What began as a quirky character in Hong Kong-born artist Kasing Lung’s sketchbook has transformed into one of the world’s most sought-after collectible toys. Labubu, the toothy, mischievous-looking elf from The Monsters book series, has become a global pop culture sensation — catapulting Wang Ning, the founder of Pop Mart, into China’s top 10 richest individuals.
First released as a blind-box collectible, the offbeat charm of Labubu doll and rare designs have driven fans across Asia, Europe, and the US into a frenzy. The doll’s rising popularity led to celebrity endorsements from global icons like Lisa of Blackpink, Kim Kardashian, Rihanna, and Dua Lipa, further fuelling the craze.
Wang Ning’s Wealth Soars as Labubu Takes Over the World
Wang Ning, the 38-year-old entrepreneur behind Pop Mart, has seen his fortune quadruple in just one year — from $7.59 billion in 2024 to a staggering $22.1 billion as of June 2025, according to the Forbes Real-Time Billionaires List. His meteoric rise makes him the youngest individual in China’s top 10 billionaires, joining the ranks of Zhang Yiming (TikTok), Lei Jun (Xiaomi), and Zhong Shansha (Nongfu Spring).
The Labubu doll craze reached new heights when a human-sized version of the figurine sold for a jaw-dropping 1.08 million Yuan (approximately $150,275 or ₹1.2 crore) at a Beijing auction house. The doll’s fantastical design, inspired by Nordic folklore, has struck a chord with collectors and art enthusiasts alike.
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Despite being a plush toy, Labubu is now viewed as a serious collectible asset, often displayed like fine art. The frenzy around limited-edition releases and rare variants has made Pop Mart a leader in the designer toy market.
Wang Ning’s business model — fusing art, pop culture, and scarcity marketing — has proven wildly successful. The Labubu doll isn’t just a toy; it’s a cultural symbol of a new kind of global fandom.
