A total of 22 tycoons saw their net worth increase on the 2022 Forbes’ list of Indonesia’s 50 Richest. Their collective wealth rose 11% to a record US$180 billion, up from $162 billion last year.
According to Forbes, Buoyed by high global prices for Indonesia’s commodity exports, the country’s economy is expected to grow 5.3% in 2022, following a 3.7% uptick in 2021. The momentum, however, could be curbed by accelerated inflation. Indonesia’s benchmark stock index rose 8% since fortunes were last measured.
Brothers R. Budi and Michael Hartono remain at No. 1 with a fortune of $47.7 billion, up $5.1 billion from a year ago. This was partly due to the November IPO of their Global Digital Niaga, the parent of e-commerce giant Blibli, which raised 8 trillion rupiah ($510 million) in what was the country’s second largest IPO this year.
Higher coal prices amid the global energy crisis propelled Low Tuck Kwong to second place with a nearly fivefold jump in wealth to $12.1 billion. Soaring shares of his Bayan Resources, the country’s fourth largest coal miner, made him this year’s biggest gainer in both percentage and dollar terms. His wealth rose $9.55 billion from $2.55 billion last year. Low is also featured on the cover of the December issue of Forbes Asia.
The Widjaja family of the Sinar Mas conglomerate slipped to No. 3, but a recovery in the group’s paper business helped to boost their wealth by $1.1 billion to $10.8 billion. At No. 4 is Sri Prakash Lohia of Indorama Corp who saw his fortune rise $1.5 billion to $7.7 billion. Rounding out the top five is Anthoni Salim of Salim Group, whose net worth dipped $1 billion to $7.5 billion.
Sources: Forbes
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