Palm oil owner among top 10 richest Indonesians as of May 2024

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Illustration of Palm oil plantation. Photo by: Sawit Fest 2021 / Hendra A Setyawan

PALMOILMAGAZINE, JAKARTA – Business magazines Forbes and financial firm Bloomberg regularly publish lists of the wealthiest individuals in Indonesia. As of late May 2024, stakeholders with interests in coal and banking sectors once again dominated the rankings in both Forbes and Bloomberg’s assessments.

The lists prominently featured longstanding figures such as Prajogo Pangestu and the Hartono brothers, Budi Hartono and Michael Hartono. Prajogo Pangestu was recognized as the wealthiest individual in Indonesia by both Forbes and Bloomberg.

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Forbes compiles its list of Indonesia’s wealthiest individuals under the Forbes Billionaires section, providing detailed profiles, business affiliations, and insights into the wealth accumulation of these prominent figures.

Also Read: 

  1. Prajogo Pangestu: Net worth US$ 62,4 billion or about Rp 1.013 trillion
  2. Low Tuck Kwong: Net worth US$ 24,4 billion or about Rp 396 trillion
  3. Budi Hartono: Net worth US$ 23,1 billion or about Rp 375 trillion
  4. Michael Hartono: Net worth US$ 22,2 billion or about Rp 360 trillion
  5. Agoes Projosasmito: Net worth US$ 8,5 billion or about Rp 138 trillion
  6. Sri Prakash Lohia: Net worth US$ 8,3 billion or about Rp 134 trillion
  7. Chairul Tanjung: Net worth US$ 5,1 billion or about Rp 82 trillion
  8. Keluarga Tahir: Net worth US$ 5,1 billion or about Rp 82 trillion
  9. Lim Hariyanto Wijaya Sarwono: Net worth US$ 4,4 billion or about Rp 71 trillion
  10. Djoko Susanto: Net worth US$ 4,0 billion or about Rp 64 trillion

 

Of ten wealthiest people in Forbes version, three of them owned palm oil plantation companies.

 

Budi Hartono and Michael Hartono

What Palmoilmagazine.com noted, Budi Hartono and Michael Hartono are the successors of Djarum owners that do bank business through Bank Central Asia (BCA).

But, knowing that palm oil business has good prospect, the Hartono brother started their palm oil plantation business. Djarum Group now has palm oil plantations for about thousand hectares in Regency of Landak, West Kalimantan Province, managed by PT Hartono Plantation Agro (HPI Agro).

HPI Agro now cultivates more than 30 palm oil plantation estates and operates six mills and 1 kernel crushing plant.

 

Chairul Tanjung

Through PT Mega Corpora, it directly and indirectly operates fiva banks in this country. In details, three banks have status as subsidiaries, they are, PT Bank Mega Tbk. (MEGA), PT Bank Mega Syariah, and PT Allo Bank Indonesia Tbk. (BBHI).

Chairul Tanjung through Mega Corpora also has some stocks in some banks in some regions, such as, Bank Sulteng that reached 24,9% of stocks and 24,82% of stocks in Bank Sulutgo.

Not only in banks, Chairul Tanjung through CT Agro has been developing about 60 thousand palm oil plantation business since 2008.

 

Lim Hariyanto Wijaya Sarwono

Lim Hariyanto is the son of Lim Tju King who was a Chinese citizen and moved to Kalimantan. After moving from China, Lim Tju King started working whatever it was, such as, trading, and as coolie.

He started selling groceries in 1915 and as time went by, he got his success and even conducted other businesses. Lim Tju King inherited his business to his son, Lim Hariyanto.

Together with his Chinese partner, Lim Hariyanto established Harita Group. Through his one of business lines, PT Trimegah Bangun Persada (TBP), Harita manages coal, and nickel smelter in South Halmahera and North Maluku.

His business kingdom would be inherited to his children. One of his children, Lim Gunawan Hariyanto is the CEO of Bumitama Agri that cultivates about 187 thousand hectares palm oil plantations; 124 thousand hectares are the main plantations and 63 thousand hectares are plasma ones.

One of his daughters, Lim Christina Hariyanto is the Commissioner of Harita Kencana Sekuritas.

Bloomberg Version

Bloomberg also published the wealthiest people in Indonesia through Bloomberg Billionaire Index. Here are they by the late of May 2024:

  1. Prajogo Pangestu: Net worth $30,0 billion or about Rp 487 trillion
  2. Low Tuck Kwong: Net worth $25,2 billion or about Rp 409 trillion
  3. Budi Hartono: Net worth $20,9 billion or about Rp 339 trillion
  4. Michael Hartono: Net worth $19,4 billion or about Rp 315 trillion
  5. Anthoni Salim: Net worth $13,9 billion or about Rp 225 trillion
  6. Sri Prakash Lohia: Net worth $7,99 billion or about Rp 129 trillion

Of the wealthiest people of Indonesia in Bloomberg version, two of them are palm oil plantation businessmen. They are Budi Hartono dan Michael Hartono – the owner of Djarum Group that develops palm oil plantations in Regency of Landak, West Kalimantan Province and managed by PT Hartono Plantation Agro (HPI Agro).

HPI Agro cultivates more than 30 palm oil plantation estates, operates 5 mills and 1 kernel crushing plant.

Meanwhile, Anthoni Salim is the successor of Sudono Salim, the founder of Salim Group that has many subsidiaries, such as, Indofood that produces the biggest instant noodle and Bogasari as the biggest flour producer in Indonesia.

Not only that, The Salim does palm oil, rubber, and sugarcane plantation businesses. By the late of 2023, in palm oil plantations sectors, cultivated and managed by PT Salim Ivomas Pratama Tbk., (SIMP) and PT PP London Sumatra Indonesia Tbk., (Lonsum) the total plantations laid on about 293,4 thousand ha. SIMP got/cultivated palm oil plantations about 152,5 thousand ha and Lonsum did cultivate 91,7 thousand ha. (T2)

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