"His wealth and what he has earned will not avail him," meaning: his child, that is: when he ends up in the Fire.
Muhammad said: Abu Lahab's name is 'Abd al-'Uzza ibn 'Abd al-Muttalib, and his kunya is Abu 'Utbah. It was said to him 'Abu Lahab'—according to what Ibn 'Abbas mentioned—because his face used to flame with beauty.