Indonesia’s richest man

Jakarta –

Coal tycoon Low Tuck Kwong is no longer the richest man in Indonesia. His position has now been taken over by the Hartono brothers, namely Robert Budi Hartono and Michael Hartono.

The change in position follows the shrinking of Low Tuck Kwong’s assets. Quoting from Forbes, Saturday (3/6/2023) his assets decreased from US$ 25.5 billion or the equivalent of Rp. 376.5 trillion (exchange rate of Rp. 14,765) to US$ 21.3 billion.

Low Tuck’s assets experienced a depreciation of up to US$ 4.1 billion or the equivalent of Rp. 60 trillion. It was this decline that made the coal conglomerate no longer the richest person in Indonesia in first place. Now he is in third position.

The decline in Low Tuck’s assets was caused by the plummeting price of coal. The aftermath of the drop in coal prices also lowered the prices of shares of coal companies, especially Low Tuck’s.

Meanwhile, Robert Budi Hartono’s assets have now grown to US$ 26.1 billion from US$ 24.2 billion previously. His net worth made him the first richest person in Indonesia.

The second position was occupied by Michael Hartono, whose wealth increased to US$ 25 billion from the previous US$ 23.1 billion. That’s what also hoisted his name to the second position on the list of the richest people in Indonesia.

The figure of Low Tuck Kwong is known as the king of coal. This Singapore-born man is the founder of Bayan Resources, an Indonesian mining company.

In addition, he also controls a company engaged in Singapore’s new renewable energy sector, Metis Energy, formerly known as Manhattan Resources. Low Tuck Kwong has roles in The Farrer Park Company, Samindo Resources and Voksel Electric.

Not only that, he is also involved in SEAX Global which is building an undersea cable system for internet connectivity connecting Singapore, Indonesia and Malaysia.

(ada/fdl)