Wang Ning's wealth skyrockets by $1.6 billion amid toy craze in the US

In recent developments, the toy industry in the United States has been significantly impacted by the rise of Pop Mart International Group, a Chinese company known for its collectible toys. The surge in demand for these toys has led to an extraordinary increase in the wealth of Wang Ning, the company's chairman and CEO. Specifically, Wang's net worth rose by $1.6 billion in just one day due to a noteworthy surge in Pop Mart's Hong Kong-listed shares, which jumped by as much as 13.2% on a Monday. As of now, his estimated fortune stands at $16.1 billion, as listed by Forbes' Real Time Billionaires List at the end of April 2025. The catalyst for this rapid increase was the newly dominant position of Pop Mart's shopping app on Apple's app store, where it became the most downloaded free shopping app in the U.S. just prior to this record in wealth. This heightened interest among consumers is largely attributed to the popularity of specific toy series; the Labubu series, featuring a rabbit-like doll, has been widely recognized and collected by celebrities such as Rihanna and Lisa from the South Korean group Blackpink. Notably, even with elevated prices—some up to 60% higher in the U.S. compared to the Chinese market—American consumers continue to eagerly purchase these dolls, demonstrating a robust market for Pop Mart's products. Industry experts have weighed in on Pop Mart’s considerable success. Kenny Ng, a securities strategist at Everbright Securities International based in Hong Kong, has noted that the app's ranking and the rush for acquiring Pop Mart's dolls offered a temporary boost to the company’s shares. Despite the rapid appreciation in share price, Ng believes that the valuations remain stable and reasonable, with Pop Mart trading at approximately 40 times its forecasted earnings for 2025. This confidence in the valuation is bolstered by expectations of substantial growth ahead, particularly given the company’s potential for overseas expansion. Wang Ning has publicly expressed robust optimism regarding Pop Mart's future. Earlier in the year, he projected an ambitious 50% increase in total sales for Pop Mart, forecasting that sales could surpass 20 billion yuan (around $2.7 billion) by 2025. In 2024, international revenue already contributed nearly 40% to Pop Mart's total revenue of 13 billion yuan, reflecting a trend of increasing demand outside mainland China. With profits recorded at 3.1 billion yuan, up by nearly 200% from the previous year, the remarkable performance of Pop Mart reinforces the company's prominence within the global collectible toy market.