Did you know Labubu dolls began as a simple doodle in Hong Kong-born artist Kasing Lung's sketchbook? What started as a sketch soon exploded into a global pop culture phenomenon after the character was brought to life by Wang Ning's company, Pop Mart.
The quirky, mischievous-looking doll was a cute blind-box toy that quickly evolved into a cultural craze, making Wang Ning the youngest billionaire in China's top 10, and his fortune has skyrocketed in just a year. The 38-year-old's net worth quadrupled from 7.59 billion dollars in 2024 to 22.1 billion in June 2025, according to Forbes Real-Time Billionaires List.
The Labubu fever has swept Asia, Europe, and the U.S., with people spending a fortune on a single doll. Not long ago, the human-sized version of this toothy monster figurine was sold for a whopping 1.08 million Yuan ($150,275.51), which was valued at more than ₹1.2 crores by a Beijing auction house.
The popularity of the doll has made Wang the 10th richest man in China and the youngest member of the country's wealthiest, which includes TikTok founder Zhang Yiming, CEO of Xiaomi Lei Jun, founder of Nongfu Spring, Zhong Shansha, and more.
Labubu dolls are plush toys and figurines based on a character from the book series The Monsters created by Hong Kong-born artist Kasing Lung. Inspired by Nordic fairy tales, the tiny elf creature's popularity surged when Lisa from the K-pop girl group Blackpink was seen with one. What followed was a frenzy of celebrities flaunting the doll, including Kim Kardashian, Rihanna, Dua Lipa, and more.
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