Indonesia is a fascinating nation where ancient traditions intertwine with modern achievements. Among its natural wonders and cultural wealth are individuals who have become symbols of success and prosperity, carving unique paths to the heights of business.
These billionaires, akin to “wealth gurus,” have built empires inspired not only by economic opportunities but also by their deep connection to their homeland. Some began with small market stalls, like Djoko Susanto, while others expanded family businesses, like the Hartono brothers, or ventured into industries such as energy and mining, like Prajogo Pangestu. Through ingenuity and determination, they’ve skillfully leveraged Indonesia’s natural resources to create their own legacies.
These magnates prove that it’s possible not only to build successful businesses in Indonesia but also to remain true to their roots, supporting the development of their country and its economy. Their stories are an inspiration for those who dream of reaching great heights while staying faithful to their values and traditions.
Prajogo Pangestu
Prajogo Pangestu, an 80-year-old Indonesian businessman, tops the list of the richest individuals in Indonesia and Southeast Asia. He also ranks among the world’s wealthiest, holding 22nd place on the Forbes list as of September 2024. His net worth is estimated at $56 billion (approximately IDR 915 trillion), with key income sources in petrochemicals and energy.
The son of a rubber trader, Pangestu began his career in the forestry industry during the 1970s. His company, Barito Pacific Timber, went public in 1993 and rebranded as Barito Pacific in 2007, shifting its focus to petrochemicals and energy. That same year, Barito Pacific acquired a 70% stake in Chandra Asri, a petrochemical company listed on the Indonesia Stock Exchange.
In 2011, Chandra Asri merged with Tri Polyta Indonesia, becoming Indonesia’s largest integrated petrochemical producer. In July 2021, Thaioil acquired a 15% stake in Chandra Asri, strengthening its market position.
In March 2023, Pangestu listed his coal mining company, Petrindo Jaya Kreasi, and in October 2023, his renewable energy subsidiary, Barito Renewables Energy, went public.
The Hartono Brothers
Robert Budi Hartono (83) and Michael Bambang Hartono (85) are among Indonesia’s wealthiest individuals. Their fortune primarily stems from investments in Bank Central Asia (BCA), one of the country’s largest private banks.
The Hartono family began their journey in the tobacco industry, founding Djarum, now a leading producer of clove cigarettes. In the late 1990s, after the Asian financial crisis, the brothers acquired a stake in BCA, previously owned by the Salim family.
In 2022, they conducted Indonesia’s second-largest IPO by listing Global Digital Niaga, the parent company of e-commerce giant Blibli, raising $510 million.
As of September 2024, Robert’s net worth is estimated at $27.2 billion (IDR 402 trillion), while Michael’s stands at $26.2 billion (IDR 395 trillion).
Low Tuck Kwong
Known as the “Coal King,” Low Tuck Kwong is a 76-year-old businessman born in Singapore. He is the founder and primary owner of PT Bayan Resources Tbk, one of Indonesia’s leading coal mining companies. He also controls Singapore-based renewable energy firm Metis Energy and holds interests in The Farrer Park Company, Samindo Resources, and Voksel Electric.
Initially working in his father’s construction business, Low moved to Indonesia in 1972 in search of new opportunities. His breakthrough came in 1997 when he acquired his first coal mine.
Low is also involved in the SEAX Global project, which is building an undersea cable to connect Singapore, Indonesia, and Malaysia. As of September 2024, his net worth is estimated at $24 billion (IDR 402 trillion).
Sri Prakash Lohia
Sri Prakash Lohia, 72, is the founder and chairman of Indorama Corporation, a leading Indonesian industrial conglomerate specializing in fertilizers, polyolefins, textile raw materials, and medical gloves. Originally from India, Lohia moved to Indonesia in the 1970s and started with yarn production alongside his father.
Today, Indorama is a global industrial holding, with his son, Amit Lohia, serving as Vice Chairman. Lohia’s younger brother, Aloke Lohia, resides in Thailand and runs Indorama Ventures Public Co., a major producer of PET polymers. Sri Prakash Lohia’s net worth is estimated at $8.5 billion (IDR 129 trillion).
