Forbes publication ranked the wealthiest individuals shaping Indonesia’s economic landscape.
Forbes‘ 2024 list of the richest people in Indonesia showcases a variety of successful business leaders who have made their fortunes in different industries. These individuals have built their wealth through diverse ventures, spanning industries such as timber, petrochemicals, coal, renewable energy, banking, healthcare, and real estate. Their strategic investments and entrepreneurial acumen have propelled them to the upper echelons of wealth in the country.
Here are the top 10 richest people in Indonesia as of May 2024 as published by Forbes:
1. Prajogo Pangestu (US$63.4 billion)
Prajogo Pangestu remains Indonesia’s wealthiest individual. His fortune originates from his ventures in the timber industry, which he began in the 1970s, and has expanded significantly through the petrochemical sector with PT Chandra Asri Petrochemical Tbk. Additionally, he is involved in the coal industry via PT Petrindo Jaya Kreasi. He is also part of one of the Indonesian conglomerates which is, simultaneously, one of the richest people in Asia.
2. Low Tuck Kwong (US$26.1 billion)
In second place is Low Tuck Kwong, a Singapore-born entrepreneur who became an Indonesian citizen in 1992. He founded the coal company Bayan Resources and oversees the Singapore-based renewable energy firm Metis Energi. Furthermore, he has significantly contributed to the construction of undersea cable systems connecting Indonesia, Malaysia, and Singapore through SEAX Global.
3. Robert Budi Hartono (US$24.5 billion)
Robert Budi Hartono, the son of the founder of the Djarum cigarette company, occupies the third place. After the death of their father, Oei Wie Gwan, Hartono and his brother Michael began exporting tobacco products in 1972 and launched the Djarum Super cigarette brand in 1981. The two brothers account for approximately one-sixth of the cigarettes produced in Southeast Asia‘s largest economy. In addition to their tobacco business, Hartono is the largest shareholder of PT Bank Central Asia Tbk (BCA) which happens to be one of Indonesia’s top private banks.
4. Michael Hartono (US$23.6 billion)
Michael Hartono, the older brother of Robert Budi Hartono, secures the fourth spot. He, along with his brother, inherited the Djarum cigarette company from their father. Furthermore, the Indonesian brother duo have a staggering combined net worth of US$48 billion. Michael Hartono is also one of the main shareholders of PT Bank Central Asia Tbk (BCA). Additionally, he owns a substantial oil palm plantation spanning approximately 65,000 hectares in West Kalimantan.
5. Sri Prakash Lohia (US$8.3 billion)
Rounding out the top five is Sri Prakash Lohia, the founder of Indorama Corporation, a company initially focused on spun yarn manufacturing. Lohia later diversified the business into the petrochemical sector, producing a range of products including textile raw materials, medical gloves, and fertiliser.
6. Agoes Projosasmito (US$6.7 billion)
Agoes Projosasmito rose as a promising newcomer among Indonesia’s affluent. Leading as the president of Amman Mineral International, the nation’s second-largest copper and gold mining firm, Projosasmito steered its successful public introduction in July 2023, boasting an IPO worth US$710 million. On top of his role in Amman, Projosasmito also maintains a minority interest in Medco Energi Internasional, an oil and gas enterprise, and Bumi Resources, a coal mining company.
7. Chairul Tanjung (US$5.1 billion)
Chairul Tanjung is the owner of CT Corp, a conglomerate with diverse holdings spanning multiple sectors. Under its umbrella are prominent entities such as Trans Corp, Bank Mega, and CT Global Resources.
8. Tahir and Family (US$5.1 billion)
Tahir established the Mayapada group, a conglomerate with stakes in banking, healthcare, and real estate. Additionally, the billionaire holds significant real estate investments in Singapore, including through the listed property firm MYP.
9. Lim Hariyanto (US$4.3 billion)
Lim Hariyanto maintains his standing on the list, propelled by the wealth generated from the Harita Group. Hariyanto operates across a spectrum of industries, encompassing real estate, palm oil plantations, nickel and bauxite mining, alumina refineries, coal, and expedition services.
10. Dewi Kam (US$4.2 billion)
Ranked as the tenth wealthiest individual in Indonesia as of May 2024, Dewi Kam holds a minority stake in the coal issuer company PT Bayan Resources Tbk, owned by Low Tuck Kwong. Moreover, Kam is the proprietor of PT Sumbergas Sakti Prima (SSP), which spearheaded the Jeneponto coal-fired power plant (PLTU) project in South Sulawesi.