The combined wealth of Indonesia's 50 richest individuals reached $263 billion this year, up 4% from US$252 billion in 2023, according to Forbes. The growth comes amid concerns about the purchasing power of the middle class as President Prabowo Subianto's government targets economic growth of 8% by 2025, higher than the 5.1% growth forecast for this year.
Indonesia's main stock index has risen 3% since the last review, contributing to the rise in wealth. Notably, for the first time, the wealth threshold to enter this list exceeded US$1 billion, up from US$940 million last year.
Indonesia's Top Billionaires 2024
Brothers R. Budi and Michael Hartono have maintained their title as Indonesia's richest individuals for more than a decade, with a combined wealth of US$50.3 billion, up US$2.3 billion this year. This growth is supported by the performance of Bank Central Asia (BCA), their primary source of wealth, which has seen significant loan growth.
In addition to their stakes in BCA, the Hartono brothers have investments in Polytron and prime real estate in Jakarta. Their wealth has grown by nearly 30% over the past five years. The family's wealth also comes from Djarum, a cigarette company founded by their father and now run by Victor Hartono, Budi's son.
Prajogo Pangestu, a petrochemical and energy tycoon, retains second place despite a 25% drop in his fortune to US$32.5 billion due to valuation adjustments for his geothermal energy company. He began his career as a driver and shrimp paste entrepreneur, then moved into the timber industry, founding Barito Pacific, which went public in 1993 and had revenues of US$2.8 billion last year.
Low Tuck Kwong, a coal magnate, remains in third place with a fortune of US$27 billion. The founder of Bayan Resources earned US$3.5 billion last year.
Born in Singapore in 1948, Kwong moved to Indonesia in 1972, established a construction company a year later, and ventured into coal mining 15 years later. He founded Bayan Resources in 2004, which became a public company in 2008.
Diverse Sectors Dominate Billionaire Wealth
Several familiar names reappeared on the list, including Hary Tanoesoedibjo, whose fortune recovered thanks to the performance of MNC Digital Entertainment and MNC Land, and Han Arming Hanafia, the founder of DCI Indonesia.
Meanwhile, three individuals, including Benny Suherman, owner of Cinema XXI, the country's largest theater chain by number of screens, took a hit following lower-than-expected revenues.
Energy, manufacturing and diversified industries continue to dominate as the main sources of wealth for Indonesia's billionaires. Of the 50 billionaires, 31 saw their net worth increase. Notably, for the first time, the minimum wealth threshold to make the list exceeded $1 billion, up from $940 million last year.
List of Indonesia's 50 Richest
| RANK | NAME | NET WORTH | INDUSTRY |
|---|---|---|---|
| 1 | R. Budi & Michael Hartono | $50.3 B | Diversified |
| 2 | Prajogo Pangestu | $32.5 B | Diversified |
| 3 | Low Tuck Kwong | $27 B | Energy |
| 4 | Widjaja family | $18.9 B | Diversified |
| 5 | Anthoni Salim & family | $12.8 B | Diversified |
| 6 | Sri Prakash Lohia | $8.7 B | Manufacturing |
| 7 | Agoes Projosasmito | $7 B | Metals & Mining |
| 8 | Tahir & family | $5.3 B | Diversified |
| 9 | Chairul Tanjung | $5.2 B | Diversified |
| 10 | Dewi Kam | $4.8 B | Energy |
| 11 | Jogi Hendra Atmadja & family | $4.4 B | Food & Beverage |
| 12 | Djoko Susanto | $4.3 B | Fashion & Retail |
| 13 | Bachtiar Karim & family | $4.1 B | Manufacturing |
| 14 | Setiawan family | $4.05 B | Healthcare |
| 15 | Lim Hariyanto Wijaya Sarwono | $4 B | Metals & Mining |
| 16 | Theodore Rachmat | $3.9 B | Diversified |
| 17 | Garibaldi Thohir & family | $3.8 B | Energy |
| 18 | Martua Sitorus | $3.6 B | Manufacturing |
| 19 | Sukanto Tanoto | $3.4 B | Diversified |
| 20 | Wijono & Hermanto Tanoko & family | $3.3 B | Diversified |
| 21 | Hilmi Panigoro & family | $3.25 B | Energy |
| 22 | Alexander Ramlie | $3.2 B | Metals & Mining |
| 23 | Susilo Wonowidjojo & family | $2.9 B | Manufacturing |
| 24 | Ciliandra Fangiono & family | $2.4 B | Manufacturing |
| 25 | Mochtar Riady & family | $2.25 B | Diversified |
| 26 | Otto Toto Sugiri | $2.21 B | Technology |
| 27 | Bambang Sutantio | $2.2 B | Food & Beverage |
| 28 | Peter Sondakh | $2.1 B | Finance & Investments |
| 29 | Arini Subianto & family | $2 B | Metals & Mining |
| 30 | Putera Sampoerna & family | $1.85 B | Finance & Investments |
| 31 | Hamami family | $1.8 B | Construction & Engineering |
| 32 | Ciputra family | $1.7 B | Real Estate |
| 33 | Edwin Soeryadjaya & family | $1.6 B | Energy |
| 34 | Manoj Punjabi | $1.5 B | Media & Entertainment |
| 35 | Jenny Quantero & Engki Wibowo | $1.49 B | Energy |
| 36 | Hary Tanoesoedibjo | $1.45 B | Media & Entertainment |
| 37 | Lim Chai Hock | $1.4 B | Energy |
| 38 | Sulistyo family | $1.35 B | Manufacturing |
| 39 | Eddy Sugianto | $1.34 B | Metals & Mining |
| 40 | Husain Djojonegoro & family | $1.33 B | Manufacturing |
| 41 | Marina Budiman | $1.32 B | Technology |
| 42 | Kiki Barki | $1.3 B | Energy |
| 43 | Husodo Angkosubroto & family | $1.28 B | Diversified |
| 44 | Soegiarto Adikoesoemo | $1.25 B | Diversified |
| 45 | Murdaya Poo | $1.2 B | Diversified |
| 46 | Kuncoro Wibowo & family | $1.19 B | Fashion & Retail |
| 47 | Irwan Hidayat & family | $1.15 B | Healthcare |
| 48 | Sjamsul Nursalim | $1.1 B | Automotive |
| 49 | Haryanto Tjiptodihardjo | $1.06 B | Manufacturing |
| 50 | Han Arming Hanafia | $1.05 B | Technology |
