Indonesia’s 50 Richest See Collective Wealth Soar to $263 Billion in 2024

The collective wealth of Indonesia’s 50 wealthiest individuals has surged by $11 billion in 2024, reaching $263 billion compared to $252 billion a year ago. For the first time, the minimum net worth required to make the list surpassed $1 billion, increasing from $940 million last year.

Among the wealthiest, 31 individuals experienced an increase in their fortunes. Brothers R. Budi and Michael Hartono maintained their long-held top position, with their net worth rising by $2.3 billion to $50.3 billion. Their increased wealth was partly driven by a surge in the value of Bank Central Asia shares, which benefited from strong loan growth over the first nine months of the year.

Prajogo Pangestu, a tycoon in petrochemicals and energy, remained in second place, though his wealth declined by 25% to $32.5 billion. This drop was attributed to fluctuations in the valuation of Barito Renewables Energy, his geothermal energy firm, which has faced stock market volatility.

Coal magnate Low Tuck Kwong held onto the third spot, with his fortune remaining steady at $27 billion. Bayan Resources, his company and Indonesia’s fourth-largest coal producer by sales volume reported a 10% decline in revenue, totaling $2.5 billion in the nine months to September, due to falling coal prices.

The Widjaja family, ranked fourth, saw the most substantial increase in wealth, both in dollar terms and percentage growth. Their net worth soared by 75% to $18.9 billion, driven by skyrocketing shares of Dian Swastatika Sentosa, the family’s flagship company under the Sinar Mas Group. This growth stemmed from diversification into geothermal energy and data centers.

Rounding out the top five was Anthoni Salim, whose wealth rose by $2.5 billion to $12.8 billion.

Other notable entries on the list included billionaire filmmaker Manoj Punjabi, ranked 34th with a net worth of $1.5 billion. As president director of MD Entertainment, he recently acquired an 80% stake in the Jakarta-listed Net Visi Media, now rebranded as MDTV Media Technologies, which he described as transformative for his company.

Lim Chai Hock, the chief operational officer of Bayan Resources, debuted on the list at 37th place with a net worth of $1.4 billion. Meanwhile, media and real estate tycoon Hary Tanoesoedibjo returned to the rankings at 36th place with $1.45 billion, buoyed by the soaring value of MNC Digital Entertainment and MNC Land shares. His property venture is preparing to open the Trump International Golf Club Lido in West Java.

Another returnee was Han Arming Hanafia, cofounder of DCI Indonesia, ranked 50th with a net worth of $1.05 billion. DCI Indonesia, the nation’s largest data center operator, saw its shares rise by nearly 30%, reflecting growth in the global tech sector.

Three individuals dropped off the list this year, including theater tycoon Benny Suherman. His company, Nusantara Sejahtera Raya, which owns the Cinema XXI chain, struggled with lower-than-expected revenue growth in the third quarter.

The top 10 wealthiest Indonesians in 2024 are:

1. R. Budi & Michael Hartono: $50.3 billion
2. Prajogo Pangestu: $32.5 billion
3. Low Tuck Kwong: $27 billion
4. Widjaja Family: $18.9 billion
5. Anthoni Salim: $12.8 billion
6. Sri Prakash Lohia: $8.7 billion
7. Agoes Projosasmito: $7 billion
8. Tahir: $5.3 billion
9. Chairul Tanjung: $5.2 billion
10. Dewi Kam: $4.8 billion

This year’s list reflects significant shifts in Indonesia’s economic landscape, highlighting both the resilience of its key players and the opportunities presented by diversified investments in emerging sectors.

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