Michael Hartono.
Dimas Adian/Bloomberg
This article is part of Forbes’ 2024 report on Indonesia’s richest people. here.
Resource-rich Indonesia, under new President Prabowo Subianto, who took office in October, has set an economic growth target of 8%, higher than expected for this year, despite concerns about the weakening purchasing power of its middle class. 5.1%. Indonesia’s benchmark stock index has risen 3% since the last wealth measurement, helping to increase collective wealth to $263 billion from $252 billion last year. This is an important milestone, as the minimum net worth for inclusion on the list has exceeded $1 billion for the first time, up from $940 million last year.
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There are 31 rich people on the list this year, including brothers R.Budi and Michael Hartonoranked first, a position they have held for more than ten years. Their wealth rose by $2.3 billion to $50.3 billion, driven in part by gains in shares of Bank Central Asia, which posted strong loan growth in the nine months to September. petrochemical and energy tycoon Parachogo Pangastu Although his wealth fell 25% to $32.5 billion, he still maintained second place. The decline was largely due to a valuation adjustment at his geothermal energy company, Barito Renewables Energy, which has been hit by stock volatility.
coal giant Liu Deguang Although his net worth is almost the same at $27 billion, he once again ranks third. Revenue at Bayan Resources, the country’s fourth-largest coal producer, fell 10% to $2.5 billion in the nine months to September as coal prices fell. With a slew of upcoming projects, Bayan Resources has its only new face this year: a chief operating officer Lin Caifuis a Malaysian expat and a board member of several of its subsidiaries.
In dollar and percentage terms, the biggest increases were Vijaya familywhose wealth soared 75% to $18.9 billion. Shares in Dian Swastatika Sentosa, the energy and infrastructure flagship of the family’s Sinar Mas Group, soared more than sevenfold on diversification into geothermal energy and data centres.
Media and real estate tycoon Hari TanosodibThe business partner of U.S. President-elect Donald Trump returned to the fold last year as shares of MNC Digital Entertainment and MNC Land soared. His listed real estate company is about to open the Trump International Golf Club Lido in West Java. Another returnee is Han Amin HanafiyaThe co-founder of DCI Indonesia, the country’s largest data center operator by market share, has seen its shares rise nearly 30% amid global technology expansion.
Three companies fell in the rankings compared with last year, including theater tycoon Benny Suherman, whose Nusantara Sejahtera Raya is the owner of Cinema XXI, the country’s largest theater chain by theaters. The company was hit hard by lower-than-expected revenue in the third quarter.
Comprehensive coverage of the 2024 Indonesian Rich List:
Reported by Sonya Angraini, Gloria Haraito, Yessar Rosendar, Phisanu Phromchanya, Jessica Tan, Yue Wang and Ardian Wibisono.
Methodology:
The list is compiled based on shareholding and financial information obtained from households and individuals, stock exchanges, annual reports and analysts. The ranking lists personal and family wealth, including wealth shared among relatives. Private company valuations are based on similar publicly traded companies. Public wealth is calculated based on share prices and exchange rates as of Nov. 22, with possible adjustments for some stocks that are thinly traded or have lower public holdings. The list may also include foreign citizens with commercial, residential or other ties to the country, or citizens who do not live in the country but have significant commercial or other ties with the country. The editors reserve the right to amend any information or to delete any listing based on new information.
