31 billionaires on the rise amid Indonesia's wealth boom
- The collective wealth of Indonesia's 50 richest increased to $263 billion from $252 billion last year.
- Thirty-one individuals on the list saw their fortunes rise, with the Hartono brothers leading the list with a net worth of $50.3 billion.
- This year's rankings reflect a significant moment in wealth accumulation, as the minimum requirement to qualify has crossed $1 billion.
On December 12, 2024, the 2024 Forbes list revealed that the combined wealth of Indonesia's 50 richest individuals rose by $11 billion to reach a total of $263 billion, marking a significant increase from the previous year’s $252 billion. This surge was particularly driven by the soaring fortunes of several tycoons, with notable increases reflected in the wealth of R. Budi and Michael Hartono, who have maintained their position at the top for over a decade. Their wealth inched up by $2.3 billion, largely influenced by the performance of Bank Central Asia, which recorded impressive loan growth in the prior nine-month period ending in September. The list showcases the dynamic landscape of wealth accumulation in Indonesia. Among the 50 listees, 31 individuals experienced growth in their net worth this year, indicating a robust recovery or expansion of various sectors in the economy. Notably, the Widjaja family emerged as the biggest gainer, not just in monetary terms but also in percentage growth, highlighting their influence in the business realm. On the other hand, coal magnate Low Tuck Kwong, despite his net worth remaining relatively stable at $27 billion, continues to rank as the third richest individual in Indonesia, reflecting the volatility and challenges faced in the coal industry, especially with declining revenues linked to lower coal prices. The rankings are compiled meticulously, utilizing a variety of sources such as family shareholdings, stock prices, and financial reports, accurately assessing the wealth of individuals and families with significant ties to Indonesia. The methodology accounts for the public nature of these fortunes, ensuring that fluctuations in stock prices and exchange rates are factored in, portraying a realistic picture of individual net worths. Furthermore, the criteria for inclusion in the list have evolved, with the minimum requirement for being listed now surpassing $1 billion for the first time. This change not only underscores the intensifying competition among wealthy individuals in Indonesia but also reflects the growing economic strength of the nation. Ultimately, the ascent in wealth among these elite individuals signals increasing opportunities and perhaps rewarding economic policies that benefit industry leaders and, by extension, the economy at large.