What began as a whimsical doodle in an artist's sketchbook has turned into one of the most viral toy obsessions in the world. If you've spotted quirky, toothy little monster dolls trending across social media or being flaunted by celebrities, you've seen the Labubu effect. And behind this global craze is Chinese entrepreneur Wang Ning, who has just been named China's 10th richest billionaire, according to Forbes Real-Time Billionaires List (June 2025).
Meet the maker of Labubu: Wang Ning
At just 38 years old, Wang Ning has emerged as a powerhouse in China's booming designer toy market. A graduate of Zhengzhou University with a degree in advertising, Ning launched Pop Mart in 2010, initially selling comics and phone cases.
It wasn't until he ventured into the world of collectible toys, beginning with the Molly series in 2016, that his brand began to gain significant popularity. The true breakthrough, however, came with Labubu, which has transformed him into a tycoon worth $22.1 billion, up from $7.59 billion in 2024, according to reports.
Wang is now not only the youngest billionaire in China's top 10 but also among the country's most influential entrepreneurs, joining the likes of ByteDance’s Zhang Yiming, Xiaomi’s Lei Jun, and Nongfu Spring’s Zhong Shanshan.
What is Labubu and why is it so popular?
Labubu is more than just a toy; it’s a designer collectible with cult status. Created by Hong Kong-based artist Kasing Lung as part of The Monsters universe, Labubu draws inspiration from European fairy tales and folklore. First introduced in 2015, the character, along with others like Spooky, Zimomo, and Pato, has captured the fantasy of fans globally.
The real game-changer came in 2019 when Lung teamed up with Chinese toy powerhouse Pop Mart. Since then, Labubu's reach has exploded, thanks to Pop Mart’s blind box format, where you don’t know which figure you'll get until you open the box.
Demand for this toy skyrocketed globally after K-pop icon Lisa from BLACKPINK was spotted with a Labubu, setting off a chain reaction of celebrity endorsements. From Kim Kardashian to Rihanna and Dua Lipa, Labubu is the new accessory of the elite.
Retailing worldwide, they have now become addictive little luxury items for Gen Z and collectors alike.
