Pop Mart’s Wang Ning Is China’s 10th Richest

Wang Ning, founder of Pop Mart, has ascended to become China's 10th richest individual, as the popularity of the toy maker's Labubu dolls has surged, elevating his net worth to US$22.7 billion.

Wang, concurrently the chairman and CEO of Pop Mart, has ascended to the ranks of China's wealthiest tycoons for the first time, joining the likes of ByteDance founder Zhang Yiming, Nongfu Spring’s Zhong Shanshan, and Tencent’s Ma Huateng, as reported by Forbes.

The toy manufacturer listed in Hong Kong has experienced a rise in market value exceeding HK$300 billion (US$38.2 billion). Its shares reached an unprecedented peak of HK$252.60 on Thursday, about triple their value at the conclusion of 2024.

It is the foremost performer on the MSCI China Index, which monitors Chinese companies listed domestically and internationally, thus far in 2025, following its position among the top gainers on the index in the previous year.

The rising demand for the company's monster dolls is enhancing sales potential. At the heart of this increase is Labubu, the prominent figure in the company’s THE MONSTERS blind-box series, which generated over 3 billion yuan (US$418 million) last year, accounting for over a quarter of Pop Mart’s income, according to Bloomberg.

Conceived by Hong Kong-born artist Kasing Lung, Labubu has emerged as a global phenomenon following its rise to prominence abroad last year when Thai-born Blackpink member Lisa was photographed with one on Instagram.

What is the drawback? These dolls are packaged in sealed "blind boxes," which obscures the identity of the character within, so incentivizing enthusiasts to purchase multiple boxes in search of their preferred characters. Although there is enthusiasm for these boxes, their limited availability generates a scarcity that enhances their allure.

In April, the unveiling of the third edition of Pop Mart's Labubu doll incited altercations in a London store as enthusiasts vied to purchase the item. Due to the overwhelming buzz around Labubu, the toy manufacturer has suspended in-store sales throughout the U.K. for safety concerns, as reported by Business Insider.

Comparable incidents have occurred in the U.S., when TikTok users have disseminated footage of customers disputing and engaging in physical confrontations over the coveted items.

A human-sized Labubu doll was auctioned in Beijing for 1.08 million yuan (US$150,000) in its domestic market on Tuesday.

Labubu has recently gained popularity in Saudi Arabia, where it was previously obscure, with Google search interest reaching its zenith during a week in May.

The excitement surrounding the viral character has propelled Pop Mart's remarkable international expansion. In the first quarter, the company's international revenue surged by 475-480% compared to the previous year, as reported in an April financial statement referenced by the South China Morning Post. The United States spearheaded the increase with rises of up to 900%, but sales in Europe surged over 600%.

In 2024, the company achieved over 13 billion yuan in revenues, with international revenue surging nearly fivefold to 5 billion yuan, mostly propelled by demand in Southeast Asia, Europe, and the United States, as reported by Nikkei Asia.

This year, Pop Mart anticipates that its annual revenue may increase by over 50% to exceed 20 billion yuan.