According to Forbes’ real-time billionaire rankings, Wang Ning, founder of Pop Mart, has surpassed pig-farming magnate Qin Yinglin to become the richest person in Henan. The key to his meteoric rise? A mischievous little character named Labubu, whose blind-box toys have turned into a cultural and financial phenomenon across Asia.
Labubu first appeared in 2019 and quickly became the face of a new kind of consumer addiction. Fans scramble to collect each new release, despite not knowing which figure they’ll get until they open the box. The April launch of Labubu 3.0 caused online crashes and instant sell-outs, with resale prices multiplying within hours.
Wang Ning, who owns nearly half of Pop Mart’s shares, has seen his fortune skyrocket as the company’s value climbed over 170% this year. The market now places Pop Mart at more than HK$300 billion. Labubu’s cute yet rebellious design clearly struck a nerve, turning a niche toy into a billion-dollar brand.
This shift in wealth from livestock to lifestyle toys signals something deeper: China’s new rich are not just pig farmers and tech giants, but also creators of icons like Labubu. As Pop Mart continues to expand globally, Wang’s success shows how one character can redefine both pop culture and personal fortune.
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