With a fortune estimated at US$22.7 billion, Wang Ning, CEO and founder of the toy brand Pop Mart, has officially entered the ranks of China’s ten richest billionaires for the first time thanks to the staggering success of the Labubu empire.
After captivating audiences across Asia, Labubu made its way to the US and parts of Europe, creating a frenzy wherever it went. Long queues formed as collectors and fans clamoured to own the elusive toy. As a result, Wang Ning has become the youngest name among China’s business titans, joining the likes of Zhang Yiming, founder of ByteDance; Ma Huateng of Tencent; and Zhong Shanshan, chairman of Nongfu Spring.
Designed by Hong Kong artist Kasing Lung, Labubu dolls quickly gained cult status after being collected by global celebrities such as Rihanna, Dua Lipa, Lisa (Blackpink), and Emma Roberts. Their allure even caught the attention of financial institutions: Ping An Bank in China, for instance, launched a campaign offering Labubu figures to new customers maintaining balances over 50,000 yuan.