Forbes' List of Indonesia's 10 Richest People in 2024

TEMPO.CO, Jakarta - Forbes regularly updates its Real-Time Billionaires ranking page, which features a comprehensive list of the world’s wealthiest individuals, including prominent Indonesian conglomerates. As of May 2024, the list has not changed much. 

Agoes Projosasmito made a debut in the top ten of Indonesia’s wealthiest people, surpassing renowned tycoons such as Chairul Tanjung, Tahir and Family, Lim Hariyanto, and Dewi Kam in terms of net worth. Meanwhile, Djoko Susanto, the owner of the country’s well-known supermarket brands, has been omitted from the list.

Here is the list of the top 10 richest people in Indonesia as of May 2024:

1. Prajogo Pangestu (US$63.4 billion)

Prajogo Pangestu continues to reign as Indonesia's top wealth accumulator. His wealth stems from his ventures in the timber industry, which he established in the 1970s, and the petrochemical sector (PT Chandra Asri Petrochemical Tbk). He also runs the coal business through PT Petrindo Jaya Kreasi.

2. Low Tuck Kwong (US$26.1 billion)

Securing the second position is Singapore-born entrepreneur Low Tuck Kwong. He acquired Indonesian citizenship in 1992. He founded the coal company Bayan Resources and controls the Singapore-based renewable energy company Metis Energi. Additionally, he played a pivotal role in the construction of undersea cable systems linking Indonesia, Malaysia, and Singapore through SEAX Global.

3. R. Budi Hartono (US$24.5 billion)

Robert Budi Hartono, the son of the founder of the Djarum cigarette company, retained the third spot. Following his father Oei Wie Gwan's demise, Robert and his brother, Michael, commenced exporting tobacco products in 1972 and introduced the cigarette brand Djarum Super in 1981. Furthermore, Robert holds the largest share of PT Bank Central Asia Tbk (BCA), one of the country’s leading private lenders.

4. Michael Hartono (US$23.6 billion)

Michael Hartono, the older brother of R. Budi Hartono, clinches the fourth spot. He inherited the Djarum cigarette company from his father alongside Budi and is among the principal BCA shareholders. Moreover, he possesses an approximately 65,000-hectare oil palm plantation 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 spun yarn manufacturing company. He expanded the business into the petrochemical sector, manufacturing textile raw materials, medical gloves, to fertilizer.

6. Agoes Projosasmito (US$6.7 billion)

Agoes Projosasmito emerges as a fresh addition to the roster of the wealthiest individuals in Indonesia. He serves as the president of Amman Mineral International, the country’s second-largest copper and gold mining company, which made its public debut in July 2023 with an IPO valued at US$710 million. The veteran investment banker also holds a minority stake in Amman, oil and gas company Medco Energi Internasional, and coal miner Bumi Resources.

7. Chairul Tanjung (US$5.1 billion)

Chairul Tanjung is the owner of CT Corp, which oversees a myriad of companies across various industries, including Trans Corp, Bank Mega, and CT Global Resources. In 2014, he held the position of Coordinating Minister for Economic Affairs.

8. Tahir and Family (US$5.1 billion)

The eighth spot is occupied by Tahir and his family. Tahir is the founder of the Mayapada group, a conglomerate with interests in banking, healthcare, and property. The billionaire also owns real estate in Singapore, including through the listed property firm MYP.

9. Lim Hariyanto Wijaya Sarwono (US$4.3 billion)

Lim Hariyanto retains his position on the list. His wealth is derived from the Harita Group, a conglomerate that operates in various industrial sectors, including real estate, palm oil plantations, nickel and bauxite mining, alumina refineries, coal, and expedition services.

10. Dewi Kam (US$4.2 billion)

The tenth richest person in Indonesia in May 2024 is Dewi Kam. She holds a minority shareholder in the coal issuer company, PT Bayan Resources Tbk, owned by Low Tuck Kwong. Additionally, she is the owner of PT Sumbergas Sakti Prima (SSP), which undertook the Jeneponto coal-fired power plant (PLTU) project in South Sulawesi.

RADEN PUTRI

Editor’s Choice: Forbes Top 10 Richest People in Singapore in 2024

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