Indonesia’s 50 Richest 2023: Propelled By An IPO Bonanza, Wealth Rockets To A Record $252 Billion

Petrochemicals and energy billionaire Prajogo Pangestu is the biggest gainer.

Dimas Ardian/Bloomberg

This story is part of Forbes’ coverage of Indonesia’s Richest 2023. See the full list here.

As resource-rich Indonesia felt the impact of slowing exports, its benchmark index edged down 1.5% since we last measured fortunes. But a raft of new listings, notably of energy and mining firms, resulted in a bonanza that boosted collective wealth to a record $252 billion, up 40% from $180 billion last year. As a result, half the tycoons on the list are richer than they were a year ago.

Although their combined wealth grew only a tad to $48 billion, brothers R. Budi and Michael Hartono held on to the No. 1 position. The most spectacular jump was that of petrochemicals and energy magnate Prajogo Pangestu, this year’s biggest gainer in both dollar and percentage terms. With a more than eightfold increase in his net worth to $43.7 billion—from $5.1 billion a year ago—he moved up five spots to No. 2 for the first time. Pangestu reaped a windfall from listing two of his companies—geothermal energy producer Barito Renewables Energy and coal miner Petrindo Jaya Kreasi.

Mining baron Low Tuck Kwong, who also draws his wealth from black gold, more than doubled his fortune to $27.2 billion as his Bayan Resources, the country’s third-largest coal producer, benefited from rising sales. Despite that, Low slipped to No. 3, eclipsed by Pangestu’s meteoric gains.

Buoyed by Indonesia’s ambitions to build a supply chain for electrical vehicles on the back of its bountiful reserves of nickel, Lim Hariyanto Wijaya Sarwono pulled off a timely IPO of his miner Trimegah Bangun Persada, better known as Harita Nickel. His wealth zoomed more than fourfold to $4.8 billion and he moved up 27 spots to No. 9.

Listing gains propelled four newcomers to the ranks. The $710 million July IPO of copper-and-gold miner Amman Mineral Internasional, the country’s largest so far this year, produced three of them: president commissioner and former investment banker Agoes Projosasmito, president director Alexander Ramlie and oil and gas tycoon Hilmi Panigoro, all key shareholders. In August, the archipelago’s largest cinema chain operator Cinema XXI listed, making cofounder Benny Suherman a billionaire.

Two patriarchs who passed away, Boenjamin Setiawan, founder of pharmaceutical firm Kalbe Farma, and Winarko Sulistyo, founder of packaging paper producer Fajar Surya Wisesa, are replaced on the list by their heirs. There are three returnees to the ranks, including Kuncoro Wibowo, who controls and runs Ace Hardware Indonesia, a licensee of the U.S. chain. Shares of the company were up more than 40% as sales rebounded after dipping during the pandemic. The seven drop-offs include banker Jerry Ng, who was impacted by plummeting shares of Bank Jago as investor sentiment cooled off for digital banks. The minimum net worth to qualify was $940 million, up from $885 million in 2022.

Full Coverage of Indonesia’s Richest 2023:

Reporting by Sonya Angraini, Jonathan Burgos, Gloria Haraito, Phisanu Phromchanya, Anuradha Raghunathan, Yessar Rosendar, Jessica Tan 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. 17, 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.