Indonesia's Wealth Ranking: Hartono Brothers Overtake Low Tuck Kwong
Jakarta. The Hartono brothers, owners of Djarum Group, have overtaken coal magnate Low Tuck Kwong, moving to second and third place on Forbes' list of Indonesia's richest people. Barito Group's Prajogo Pangestu retains the top spot.
As of Wednesday, R. Budi Hartono's fortune stands at $23.6 billion (Rp 387 trillion), while Michael Hartono's net worth is $22.1 billion (Rp 387 trillion), according to Forbes Real Time Billionaires data.
Low Tuck Kwong's wealth has dropped to $20.8 billion, pushing him from second to fourth place. This decline is primarily due to a 14.75 percent drop in Bayan Resources (BYAN) shares, which fell to Rp 15,175 in Friday trading. As of Wednesday, BYAN shares remained stagnant at Rp 15,175. BYAN is the largest coal company by market capitalization on the domestic exchange.
Prajogo Pangestu remains Indonesia's wealthiest individual with a net worth of $63.5 billion (Rp 1,043 trillion).
Robert and Michael Hartono are the sons of Oei Wie Gwan, the founder of the Djarum cigarette company. The brothers' wealth also derives from their significant holdings in Bank Central Asia (BBCA). They control BCA through Dwimuria Investama Andalan, which owns 54.94 percent of the bank. Dwimuria is 51 percent owned by Robert Budi Hartono and 49 percent by Michael Bambang Hartono.
In addition, their wealth is bolstered by investments in the telecommunications sector, particularly through Sarana Menara Nusantara (TOWR).
Low Tuck Kwong previously held the title of Indonesia's richest person when coal prices peaked in 2023, with his wealth reaching $26.5 billion in November 2023 before being surpassed by Prajogo Pangestu in the same month.
Here are the top 10 richest persons in Indonesia as of Wednesday, June 26, 2024:
- Prajogo Pangestu - $63.6 billion
- R. Budi Hartono - $23.5 billion
- Michael Hartono - $22.6 billion
- Low Tuck Kwong - $20.9 billion
- Sri Prakash Lohia - $8.1 billion
- Agoes Projosasmito - $7.8 billion
- Tahir & family - $5.1 billion
- Chairul Tanjung - $4.8 billion
- Lim Hariyanto Wijaya Sarwono - $4.3 billion
- Djoko Susanto - $3.9 billion
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