The World's 10 Richest People in the Energy Sector: Number One from Indonesia

The global surge in coal prices has made Low Tuck Kwong, Indonesia's richest person, the world's wealthiest individual in the energy sector.

According to Forbes Real Time Billionaires data, as of September 19, 2023, the head of PT Bayan Resources Tbk (BYAN) has a net worth of US$26 billion, or Rp399.88 trillion (Rp15,380/US$). He is currently ranked 58th richest person globally and the wealthiest in Indonesia.

Low Tuck Kwong's wealth stems from the outstanding performance of BYAN shares over the past year. BYAN boasts a market capitalization of Rp630 trillion, placing it among the top three largest issuers in Indonesia, according to the Indonesia Stock Exchange (BEI).

Following Low Tuck Kwong is Harold Hamm, the second wealthiest person in the energy sector globally. This American businessman has a total net worth of US$25.2 billion.

Harold Hamm founded and leads Continental Resources, one of the largest independent oil companies in the US.

Leonid Mikhelson holds the third position as the world's richest in the energy sector. The founder and chairman of the Russian natural gas producer, Novatek, possesses a net worth of US$24.1 billion.

According to Forbes, in 2017 Leonid purchased a 17% stake in the petrochemical company Sibur from Kirill Shamalov, Putin's former son-in-law, reportedly increasing his stake to 48%.

The next wealthiest person in the global energy sector is Vagit Alekperov. He was formerly an oil rig worker in the Caspian Sea before becoming a deputy minister overseeing the oil industry in the Soviet Union. His current net worth is recorded at US$23.7 billion.

Besides Low Tuck Kwong, another energy sector billionaire from Asia is Sarath Ratanavadi from Thailand, with a net worth of US$10.7 billion.

Here are the top 10 wealthiest people in the energy sector as of September 19, 2023:

1. Low Tuck Kwong (Indonesia): US$26 billion
2. Harold Hamm & Family (United States): US$25.2 billion
3. Leonid Mikhelson & Family (Russia): US$24.1 billion
4. Vagit Alekperov (Russia): US$23.7 billion
5. Gennady Timchenko (Russia): US$20.8 billion
6. Autry Stephens (United States): US$14.8 billion
7. George Kaiser (United States): US$14.1 billion
8. Jeffery Hildebrand (United States): US$13.7 billion
9. Mikhail Fridman (Russia): US$12.9 billion
10. Sarath Ratanavadi (Thailand): US$10.7 billion