Labubu craze turns Pop Mart CEO into China’s youngest billionaire

At 38, Wang Ning, founder and CEO of Pop Mart, has become the youngest member of China’s top 10 richest, joining the ranks of business leaders like ByteDance’s Zhang Yiming, Nongfu Spring’s Zhong Shanshan and Tencent’s Ma Huateng.

His $22.7 billion fortune, built on the soaring value of his Pop Mart stake, reflects the global success of Labubu collectibles and Pop Mart’s rapid ascent in the toy industry.

Born in 1987 in Huojia County Henan, Wang graduated from Sias University in 2009 and worked at Sina Corporation before founding Pop Mart in Beijing in 2010. The company started as a variety store but shifted in 2015 to focus on blind box collectible toys. Through collaborations with artists, Pop Mart launched characters like Molly, Skullpanda and the Monsters series, which introduced Labubu in 2019.

Labubu, created by Hong Kong artist Kasing Lung in 2015, became Pop Mart’s top-selling product in 2024. The toy’s surprise element and limited editions drove collector demand, with rare versions reselling for more than $149. Celebrity exposure, including posts by Lisa of Blackpink, Dua Lipa and Rihanna, fueled global hype. In the US, a standard Labubu blind box sells for $27.99, with collectors, fans and resellers snapping up supplies as soon as they are released.

After Pop Mart’s initial public offering in Hong Kong in December 2020, the company’s market capitalization briefly reached 100 billion Hong Kong dollars, ($13 billion). In 2024, Pop Mart reported revenue of 13.04 billion yuan ($1.8 billion), up 106.9% from the previous year. The Monsters franchise, which includes Labubu, generated 617 million yuan ($86 million), a 726.6% increase from 2023. By the end of the year, Pop Mart operated more than 530 stores and 2,490 roboshops worldwide, with its loyalty program surpassing 46 million members.