The Laughing Buddha, a.k.a Hotei or the Fat Buddha, is famous for his for his feature and cheerful character. He symbolizes happiness and good luck. Many people believe that rubbing his belly will bring them wealth, prosperity and good luck.
He is seen carrying a sack, in which poeple believe it contain 'goodies' like sweets, food and rice plants.The sack would have a symbol of wealth on it.
Also in Feng Shui, it is believe that he is a symbol for wealth. He must not be place on floors but on elvated areas to show a form of respect and that he must be placed in the direction of one's personal wealth direction.