Wang Ning, founder and CEO of Pop Mart International Group, has broken into China’s top 10 richest individuals for the first time, thanks to surging global demand for the company’s signature Labubu dolls.

According to Forbes’ publication on Thursday, the 38-year-old now ranks as China’s 10th richest person, with a net worth of $22.7 billion.

His wealth stems largely from his stake in Pop Mart, a Beijing-based toy maker whose shares have soared this year.

The runaway success of the mischievous, rabbit-like Labubu doll,created by Hong Kong-born artist Kasing Lung, has turned it into a collector’s craze.

Celebrities such as Rihanna, Dua Lipa, and Blackpink’s Lisa have been seen with the dolls, boosting their international appeal.

The doll’s popularity has sparked unconventional marketing strategies. Forbes revealed that a Bank in China began offering Labubu dolls as incentives to customers who opened new accounts and deposited over 50,000 yuan.

Wang is now the youngest member of China’s billionaire elite, joining the ranks of other business giants like ByteDance’s Zhang Yiming, and Tencent’s Ma Huateng.