POP MART Founder Wang Ning's Net Worth Triples to $22.2 Billion Amid Controversy Over $11.2 Blind Box

Deep News
11/07

On November 7, Forbes released the 2025 Forbes China Mainland Rich List, highlighting POP MART founder Wang Ning as the member with the highest percentage increase in net worth. The toy tycoon's wealth more than tripled year-over-year to reach $22.2 billion, fueled by the global popularity of Labubu dolls.

Notably, POP MART recently faced backlash after a livestreaming incident in its official channel. During the launch of DIMOO's new "Newborn Diary" series, an employee remarked while showcasing the $11.2 "DIMOO Newborn Diary Series Blind Box Keychain": "Wow, $11.2 is kinda (expensive) for this." Another staffer responded: "No worries, someone will buy it anyway." The exchange was widely interpreted as mocking consumers as "cash cows."

The incident drew scrutiny to POP MART's premium pricing strategy. Its H1 2025 financial report revealed a record-high gross margin of 70.3%, up 6.3 percentage points YoY—surpassing Apple's Q4 2025 margin of 47.18%. Even compared to luxury giants, it outperformed LVMH (66.84%) and Richemont (67.2%), nearly matching Hermès' 70.67%.

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