Ugly yet cute, the Labubu doll has made its owner a billionaire. CEO of Pop Mart, the creator of Labubu doll – Wang Ning aged 38 is now China’s youngest top-10 billionaires, with a calculated net worth of $22.7 billion.
Reportedly, his success stems from Labubu’s global popularity and Pop Mart’s blind box business model, which fuels anticipation and collectability. This unique surprise element drives high demand and resale value among Gen-Z collectors.
Celebrity endorsements are the major reason why this doll has become suddenly so popular. Worldwide sensation star Rihanna has boosted Labubu’s status as a must-have cultural phenomenon.
Furthermore, K-pop idols Rose and Lisa of famous girl group Blackpink has popularized the Labubu doll by showing them up with their airport looks and catching everyone’s eyes point at it only.
Labubu is not like a usual pretty doll, yes, it is creepy and do looks ugly with its teeth out, yet people are still finding this doll cute and paying as much cost as high it values to buy this just because their favourite star or singer was seen with this doll.
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Wang Ning has just become one of China’s ten richest individuals, as the Labubu continues to fly off store shelves across Asia, Europe, and the U.S., the 38-year-old mogul has climbed to the upper echelons of the country’s wealthiest.
As per Forbe’s Real-Time Billionaire List, the Beijing-based chairman has now become the 10th richest man in China, with a net worth of $22.7 billion — a fortune largely driven by his stake in Pop Mart. He is also the youngest person to break into this elite billionaire circle, rubbing shoulders with heavyweights like ByteDance founder Zhang Yiming, Nongfu Spring’s Zhong Shanshan, and Tencent’s Ma Huateng.
Pop Mart, which is currently valued at HK$365 billion, is trading at over 50 times its estimated 2025 earnings, with a figure that speaks to the toy’s sudden cult following.
According to preliminary results announced via the Hong Kong Stock Exchange in April, the company reported 170% year-on-year growth in sales during the first quarter of this year.
Originally launched in 2019 and designed by Hong Kong artist Kasing Lung, Labubu toys are part of the ‘blind box’ phenomenon. Fans buy a sealed box without knowing which figure they’ll get, an irresistible combination of mystery, collectability, and gamified luck that appeals especially to Gen-Z and adult collectors.
The dolls, with their odd-ball charm, have now entered global pop culture. Rihanna, Dua Lipa, and Blackpink’s Lisa are all known collectors, helping to rocket Labubu from niche fandom to viral sensation. And this cultural crossover is truly translating into some serious cash.