Wang Ning, the founder and CEO of Pop Mart International Group, has joined China’s top ten richest people, making history as the youngest member on the list.

His wealth has soared to $22.7 billion, according to Forbes’s Real-Time Billionaires ranking. His success comes from Labubu, a popular collectable figure designed by Hong Kong artist Kasing Lung.

Since early 2025, Pop Mart’s stock has nearly tripled in value, reaching over HK$270 ($34.40) and pushing the company’s total worth to HK$365 billion. Labubu’s popularity has spread worldwide, with blind-box toy launches selling out in Shanghai and Seoul. Celebrities like Rihanna, Dua Lipa, and Blackpink’s Lisa have also been seen with Labubu dolls in Los Angeles and London.

In April, the release of Labubu’s third edition caused chaos in a London boutique; shoppers rushed to buy the dolls, which sell for between £13.50 ($18.30) and £50.

In Beijing, a giant Labubu sculpture was auctioned for 1.08 million yuan ($150,000). Even Ping An Bank briefly gave out limited-edition Labubu dolls before regulators stepped in.

Investment banks have taken note of Pop Mart’s rapid growth. Deutsche Bank also raised its price estimate for the company’s stock by 52% to HK$303, pointing to its strong international expansion.

“It’s rare for a comic-style toy to appeal across cultures and attract both Asian buyers and Western celebrities,” said Deutsche analyst Jessie Xu. 

However, some experts warn of possible risks. Morningstar’s Jeff Zhang cautions that consumer preferences could change, while Everbright Securities’ Kenny Ng says the company must keep releasing new hit products to maintain its success.

Despite concerns, Pop Mart’s financial performance remains strong. Sales in the first quarter of 2025 surged 170% compared to the same period last year.

The company expects its yearly revenue to exceed ¥20 billion, rising over 50%. In 2024, Pop Mart doubled its revenue to ¥13 billion, with profits jumping 180% to ¥3.1 billion.