Jakarta, Indonesia – September 28, 2025 – Indonesian businessman Haji Isam, whose wealth is estimated at Rp 101 trillion (approximately $6.4 billion USD),has not been included in the latest Forbes list of the world’s richest individuals,sparking questions about the methodology used to compile the rankings. Despite possessing substantial assets, Isam’s exclusion highlights the specific criteria Forbes employs, primarily focusing on ownership in publicly traded companies.
Forbes’ wealth calculations are largely based on the value of shares in public or registered companies listed on stock markets. Haji Isam’s fortune is primarily derived from privately held assets, notably his extensive holdings in coal mining through PT Harum Energy Tbk and othre ventures, which do not fit the primary valuation model used by the publication. this distinction explains why individuals with important wealth tied to private enterprises may not appear on the Forbes list, even exceeding the net worth of some listed billionaires.
According to CNBC Indonesia, Haji Isam’s wealth is largely concentrated in privately held assets. While PT Harum Energy Tbk is publicly listed, the majority of his holdings extend beyond publicly traded stock. Forbes prioritizes quantifiable stock market valuations when determining net worth, making it challenging to accurately assess the value of privately owned companies.
The Forbes methodology relies on publicly available information and,were necessary,conservative estimates. Determining the precise value of private assets requires complex valuations that are often subject to interpretation and limited transparency. This approach ensures a degree of comparability across the list, even if it means excluding individuals whose wealth is primarily tied to non-publicly traded assets.
