Labubu Toy Craze Propels Pop Mart’s Wang Ning to Billionaire Status at 38
June 23, 2025 – Dubai – A quirky, toothy toy called Labubu has turned Pop Mart CEO Wang Ning into one of China’s richest individuals, skyrocketing his net worth to a staggering $22.7 billion (Dh83.36 billion) and placing him among the nation’s top 10 billionaires.
At just 38 years old, Wang's journey from startup founder to global business icon is driven by a single character: Labubu—a mischievous, elf-like monster that has evolved into a global collectible phenomenon.
From Toy to Cultural Icon: Labubu’s Global Impact
Originally part of Pop Mart’s “Monsters” collection, Labubu has become more than just a toy—it's a pop culture sensation. The brand’s popularity exploded in 2024, with Labubu driving over 3 billion yuan ($419 million) in revenue—a massive 726.6% year-over-year growth.
This dramatic surge helped Wang Ning’s net worth climb by $1.6 billion in just one day.
Pop Mart’s Record-Breaking Growth
Pop Mart’s financial performance in 2024 was nothing short of spectacular. The company reported:
188% jump in net income
Total revenue exceeding 13 billion yuan ($1.8 billion)
International sales multiplying nearly fivefold
Growth in overseas markets was especially strong:
U.S. sales up 900%
European markets growing over 600%
Global revenue hitting 5 billion yuan from international sales alone
Celebrity Endorsements Fuel Hype
The Labubu craze gained momentum thanks to celebrity fans like BLACKPINK’s Lisa and Rihanna, who helped push the toy into the global mainstream. One life-size Labubu even sold for over $170,000 at auction in Beijing, signaling just how much collectors value the brand.
The Psychology Behind the Success
A key to Pop Mart’s success is its “blind box” strategy, where buyers don’t know which character they’ll get. This taps into powerful psychological triggers, creating dopamine-fueled excitement similar to gaming or gambling—turning buying toys into an addictive, thrilling experience.
China’s Youngest Billionaire Redefines Collectible Culture
Wang Ning now shares the billionaire spotlight with Chinese business titans like ByteDance’s Zhang Yiming, Nongfu Spring’s Zhong Shanshan, and Tencent’s Ma Huateng. But unlike traditional tech or beverage empires, Wang’s fortune is built on understanding the emotional pull of collectibles for younger consumers—especially Gen Z.
Wang Ning’s rise proves that even the most unexpected products—like a grinning, cartoonish monster—can ignite a worldwide movement and transform a startup into an empire.