Wang Ning, the 38-year-old CEO of Chinese toy maker Pop Mart, just added $1.6 billion to his fortune in a single day — thanks to a frenzy for collectible toys sweeping across the U.S.

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Pop Mart’s Hong Kong-listed shares surged over 13% on Monday after the company’s U.S. shopping app topped the Apple App Store’s free download chart. Wang’s net worth now stands at $16.1 billion, according to Forbes’ Real Time Billionaires list.

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At the heart of the craze is Labubu — a rabbit-like figure with a mischievous grin — which has become a pop culture status symbol. Rihanna has been spotted with one on her Louis Vuitton bag, and Blackpink’s Lisa has posted her own collection online.

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Even with price tags up to 60% higher than in China, and new Trump-era tariffs looming, U.S. shoppers are lining up overnight to snap up limited-edition dolls.

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The rush has turned into a windfall for Pop Mart. Its stock has more than doubled in 2025, and analysts like Kenny Ng at Everbright Securities say the company’s valuation — about 40 times projected 2025 earnings — is justified given its explosive global growth.

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China’s Coolest Export?

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Pop Mart has become one of China’s most successful cultural exports. Its collectible toys — often sold in “blind boxes” that randomise which figure you get — have captivated Gen Z consumers across Asia. Now, its U.S. expansion is fueling what Wang hopes will be a 50% sales jump this year to over ¥20 billion ($2.7 billion).

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In 2024, nearly 40% of Pop Mart’s revenue came from outside mainland China. Full-year profit rose almost 200% to ¥3.1 billion ($430 million).

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Despite rising geopolitical tensions, the Pop Mart phenomenon is proving immune — if not boosted — by the headlines. With celebrities fueling demand and app downloads spiking, Pop Mart’s rise underscores one of the more surprising trends of the moment: in a divided world, everyone still wants the same toys.

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