investments, cultural artifacts, and, in Wang’s case, the key to a $22.7 billion fortune.