Labubu sends Pop Mart owner into ranks of China’s richest

How many times have you scrolled through social media today and spotted a gremlin-like plush dangling from someone’s bag? If the answer is "more than once," you’re not alone. Labubu is everywhere.

This quirky character has taken over timelines, turning heads with its oddball charm. While older generations may be scratching theirs in confusion, celebrities and influencers can’t get enough. From street snaps to airport fits, Labubu has become the accessory du jour.

But it’s not just trend-chasing consumers who are grinning. The real winner? Pop Mart’s owner – now officially one of China’s richest people, thanks in large part to Labubu’s soaring popularity.

In fact, he’s not only rich. He’s the country’s youngest billionaire.

Getty Images

Wang Ning, CEO of Pop Mart, has officially entered the ranks of China’s wealthiest individuals for the first time, according to Forbes' Real-Time Billionaires List.

His net worth is estimated at a staggering $22.7 billion based on a Pop Mart stake.

While Pop Mart offers a wide range of iconic collectable characters, it's Labubu that's taken the spotlight – captivating global audiences and earning fans among celebrities like Rihanna, Dua Lipa, and BLACKPINK’s Lisa.

Created by Hong Kong artist Kasing Lung, Labubu first entered the scene in 2015 and later became popular in 2019 when the brand collaborated with Chinese toy company Pop Mart.

Global enthusiasm for Labubu has been a major driver behind Pop Mart’s impressive financial growth. In 2024, the company’s net profit reportedly surged by 188 per cent, with overall sales exceeding double the previous year to reach around 13 billion yuan (approximately $1.8 billion).

The Monsters collection (including Labubu) saw revenues skyrocket by an astonishing 726.6 per cent. This remarkable growth is seemingly the catalyst behind Wang Ning's financial success.

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