Jakarta. Indonesian business tycoon Prajogo Pangestu has further cemented his position as the country’s richest person, with his net worth rising to $48.3 billion (Rp801 trillion) as of Saturday afternoon, according to Forbes’ Real-Time Billionaires data.

The 81-year-old conglomerate’s fortune jumped by $1.8 billion, or 3.85 percent, from the previous day, the second-largest daily gain among the world’s billionaires, trailing only Tadashi Yanai, the founder of Uniqlo’s parent company Fast Retailing, whose wealth increased by $2.6 billion.

Prajogo’s wealth now nearly doubles that of Indonesia’s second-richest individual, Low Tuck Kwong, the owner of coal miner Bayan Resources (BYAN), whose net worth stands at $25.2 billion. Following them are brothers Robert Budi Hartono and Michael Hartono --the forces behind the Djarum Group and Indonesia's largest private lender, Bank Central Asia (BCA)-- with fortunes of $18.9 billion and $18.1 billion, respectively.

The rapid growth of Prajogo’s wealth is largely attributed to the soaring share prices of his publicly listed companies. Shares of conglomerate Barito Pacific (BRPT) have surged 365.22 percent year-to-date, while mining company Petrindo Jaya Kreasi (CUAN) has climbed 118.10 percent over the same period.

His other holdings include stakes in Chandra Asri Pacific  (TPIA), Indonesia’s largest integrated petrochemical producer; Barito Renewables Energy (BREN), a renewable energy firm; investment arm Chandra Daya Investasi (CDIA); and energy infrastructure company Petrosea (PTRO).

The sustained rally in Prajogo-linked stocks has made him one of the most closely watched figures in Indonesia’s capital market, with investors viewing his conglomerate as a bellwether for the energy and industrial sectors.

With his net worth now approaching $50 billion, Prajogo is closing in on global billionaires such as Ken Griffin, founder of Citadel LLC, and Robin Zeng, CEO of Contemporary Amperex Technology (CATL).

As of Saturday, Tesla’s Elon Musk, Oracle’s Larry Ellison, Meta’s Mark Zuckerberg, and Amazon’s Jeff Bezos remain the four richest people in the world.

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