Indonesia's Richest 2024: Total Wealth Rises to $263 Billion Amid Economic Growth
Despite concerns about weakening purchasing power among the middle class, resource-rich Indonesia is aiming for 8% economic growth under President Joko Widodo. The country's main stock index has risen 3% since the last measurement, and the total wealth of Indonesia's richest list in 2024 increased to $263 billion, up from $252 billion in 2023. Importantly, this year marks the first time the minimum asset requirement to be included on the list exceeded $1 billion, up from $940 million last year.
1st Place: R. Budi Hartono & Michael Hartono - $50.3 Billion
Brothers R. Budi Hartono and Michael Hartono have held the top spot for over a decade, with their wealth increasing by $2.3 billion to reach $50.3 billion. Their fortune growth is attributed to the rise in Bank Central Asia (BCA) shares, which recorded impressive loan growth through September. The brothers also own Djarum, a renowned cigarette company, which has amassed significant wealth. Djarum is one of Indonesia's largest tobacco companies and enjoys a strong reputation both domestically and internationally. BCA, Indonesia's largest bank and market leader, wields considerable influence in the financial sector.
*Lee Jae-yong, Chairman of Samsung Electronics - $11.5 Billion
2nd Place: Prajogo Pangestu - $32.5 Billion
Prajogo Pangestu, a giant in the petrochemical and energy sector, saw his wealth decrease by 25% but still secured second place with $32.5 billion. The decline is attributed to a valuation adjustment of his geothermal energy company Barito Renewables Energy, which was affected by stock volatility. He plays a crucial role in the petrochemical and energy sectors, leading large-scale projects that contribute significantly to Indonesia's economy.
3rd Place: Low Tuck Kwong - $27 Billion
Low Tuck Kwong, a coal tycoon and founder of Bayan Resources, maintained his wealth but remained in third place with $27 billion. Despite a 10% decline in revenue due to falling coal prices, Bayan Resources is pursuing numerous new projects. Low Tuck Kwong is a prominent figure leading the coal and energy sectors in Indonesia.
4. Sukanto Tanoto
Position: Founder and Chairman of Royal Golden Eagle (RGE), a global manufacturing group based on resources
Wealth: $20 Billion (approximately Rp313 trillion)
5. Anthoni Salim
Position: Owner of Salim Group, operates major food companies such as Indofood and Bogasari
Wealth: $14.2 Billion (approximately Rp222 trillion)
6. Sri Prakash Lohia
Position: Chairman of Indorama Corporation, a company in the fiber and petrochemical sectors
Wealth: $9.09 Billion (approximately Rp142 trillion)
Notable Returnees
Hary Tanoesoedibjo returned to the list thanks to a surge in shares of MNC Digital Entertainment and MNC Land. MNC Land is set to open Trump International Golf Club Lido in West Java. Hary Tanoesoedibjo is a media and real estate mogul with business ties to US President-elect Donald Trump.
Another returnee is Han Arming Hanafia, co-founder of DCI Indonesia. DCI Indonesia is the largest data center operator in Indonesia, and its shares rose 30%, propelling him up the rankings.
Largest Wealth Increase
The Widjaja family experienced the highest wealth growth this year, with a 75% increase to $18.9 billion. Shares of Dian Swastatika Sentosa, which leads their energy and infrastructure businesses, soared more than sevenfold. The company is diversifying into geothermal energy and data centers.
New Faces
Lim Chai Hock, COO of Bayan Resources, is a newcomer to the list this year. The Malaysian national also holds board positions in several subsidiaries of the company. His entry is attributed to ongoing projects in Indonesia's coal and energy sectors.
The list of Indonesia's richest people is still dominated by giants in the resources, energy, and banking sectors, but we are seeing a rapid rise of giants in the technology and media sectors.
The Widjaja family's data center company is DCI Indonesia. This company is the largest data center operator in Indonesia and leads in market share.
What is DCI Indonesia? DCI Indonesia provides data center and cloud computing services and is responsible for Indonesia's major IT infrastructure. The company provides safe and efficient systems for data transmission and storage worldwide and plays an important role in Indonesia's rapidly digitizing economy.
The Widjaja family is a group of companies closely related to Indonesia's Sinar Mas Group and operates in various fields, including DCI Indonesia. DCI Indonesia provides various IT infrastructure solutions such as cloud services, data management, and security services and is an important company supporting Indonesia's digital transformation.
Recently, the company has been strengthening its cooperation with global IT companies and expanding its data centers, achieving significant growth in the rapidly growing market for data center and cloud services.
South Korea's Lee Jae-yong, chairman of Samsung Electronics, currently has assets of $11.5 billion. This amount is significantly smaller compared to Indonesia's richest people. For example, the assets of Indonesia's R. Budi Hartono and Michael Hartono brothers are $50.3 billion, and Prajogo Pangestu's assets are $32.5 billion. Lee Jae-yong's assets are smaller than those of Low Tuck Kwong ($27 billion) or Prajogo Pangestu, which is because most of Samsung Electronics' assets are concentrated in its shares, even though they have a significant global impact.
On the other hand, many of Indonesia's richest people have diversified their portfolios across various industries such as resources (oil, coal, etc.), energy, and finance, accumulating high assets. For example, the Widjaja family has also grown in the IT and data center sector with DCI Indonesia and has accumulated significant assets across various industries through the Sinar Mas Group.
Therefore, when comparing Korean chaebols like Lee Jae-yong with Indonesian chaebols, the difference in industries they operate in is also an important factor along with their asset size. While Korean chaebols tend to focus on technology and electronics industries, Indonesian chaebols have established a strong foothold in the resource and energy industries.
