The list, compiled by Forbes, put the Hartono brothers, R. Budi and Michael, at the top with a net worth of $50.3 billion, a new peak for the duo.
A substantial portion of their wealth came from their shares in Bank Central Asia. They also have holdings in popular electronics brand Polytron and prime real estate in Jakarta.
Their fortune, up nearly 30% over five years, primarily comes from their shares in Bank Central Asia, alongside investments in electronics brand Polytron and prime Jakarta real estate.
They have retained the top position on the list for over a decade.
The roots of the family wealth stem from cigarette maker Djarum, started by their father and now run by Budi’s son Victor.
In the second place is Prajogo Pangestu, founder of Indonesia’s largest petrochemical firm Barito Pacific, with $32.5 billion in wealth.
Pangestu started his career as a driver before starting a shrimp paste business. He later switched to the timber industry and started Barito Pacific by acquiring a lumber firm.
He took the company public in 1993. Last year, it posted $2.8 billion in revenue.
Ranking third on the list is Low Tuck Kwong, known as the “coal king,” with a net worth of $28.5 billion.
Kwong is the founder of coal mining firm Bayan Resources which posted $3.5 billion in revenue last year.
Low was born in 1948 in Singapore. He worked in his father’s construction firm until 1972 when he moved to Indonesia.
The following year he founded a contractor company and expanded into coal mining 15 years later.
He founded Bayan Resources in 2004 and took it public in 2008.
Energy, manufacturing, and diversified industries dominate the wealth of Indonesia’s richest individuals.
Of the 50 billionaires, 31 saw their net worth rise this year, while three dropped off the list.
The minimum net worth for inclusion on the list breached $1 billion for the first time this year, up from $940 million last year.
