Who Is Wang Ning? The 'Labubu man' and China's youngest billionaire

If you've been scrolling through social media lately and found yourself staring at an odd-looking doll with sharp teeth and a cheeky grin, welcome to the world of Labubu. This quirky creature has turned into the most unexpected fashion and collector trend of 2025, and the man at the heart of it all is Wang Ning, now one of China's richest entrepreneurs.

At just 38, Wang Ning has become the youngest member of China's top billionaire circle. His fortune? A staggering $22.7 billion, thanks to the wild success of his toy company, Pop Mart. But this success didn't happen overnight. Wang's journey began humbly, with a degree in advertising from Zhengzhou University and a small shop selling comics and phone accessories in Beijing's tech district. By 2014, he saw potential in the emerging world of designer collectables, and that vision would transform his life.

Wang's first major win came with the launch of the Molly doll in collaboration with Hong Kong artist Kenny Wong. But it was the creation of Labubu, designed by artist Kasing Lung, that would send Pop Mart skyrocketing into global fame. Originally sold through blind boxes where fans don't know which character they're getting, the demand quickly exploded, turning these little figures into collectables with massive resale value. Some plush versions of Labubu are now being sold for six-figure sums!

Pop Mart's stock has tripled in value, and long queues outside stores from Seoul to New York are now a common sight. With global stars like Rihanna, Dua Lipa, and BLACKPINK's Lisa showing off their Labubu collections, the frenzy only grew stronger. Gen Z and millennial collectors have especially jumped in, styling Labubu as bag charms, display pieces, and fashion accessories.

As Pop Mart continues its climb, Wang Ning is now sitting at the helm of a pop culture empire. What started as a niche toy trend has become a global movement, blending nostalgia, fashion, and art in one toothy little package. And just like that, China's youngest billionaire isn't from tech or real estate but from the world of dolls that make you smile, stare, and maybe even queue up for hours.