Top 10 richest in Indonesia 2024
As of December 2024, Forbes reported that Indonesia’s top 10 richest individuals have amassed their wealth primarily through ownership and investments in stock holdings and business ventures. Notably, the top 3 richest individuals are also the owner of the top 3 largest companies by market capitalization on IDX.
#1 Hartono brothers - PT Bank Central Asia Tbk (BBCA)
The octogenarian brothers, Robert Budi Hartono and Michael Bambang Hartono, who own the Djarum cigarette business. Their wealth also derives from their significant holdings in Bank Central Asia (BBCA). They control BCA through Dwimuria Investama Andalan, which owns 54.94% of the bank. The Djarum Group is 51% owned by Robert Budi Hartono and 49% by Michael Bambang Hartono.
In addition, their wealth is bolstered by investments in various sectors. For instance, in telecommunications sector through Sarana Menara Nusantara (TOWR), in e-commerce through Blibli.com under PT Global Digital Niaga Tbk (BELI), in retail through Ranch Market under PT Supra Boga Lestari Tbk (RANC), and in infrastructure through PT Solusi Tunas Pratama Tbk (SUPR).
The Hartono brothers have also ventured into the electronics sector through PT Hartono Istana Teknologi (Polytron) and have invested in startups such as Gojek, Blibli, Halodoc, Tiket.com, 88rising, IDN Times, Kumparan, Narasi, and Visinema through GDP Ventures.
#2 Prajogo Pangestu - PT Barito Renewables Energy Tbk (BREN)
Prajogo Pangestu made a notable move in 2023, taking his companies onto the floor of Indonesia Stock Exchange (IDX), namely PT Petrindo Jaya Kreasi Tbk (CUAN) and PT Barito Renewables Energi Tbk (BREN).
It has significantly skyrocketed his wealth as the stock performance boosted his net worth. And his wealth is poised to continue expanding with a series of lucrative events lined up. For instance, PT Petrosea Tbk (PTRO) recently signed a mining service agreement worth IDR 4 trillion, indicating an upcoming stream of revenue. PT Chandra Asri Pacific (TPIA) also just announced its readiness to establish a Chlor Alkali - Dichloride (CA-EDC) Plant in Banten (PSN initiative). Also, the rumors of TPIA listing its subsidiary PT Chandra Daya Investasi on IDX.
#3 Low Tuck Kwong - PT Bayan Resources Tbk (BYAN)
Low Tuck Kwong was born in Singapore and he became an Indonesian in 1992. He is known locally as the “coal king,” made his way into the mining industry in Indonesia, and eventually became one of the country’s wealthiest individuals.
He is the founder, CEO, and President Director of Bayan Resources (BYAN), one of Indonesia’s most cost-effective mining companies. He is also the majority shareholder of BYAN, owning 47.17% of the company, excluding the 22% he transferred to his daughter in August 2024. The majority of his wealth comes from his stock holdings, which saw a significant surge in 2022 and doubled in 2023.
For comprehensive financial reports and data analysis of the Indonesian listed companies, you can visit Sectors.app.
