From humble sketchbook doodles to multimillion-dollar auctions, the designer toy Labubu has taken the world by storm, making its creator, Pop Mart CEO Wang Ning the youngest billionaire in China.
The origins of Labubu, the eccentric creature with a mischievous grin and pointy ears, trace back to the imagination of Hong Kong artist Kasing Lung. First conceptualised as part of Lung’s illustrated series The Monsters, Labubu was a whimsical doodle that soon found a wider audience. In 2015, the character made its debut in Lung’s book, but its commercial journey truly began in 2023, when Chinese toy manufacturer Pop Mart introduced the figure as part of its blind-box lineup. Since then, the wide-eyed, elfin figure has evolved into a global phenomenon, transforming from a niche collectible into a pop culture icon.
Creator Wang Ning’s net worth
Wang Ning, founder, chairman, and CEO of Pop Mart International Group, has seen a huge surge in fortune after Labubu’s success. The 38-year-old entrepreneur’s net worth soared 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 nearly threefold increase places him firmly among China’s top ten wealthiest individuals, and notably, the youngest in that elite group.
Much of this growth comes directly to Labubu’s meteoric popularity, which has helped turn Pop Mart into a powerhouse in the global designer toy market.
How did Labubu become so popular?
Though Labubu was introduced to collectors in 2015, it wasn’t until 2023 that the toy hit Pop Mart shelves. One of the most important moments in the journey of the doll was in 2024, when K-pop superstar Lisa from Blackpink publicly expressed her fondness for the character.
“If I fly to New York, I go to Miami, I try to find Pop Mart there,” she said in a Vanity Fair interview last year. “Paris, everywhere. Kind of like finding treasure.”
Lisa’s endorsement turned heads worldwide and sparked a frenzy among fans. Soon, other global icons, such as Kim Kardashian, Rihanna, and Dua Lipa, were also spotted with the quirky doll.
The Labubu brand has become more than just a collectible, it’s now a financial juggernaut. Pop Mart reported that Labubu generated over $419 million in revenue in 2024, reflecting a staggering 726% year-over-year increase, according to Emily Brough, head of licensing for Pop Mart North America.
The popularity of the toy has extended to the collector’s market as well. A life-sized Labubu figure fetched 1.08 million Yuan (approximately $150,275), according to a Beijing auction house, a valuation of more than Rs 1.2 crore.
The character’s widespread popularity owes much to Pop Mart’s “blind box” concept, which injects an element of surprise into each purchase. Customers don’t know which version of the toy they’ll receive until the box is opened—a strategy that has proven wildly successful among both casual buyers and serious collectors.
Wang Ning’s newfound status as the youngest billionaire among China’s top ten wealthiest puts him in company with some of the country’s most powerful business magnates. These include Zhang Yiming of ByteDance, Lei Jun of Xiaomi, and Nongfu Spring’s founder, Zhong Shanshan.
After graduating from Zhengzhou University with a degree in advertising, he launched Pop Mart in 2010 as a small operation focused on comics and mobile phone accessories. The company shifted gears in 2016 with the Molly doll series, laying the groundwork for its eventual breakout hit, the Labubu.
