Indonesia's Richest People in the Energy Sector 2023: Bayan Boss Takes the Crown

Forbes magazine released its list of the 50 richest people in Indonesia in 2023. Seven of them are conglomerates in the energy sector.

In the energy sector, the top position is held by Low Tuck Kwong, the founder of PT Bayan Resources Tbk (BYAN).

Forbes estimates Low Tuck Kwong's wealth at US$27.2 billion or Rp421.62 trillion (assuming Rp15,501 per US$) at the beginning of December 2023.

Generally, Low Tuck Kwong is also the 3rd richest person in Indonesia and ranks 53rd in the world.

According to Forbes' records, Low Tuck Kwong started his career as a teenager working for his father's construction company in Singapore. He then moved to Indonesia in 1972 to start his own business.

Now, Low Tuck Kwong's wealth comes not only from BYAN but also from his shares in several energy companies such as The Farrer Park Company, Samindo Resources, and Voksel Electric.

Next, Dewi Kam is the second richest person in Indonesia in the energy sector. The wealth of this minority shareholder in Bayan Resources reaches US$4.45 billion or Rp68.97 trillion.

Below her is Garibaldi Thohir, CEO and majority shareholder of Adaro Energy, one of the world's largest coal exporters.

According to Forbes' estimate, the wealth of Garibaldi Thohir and his family amounts to US$3.3 billion or Rp51.15 trillion.

He also holds shares in the electric vehicle battery company, Merdeka Battery Materials, which went public with an IPO value of US$620 million.

Besides being involved in the energy sector, the Garibaldi Thohir family also operates restaurants and owns several hotels.

Here is the list of the 7 richest Indonesians in the energy sector as of December 6, 2023:

1. Low Tuck Kwong (Bayan Resources): US$27.2 billion
2. Dewi Kam (Bayan Resources): US$4.45 billion
3. Garibaldi Thohir and family (Adaro Energy): US$3.3 billion
4. Hilmi Panigoro and family (Medco Energi Internasional): US$2.8 billion
5. Jenny Quantero and Engki Wibowo (Bayan Resources): US$1.5 billion
6. Kiki Barki (Harum Energy): US$1.41 billion
7. Edwin Soeryadjaya and family (Adaro Energy): US$1.24 billion

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