Labubu fever is gripping the globe—and it’s made Pop Mart founder Wang Ning one of China’s ten richest people.

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Wang, 38, is now worth $22.7 billion, thanks to surging global demand for Labubu, the rabbit-like designer toy with jagged teeth and a cult following. His company’s shares, listed in Hong Kong, have tripled this year to over HK$270, lifting him to 10th place on Forbes’ China billionaire rankings. He’s now rubbing shoulders with the likes of ByteDance’s Zhang Yiming and Tencent’s Ma Huateng.

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Designed by Hong Kong artist Kasing Lung, Labubu has broken through the “culture wall” to become a truly global hit. Celebrities from Rihanna to Dua Lipa are fans, and queues are forming in cities from Beijing to London, where a limited release sparked fights in stores. A human-sized Labubu recently sold at auction for $150,000 in China.

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Ping An Bank even used Labubu dolls as bait for new deposits—until regulators stepped in.

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Investment banks are buying into the hype: Deutsche Bank just raised its price target for Pop Mart by 52%, citing strong overseas momentum. But some analysts are more cautious. Morningstar calls the shares “overvalued,” warning that Pop Mart’s success hinges on its ability to keep producing IP hits in a fickle market.

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Still, the numbers are eye-catching. Pop Mart expects 2025 revenue to top ¥20 billion, after doubling to ¥13 billion last year. First-quarter sales this year were reportedly up 170% year-on-year.

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With a market cap over HK$365 billion and trading at 50x estimated earnings, Pop Mart might not be cheap—but for now, Labubu is king.

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