This story is part of Forbes’ coverage of Indonesia’s Richest 2024. See the full list here.
Despite concerns over the weak purchasing power of its middle class, resource-rich Indonesia is targeting 8% economic growth, up from the estimated 5.1% expected this year, under its new president Prabowo Subianto, who took office in October. Indonesia’s benchmark stock index notched up a 3% increase since fortunes were last measured, helping lift collective wealth to $263 billion from $252 billion last year. And a major milestone was achieved, as the minimum net worth for inclusion on the list breached $1 billion for the first time, up from $940 million last year.
A total of 31 listees are wealthier this year, including brothers R. Budi and Michael Hartono, at No. 1, a position they have held for over a decade. Their fortune is up by $2.3 billion to $50.3 billion, thanks partly to rising shares of Bank Central Asia, which posted stellar loan growth over the nine-month period ended September. Petrochemicals and energy tycoon Prajogo Pangestu held on to the second spot, despite a 25% drop in his wealth to $32.5 billion. The decline was largely due to an adjustment in the valuation of his geothermal energy firm Barito Renewables Energy, which has been buffeted by stock volatility.
Coal magnate Low Tuck Kwong is once again the third-richest though his net worth is nearly flat at $27 billion. Revenue of his Bayan Resources, the country’s fourth-largest coal producer by sales volume, fell by 10% to $2.5 billion in the nine months to September, amid lower coal prices. Bayan Resources, which has a slew of upcoming projects, produced the only new face this year: its chief operational officer Lim Chai Hock, a Malaysian expatriate, who also sits on the board of several of its subsidiaries.
The biggest gainer in both dollar and percentage terms is the Widjaja family, whose fortune soared 75% to $18.9 billion. Shares of Dian Swastatika Sentosa, the energy and infrastructure flagship of the family’s Sinar Mas group, skyrocketed more than sevenfold, buoyed by its diversification into geothermal energy and data centers.
Media and real estate tycoon Hary Tanoesoedibjo, a business associate of U.S. president-elect Donald Trump, returned to the ranks after dropping off last year, on rocketing shares of MNC Digital Entertainment and MNC Land. His listed property outfit is set to soon open the Trump International Golf Club Lido in West Java. The other returnee is Han Arming Hanafia, cofounder of DCI Indonesia, the country’s largest data center operator by market share, which saw its stock gain nearly 30% amid a global tech expansion.
Three from last year dropped off, including theater tycoon Benny Suherman, whose Nusantara Sejahtera Raya, owner of Cinema XXI, the country’s largest cinema chain by number of theaters, took a hit following lower-than-expected revenue in the third quarter.
Full Coverage of Indonesia’s Richest 2024:
Reporting by Sonya Angraini, Gloria Haraito, Yessar Rosendar, Phisanu Phromchanya, Jessica Tan, Yue Wang and Ardian Wibisono.
Methodology:
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 Nov. 22, 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. The editors reserve the right to amend any information or remove any listees in light of new information.
Read the full article here
