The Man Behind Those Viral Labubu Dolls Is Now Worth More Than Peter Thiel
Wang Ning is living proof that sometimes the most unexpected industries can lead to huge success. The CEO of Pop Mart has climbed to the top, as his net worth has surged by an impressive $20 billion in just one year, thanks to the Labubu craze.
At the start of 2025, Wang’s wealth was around $7.5 billion, but with the explosive popularity of Labubu and the massive increase in Pop Mart’s stock value, he’s now sitting at $27.5 billion. This jump has pushed him from 400th to 89th place on Bloomberg’s billionaire rankings, leapfrogging some of the biggest names in business, including tech moguls like Michael Dell, Jeff Bezos, and Warren Buffett.
Pop Mart’s stock has soared by more than 250% this year. The company’s revenue has also exploded, with first-half revenues reaching $1.9 billion, tripling compared to the same period last year. Operating profits have grown fivefold, thanks to the success of the Labubu line, which accounts for a significant portion of the company’s sales.
The Rise of the Labubu Phenomenon
Image via iStockphoto/Octavio Parra
Labubu dolls, the adorable plush toys that have captured the hearts of fans worldwide, have taken Pop Mart’s stock value to new heights. The dolls’ weirdly vibrant aesthetic has made them a global sensation. In addition, the “blind box” concept, where buyers don’t know which doll they’ll get, adds an element of surprise that has proven irresistible to collectors.
Labubu, first introduced in 2019, quickly became one of the company’s most beloved lines. The character was designed by the artist, Kenny Wong, who sought to create a figure that was both whimsical and relatable. This resulted in a quirky, round-faced creature with big eyes, a mischievous grin, and a quirky, colorful aesthetic.
Pop Mart’s Global Strategy
Pop Mart’s aggressive expansion strategy has been a key factor in its growth. The company went public in Hong Kong in 2020 and has been eyeing international markets. It now has more than a hundred stores and hundreds of vending machines around the world, with a strong presence in the U.S. This global push has significantly increased its reach, and Wang’s wealth shows no signs of slowing down.
It’s also worth mentioning the role celebrity endorsements have played in boosting the Labubu brand. High-profile figures like BLACKPINK’s Lisa have all been spotted with Labubu dolls.
Turning Toys Into Big Business
Wang’s incredible wealth gain is a result of a brilliant business strategy. Operating profits grew fivefold to approximately 6 billion yuan or $850 million, totaling around 4.8 billion yuan or $672 million. For a toy company, these numbers are extraordinary.
What sets Pop Mart apart is its ability to tap into the global demand for collectible toys. During a time when tech companies like Oracle and Meta are riding high on AI, it’s the simple joys of a plush doll that have made Wang Ning a rich man.