Wealth of Indonesia's 50 Richest on Forbes List Rises 40% to Record US$252 Billion.

The record rise was fueled by a raft of IPOs, notably of energy and mining firms. Half the tycoons on this year’s list are richer than they were a year ago.

Brothers R. Budi and Michael Hartono retain their No. 1 spot with a fortune of $48 billion, up $300 million from a year ago. Taking the No. 2 spot for the first time is petrochemicals and energy magnate Prajogo Pangestu, this year’s biggest gainer in both dollar and percentage terms.

With a more than eightfold increase in his net worth to $43.7 billion, he moved up five spots on this year’s list. Pangestu reaped a windfall from listing two of his companies—geothermal energy producer Barito Renewables Energy and coal miner Petrindo Jaya Kreasi.

In third place is mining baron Low Tuck Kwong, who also draws his wealth from black gold. Low more than doubled his fortune to $27.2 billion from $12.1 billion as his Bayan Resources, the country’s third-largest coal producer, benefited from rising sales.

At No. 4 is the Widjaja family of Sinar Mas, whose net worth was unchanged at $10.8 billion from a year ago. Rounding out the top five on the list is Anthoni Salim of the Salim Group, whose net worth jumped by $2.8 billion to $10.3 billion, thanks largely to his valuable stake in copper and gold miner Amman Mineral Internasional, which listed in July.

Buoyed by Indonesia’s ambitions to build a supply chain for electrical vehicles on the back of its bountiful reserves of nickel, Lim Hariyanto Wijaya Sarwono pulled off a successful IPO of his miner Trimegah Bangun Persada, better known as Harita Nickel. Lim’s wealth surged more than fourfold to $4.8 billion, moving him up 27 spots to No. 9.

Listing gains propelled four newcomers to the ranks this year. Three are shareholders of Amman Mineral Internasional, namely, president commissioner and former investment banker
Agoes Projosasmito (No. 8, $5.4 billion), president director Alexander Ramlie (No. 23, $2.5 billion), and oil and gas tycoon Hilmi Panigoro (No. 22, $2.8 billion). A cover story on Panigoro also features in the December issue of Forbes Asia. Another newcomer to this year’s list is Cinema XXI cofounder Benny Suherman (No. 43, $1.1 billion) who became a billionaire following its August listing.

Two patriarchs who passed away, Boenjamin Setiawan of pharmaceutical firm Kalbe Farma and Winarko Sulistyo of packaging paper producer Fajar Surya Wisesa, are replaced on the list by their heirs. The Setiawan family is now ranked No. 13 with a net worth at $4.3 billion, and the Sulistyo family is at No. 48 with $1 billion.

The three returnees to this year’s list include Kuncoro Wibowo at No. 45 with $1.05 billion, who controls and runs Ace Hardware Indonesia, a licensee of the U.S. chain. Shares of the company were up more than 40% as sales rebounded after dipping during the pandemic.

Among the seven drop-offs this year is banker Jerry Ng, whose Bank Jago shares plummeted as investor sentiment cooled off for digital banks.

The minimum net worth to qualify was $940 million, up from $885 million in 2022.

The top 10 richest in Indonesia are:
1) R. Budi & Michael Hartono; US$48 billion
2) Prajogo Pangestu; $43.7 billion
3) Low Tuck Kwong; $27.2 billion
4) Widjaja Family; $10.8 billion
5) Anthoni Salim; $10.3 billion
6) Sri Prakash Lohia; $8.5 billion
7) Chairul Tanjung; $5.7 billion
8) Agoes Projosasmito; $5.4 billion
9) Lim Hariyanto Wijaya Sarwono; $4.8 billion
10) Dewi Kam; $4.45 billion

This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, annual reports and analysts. The ranking lists both individual and family fortunes, including those shared among relatives. Private companies were valued based on similar companies that are publicly traded. Public fortunes were calculated based on stock prices and exchange rates as of November 17, and adjustments may have been made for some stocks that are thinly traded or have a low public float. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.
For more information, visit www.forbes.com/indonesia.

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