QLabel wordwrap ignores non-breaking spaces

#include <QApplication>
#include <QLabel>
#include <QTextEdit>
int main(int argc, char *argv[])
{
    QApplication a(argc, argv);
    QLabel label;
    label.setWordWrap(true);
    QFont font;
    font.setPixelSize(20);
    label.setFont(font);
    label.setTextFormat(Qt::RichText);
    label.setText("Non&nbsp;breaking&nbsp;space.&nbsp;Non&nbsp;breaking&nbsp;space.&nbsp;Non&nbsp;breaking&nbsp;space.");
    label.show();
    return a.exec();
}