Who are the 5 richest billionaires in Indonesia in 2024? Net worths, ranked: from cigarette fortune heirs Hartono brothers to timber magnate Prajogo Pangestu and ‘Indomie King’ Anthoni Salim

• The populous Southeast Asian country is home to some of the richest families, including Indofood boss Anthoni Salim and the massive Widjaja family with investments from real estate to healthcare
• R. Budi Hartono handed the operations of cigarette plant Djarum to his son and entered the e-commerce sector with Blibli; meanwhile, Low Tuck Kwong’s fortune jumped thanks to rising energy costs

Talk about the rich getting richer. Like other millionaires across the globe, Indonesia’s 50 wealthiest people collectively gained 40 per cent in their net worths in 2023 despite a slowdown in the country’s economy, according to a report from Nikkei Asia. In other words, their bank accounts grew by US$72 billion to exceed US$250 billion.

The bulk of that US$250 billion belongs to the nation’s top five richest. In a country where the mean wealth of the 186.5 million adult population is just US$17,500, according to the latest Global Wealth Report from UBS, these five individuals and families control a combined US$140 billion.

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Here, we look at how these Southeast Asian magnates earned their fortune with interests in energy, mining, food production and property, according to Forbes.

5. Anthoni Salim and family

Combined net worth: US$10.3 billion

For those who enjoy that tasty quick fix of instant noodles, Anthoni Salim is the name to know. He’s the CEO of Indofood, the maker of the ubiquitous Indomie and among the world’s largest manufacturers of instant noodles. Although he’s the boss of the colossal noodle empire, his fortune comes from a diversified group of businesses, including mining, banking, retail, telecoms and energy.

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4. The Widjaja family

Combined net worth: US$10.8 billion

The family’s wealth is built on the late Eka Tjipta Widjaja’s humble beginnings as a Chinese teenage immigrant selling biscuits. Overseeing their late father’s legacy and fortune, the four eldest sons of the family control an empire of property, financial services, healthcare and telecoms services. Widjaja senior had 12 children with his first wife and at least an additional 28 with his other wives, per The Washington Post.

3. Low Tuck Kwong

Net worth: US$27.4 billion

Low Tuck Kwong was featured on Forbes Asia in 2023. Photo: @mfimages/Instagram

The coal king has more than double in net worth compared to the fourth richest in the country. The Singapore-born billionaire’s net worth has jumped significantly over the past several years thanks to rising energy costs. The founder of coal mining operation Banyan Resource is heavily invested in various energy-related ventures across Asia and worldwide. Among Low’s highest-profile investments to date is in SEAX Global, a telecoms outfit building a submarine sea-cable system bridging Singapore, Indonesia and Malaysia.

2. Prajogo Pangestu

Net worth: US$38.9 billion

Pangestu is the single richest person in Indonesia. Involved in producing various commodities, including timber, petrochemicals and rubber, the energy mogul has stakes in some of the country’s largest petrol, coal and renewable energy corporations.

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1. Hartono brothers

Combined net worth: US$48 billion

Billionaire tobacco tycoon Michael Bambang Hartono, 78, competing in bridge for Indonesia at the 2018 Asian Games, speaks at a press conference at the Jakarta International Expo in Jakarta, Indonesia, in August 2018. Photo: AFP

Robert Budi and Michael Hartono are the richest in Indonesia. Though their interests are diversified, their primary source of wealth comes from their stake in investment firm Bank Central Asia, which they acquired in the late 90s, making use of the cigarette fortune their father built.

The brothers have since handed down some operations to the next generation, including the cigarette plant Djarum to R. Budi’s son Victor. The family also entered the e-commerce sector with their firm Blibli, listed under the family’s firm Global Digital Niaga, raising US$510 million from the 2022 IPO.

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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.

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