A plush doll has taken the Internet by storm, and it is now fetching six-figure prices. We are talking about the trending Labubu dolls, available as figures, plushies and blind boxes, and now considered a full-blown fashion craze. Love them or not, these toothy, mischievous, grinning creatures have sparked massive demand with long queues outside toy stores, sellouts within minutes and resale prices soaring to two or three times the original. The result? The sales have made Wang Ning, founder of toy maker Pop Mart International Group, a top ten billionaire in China. As the Labubu dolls fly off the shelves in Asia, Europe, and the US, Wang Ning is now the 10th richest man in China and also the youngest member of the country’s top tycoons. According to Forbes’s Real-Time Billionaires List, Wang has a net worth of $22.7 billion in a Pop Mart stake, which takes the 38-year-old among the likes of ByteDance founder Zhang Yiming, Nongfu Spring Chairman Zhong Shanshan and Tencent cofounder Ma Huateng. It is worth mentioning that Pop Mart’s Hong Kong-listed shares have tripled to more than $270 in 2025. From A Small Toy Store To A Billionaire Wang Ning may not have started out as the world’s youngest billionaire, but a key decision after high school set him on that path. A year after earning a degree in advertising from Zhengzhou University in 2009, Wang opened a small Pop Mart store in Zhongguancun, often referred to as China’s Silicon Valley. The shop initially sold toys, comics and phone accessories. But by 2014, Wang recognised the growing appeal of collectible toys. His major breakthrough came in 2016, when he partnered with Hong Kong artist Kenny Wong to launch the now-iconic Molly line of designer toys. In December 2020, Pop Mart went public with a market capitalisation of $12.5 billion, raising $676 million in its initial public offering. While the pace has since slowed, the company’s shares soared by 370% last year, driven by the explosive popularity of Labubu dolls and the blind-box craze, according to Fortune. Labubu Trend Originally created by Hong Kong-born artist Kasing Lung, Labubu dolls have become global collector’s items, with fans including celebrities like Rihanna, Dua Lipa and BLACKPINK’s Lisa. As stars embraced the trend and the dolls gained viral traction on social media, demand skyrocketed. From long queues outside stores to collectors flaunting their shelves online, Labubu has sparked a worldwide frenzy. Speaking on the same, Pop Mart’s Brough said, “We’ve seen the community play a huge role in fueling this movement—whether it’s fans sharing display shelves, TikTok videos, or styling their bag charms. We’re seeing surging interest from Gen Z and millennials, particularly those drawn to fashion, art, and nostalgia-infused collectables.” Thanks to the doll’s overwhelming popularity, Pop Mart’s CEO saw his net worth soar into the billions, earning him a spot among the world’s wealthiest.