China’s 10th richest billionaire doesn’t make tech… or cars… or real estate. He sells mystery boxes. And what's in them? A strange little toy with gnashed teeth and that's managed to garner a worldwide cult following.
Meet Wang Ning, the founder of the Chinese lifestyle and entertainment firm, Pop Mart and the viral Labubu toy. Thanks to the massive popularity of Labubus, Ning has broken into China's top 10 richest list. At only 38, he's now valued at more than $22 billion, per the latest Forbes Real-Time Billionaires List.
Wang Ning began Pop Mart in 2010, selling phone cases and comics. The shift came in 2016, with the launch of collectible figures like Molly. But his big jackpot came with Labubu, designed by Hong Kong artist Kasing Lung and launched under Pop Mart in 2019.
Since then, the brand hasn’t looked back. The Labubu dolls are designer collectibles. Inspired by European fairy tales, it’s part of a wider universe of quirky characters known as The Monsters. Sold in “blind boxes” where buyers don’t know which figure they’re getting, the toy taps into mystery, scarcity, and dopamine.
Also read/watch - Gen Z is 'naked travelling': What the trend is all about & its benefits
K-pop star Lisa from BLACKPINK was the tipping point. After being spotted with one, Labubu blew up and was endorsed by names like Rihanna, Kim Kardashian, and Dua Lipa. Labubu has gone from niche fandom to full-blown global brand. The results? The numbers speak for themselves. The company, listed on the Hong Kong Stock Exchange has seen its stock price grow significantly, with market capitalization recently reaching over 336.8 billion Hong Kong Dollars.
In 2024, Pop Mart’s revenue more than doubled to 13.04 billion yuan that’s around U.S $1.81 billion dollars. Sales of plush toys alone, fueled in large part by Labubu, jumped more than 1,200%. Each Labubu sells for around $13 to $16 in Asia, but prices can skyrocket in the secondary market, depending on rarity. In India for example, figures resell for anywhere between ₹3,000 to more than ₹10,000.
Though Pop Mart remains the official international distributor of Labubu, rare versions are fetching up to $700 on resale platforms like eBay, StockX, and specialty collector markets.
On June 10, 2025, the mania reached another level. A four-foot-tall mint-colored Labubu auctioned in Beijing for 1.24 million yuan that's $172,800 USD. It was part of an exclusive auction of 48 Labubu-related lots, including rare editions. All 48 Labubu lots were sold out, for more than $520,000 in one night.
But with popularity comes imitation. Knockoffs many also made in China have flooded online platforms. Dubbed “Lafufus” by fans on social media, these counterfeits are muddying the market. Despite that, real demand remains massive.
From vending machines to mega-stores, Pop Mart is everywhere across Asia and beyond. And the obsession is global: From a university graduate with a degree in advertising… to joining the ranks of ByteDance and Xiaomi founders… Wang Ning’s rise shows one thing: In today’s market, cultural capital can be more valuable than code.
