Indonesia's 10 Richest People, Low Tuck Kwong Takes the Top Spot

Indonesia's current richest person is Low Tuck Kwong, owner of the coal company PT Bayan Resources.

According to Forbes' Real-Time Billionaires List, as of December 26, 2022, Low Tuck Kwong had a net worth of US$26.4 billion, or approximately Rp412.7 trillion (using an exchange rate of Rp15,631/US$).

Low Tuck Kwong's wealth surpasses that of the two owners of the Djarum Group, Robert Budi Hartono, with US$22.3 billion (Rp348.6 trillion), and Michael Hartono, with US$21.4 billion (Rp334.5 trillion).

Low Tuck Kwong's substantial wealth stems partly from the significant surge in PT Bayan Resources' stock price this year.

At the end of the first trading session on Monday, December 26, 2022, the share price of the company (stock code BYAN) reached Rp19,475, 112% higher than its position a month earlier at Rp9,145.

Compared to its position at the beginning of 2022, BYAN's current share price has even surged by approximately 643%.

The surge in BYAN's share price coincides with the rise in global coal prices and the company's improved performance. During the January-September 2022 period, BYAN recorded a net profit of US$1.62 billion, a 148.9% increase compared to the January-September profit of the previous year.

BYAN's performance is also expected to remain strong in the coming years. At the end of the third quarter of 2022, BYAN announced an increase in its coal reserves following exploration. They also plan to increase production in the future.

"PT Bayan Resources Tbk proudly announces an increase in JORC coal reserves for the Tabang/Pakar Utara coal deposit (East Kalimantan) from 1,475 million tons as of January 1, 2021, to 1,692 million tons as of April 1, 2022," stated BYAN management in its press release (September 29, 2022).