Indonesia's Richest People 2023: Hartono Brothers, Prajogo Pangestu, and More

Editorial Team, CNBC Indonesia

Saturday, 12/23/2023 06:01 WIB

Photo: Infographics/ Take a peek at the wealth of Indonesia’s richest people from dividends, this figure is the biggest/Aristya Rahadian

Jakarta, CNBC Indonesia – The wealth of Indonesian conglomerates will increase fantastically throughout 2023. In the Forbes list of richest people, the assets of tycoons shot up 40% this year to US$ 252 billion (Rp. 3,906 trillion) from the original US$ 180 billion (Rp. 2,790 trillion).

This means that the wealth of the richest people in Indonesia increased by IDR 1,116 trillion in one year. As a result, half of RI’s tycoons found themselves richer than the previous year’s record.

The soaring wealth of Indonesian tycoons was supported in part by the IPO boom in the Indonesian capital market, with some of the biggest making significant profits. These include Barito Renewables Energy (BREN) owned by Prajogo Pangestu and Amman Mineral International (AMMN) owned by the Salim, Agoes Projo and Panigoro Family companies.

The following are the 5 richest people in Indonesia in 2023 according to Forbes

1. Hartono Brothers

Even though their combined wealth only grew slightly to US$ 48 billion (Rp. 744 trillion), Robert Budi and Michael Hartono remained in first place.

2. Prajogo Pangestu

The most spectacular spike this year occurred in the petrochemical and energy company owned by Prajogo Pangestu. With his net worth increasing more than eightfold to US$ 43.7 billion (Rp. 677 trillion) – from $5.1 billion last year, Prajogo rose five places to No. 1. 2 for the first time. His two new IPO issuers, namely geothermal energy producer Barito Renewables Energy and coal miner Petrindo Jaya Kreasi, are the prima donnas of the capital market this year.

3. Low Tuck Kwong

Indonesian mining magnate Low Tuck Kwong also recorded a fantastic increase in assets this year. His assets more than doubled to US$ 27.2 billion (Rp. 421 trillion) due to his ownership in Bayan Resources (BYAN), Indonesia’s third largest coal producer. Despite this, Low Tuck Kwong slipped to 3rd place, beaten by Prajogo’s meteoric rise in wealth.

4. Widjaja Family

Even though they did not record major movements in terms of business or maneuvers in the capital market, the wealth of the family that owns the Sinarmas Group was still able to grow slightly to US$ 10.8 billion (Rp. 167 trillion).

5. The Salim family

Anthony Salim and family are one of the tycoons with the most diversified businesses. Its business spans from retail, consumer, finance, technology to mining and infrastructure. This year’s wealth increased, in part, from the success of the IPO of the second largest copper mining company, Amman Mineral International (AMMN).

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