Agus Projosasmito
Agus Projosasmito, 69, is an Indonesian businessman and investment banker with over 40 years of experience in finance. He serves as President Commissioner of PT Amman Mineral Internasional Tbk (AMMN), Indonesia’s second-largest copper and gold mining company.
In July 2023, AMMN conducted a successful IPO on the Indonesia Stock Exchange, raising approximately $710 million.
These individuals exemplify how determination, ingenuity, and loyalty to one’s roots can lead to extraordinary success, making them icons of Indonesia’s economic progress.
The Tahir Family
Tahir, a 72-year-old Indonesian businessman, is the founder of Mayapada Group, a conglomerate spanning banking, healthcare, and real estate. The Tahir family holds stakes in public companies like Bank Mayapada and Maha Properti Indonesia.
In addition, Tahir has invested in Singapore’s real estate market, including assets through the publicly listed developer MYP. His wife, Rosy, is the daughter of Indonesian magnate Mochtar Riady. According to Forbes, Tahir’s net worth is estimated at $6 billion (approximately IDR 90 trillion).
Chairul Tanjung
Chairul Tanjung, a 62-year-old Indonesian businessman, is the founder and chairman of CT Corp, a conglomerate with interests in retail, finance, media, and hospitality. His company Trans Retail operates grocery stores under the Carrefour and Transmart brands. CT Corp also manages franchises such as Wendy’s, Versace, Mango, and Jimmy Choo in Indonesia.
Tanjung also owns a stake in Garuda Indonesia, the national airline, which completed a $10 billion debt restructuring in 2023. Shares in his digital bank, Allo Bank, surged during Indonesia’s digital banking boom in 2021 but have since declined. Forbes estimates Chairul Tanjung’s net worth at $5.2 billion (approximately IDR 85 trillion).
Djoko Susanto
Djoko Susanto, a 74-year-old Indonesian businessman, is the founder of Alfamart, a retail chain with over 20,000 stores in Indonesia and more than 1,400 branches in the Philippines.
Born into a large family, Djoko began his career at 17, working in his family’s market stall in Jakarta. He later partnered with Putera Sampoerna, a clove cigarette magnate, to develop a chain of discount stores. When Sampoerna sold his tobacco business to Philip Morris in 2005, Djoko acquired the retail division and expanded it into the Alfamart chain.
In June 2022, Alfamart invested $30 million in Bank Aladin Syariah, which offers financial services based on Islamic principles. Djoko Susanto’s net worth is estimated at $5.2 billion (approximately IDR 85 trillion), the same as Tahir’s.
Lim Hariyanto Wijaya Sarwono
Lim Hariyanto Wijaya Sarwono, a 95-year-old Indonesian businessman of Chinese descent, is the founder and head of Harita Group, a diversified conglomerate with interests in mining, palm oil production, and other sectors. His son, Lim Gunawan Hariyanto, serves as the CEO of Harita Group.
The Lim family holds a controlling stake in Singapore-listed Bumitama Agri, specializing in palm oil production with plantations in Indonesia. Harita Group also controls the publicly listed Cita Mineral Investindo, a bauxite mining company.
In 2023, Lim’s nickel processing company, Trimegah Bangun Persada, raised $650 million in an IPO. His net worth is estimated at $4.3 billion (approximately IDR 66 trillion).
Symbols of Strength and Resilience
Indonesian magnates have become icons of the nation’s economic strength and resilience. Their achievements, built on family values and entrepreneurial daring, inspire the next generation, showing that sustainable growth and development are possible even in a globally competitive environment.
By blending innovative approaches with traditional values, they harmonize their ventures with Indonesia’s cultural heritage. Thanks to their contributions, Indonesia continues to solidify its place on the global economic map, showcasing a unique path to prosperity that can inspire other countries in the region.
Sources: forbes.com.
