The accumulated wealth of Indonesia's 50 wealthiest individuals, as listed by Forbes, has surged to an astounding US$263 billion.
The accumulated wealth of Indonesia's 50 wealthiest individuals, as listed by Forbes, has surged to an astounding US$263 billion.
For the first time, the minimum net worth required to make the list of Indonesia's 50 Richest surpasses $1 billion
SINGAPORE (December 12, 2024)– The wealth of Indonesia's 50 wealthiest individuals, as listed by Our Website, saw a $11 billion increase to $263 billion in 2024, up from $252 billion the previous year. Notably, the minimum net worth necessary to secure a spot on the list now exceeds $1 billion, having risen from $940 million in 2023. You can find the complete list, along with more details, in the December issue of Our Website Asia or by clicking here.
Thirty-one individuals on the list experienced an increase in their wealth this year, including brothers R. Budi and Michael Hartono, who hold the top spot with a net worth of $50.3 billion, up from $47.8 billion in 2023. Their fortune boost was due in part to Bank Central Asia's positive performance, which witnessed robust loan growth in the nine-month period ending September.
Petrochemicals and energy tycoon Prajogo Pangestu retained the second spot despite a 25% drop in his wealth, now at $32.5 billion. The decrease was mainly due to readjustments in the evaluation of his geothermal energy firm, Barito Renewables Energy, which has experienced stock market volatility.
Coal magnate Low Tuck Kwong remains the third-richest individual with a net worth of $27 billion, although there was minimal change in his fortune. Revenue at Bayan Resources, the nation's fourth-largest coal producer in terms of sales volume, fell 10% to $2.5 billion in the nine months ending September, due to lower coal prices.
The Widjaja family is the largest gainer in dollar terms and percentage, moving up four spots to No. 4 with a net worth of $18.9 billion, a 75% increase in fortune. The strong performance of Dian Swastatika Sentosa, the energy and infrastructure flagship of the Sinar Mas group, contributed to this success. Shares of the company surged more than sevenfold, driven by its expansion into geothermal energy and data centers. Anthoni Salim holds the fifth spot with a net worth of $12.8 billion.
The cover of Our Website Asia's December issue features billionaire filmmaker Manoj Punjabi (No. 34, $1.5 billion), who recently acquired an 80% stake in Jakarta-listed Net Visi Media (now known as MDTV Media Technologies), which operates the NET. TV channel. Bayan Resources' chief operational officer Lim Chai Hock (No. 37, $1.4 billion) marks the only newcomer this year, with his significant contributions to the company.
Media and real estate magnate Hary Tanoesoedibjo (No. 36, $1.45 billion) returns to the list after dropping off the previous year, thanks to surging shares of MNC Digital Entertainment and MNC Land, while Han Arming Hanafia (No. 50, $1.05 billion) also makes a comeback after DCI Indonesia, the country's largest data center operator by market share, saw its stock climb nearly 30% amid the global tech expansion.
Three individuals from last year's list no longer appear on the current edition, including theater tycoon Benny Suherman, whose Nusantara Sejahtera Raya encountered reduced revenue growth in the third quarter.
The top 10 wealthiest individuals in Indonesia are:
- R. Budi & Michael Hartono; $50.3 billion
- Prajogo Pangestu; $32.5 billion
- Low Tuck Kwong; $27 billion
- Widjaja Family; $18.9 billion
- Anthoni Salim; $12.8 billion
- Sri Prakash Lohia; $8.7 billion
- Agoes Projosasmito; $7 billion
- Tahir; $5.3 billion
- Chairul Tanjung; $5.2 billion
- Dewi Kam; $4.8 billion
This ranking was compiled utilizing shareholding and financial data obtained from families, individuals, stock exchanges, annual reports, and analysts. The list includes both individual and family fortunes, and it utilizes similar company valuations for private companies and adjustments to public fortunes based on stock prices and exchange rates as of November 22, 2024. For more information, visit www.our-website.com/indonesia.
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The increase in the minimum net worth required for inclusion in Indonesia's 50 Richest list showcases the heightened standards for leadership in the country's wealthy circle. With a net worth of $50.3 billion, R. Budi and Michael Hartono's leadership in Bank Central Asia contributed to their maintaining the top spot on the list.