Budi Hartono has a good chance of overtaking Low Tuck Kwong and regaining his position as the richest person in Indonesia. This is especially true as coal stocks are trending downwards.
BYAN’s stock price has fallen 6.3% in the past month to Rp 18,700. Year-to-date, BYAN has decreased by 10.9%. Meanwhile, BBCA’s stock has risen 2.9% in the past month and 2% year-to-date to Rp 8,725.
According to Forbes’ real-time billionaires’ list on Thursday night (23/2/2023), Low Tuck Kwong’s wealth reached US$26 billion (Rp 395.4 trillion), placing him at number 1. Previously, Low Tuck Kwong’s wealth was as high as US$28.8 billion.
Budi Hartono’s wealth, on the other hand, is worth US$25.3 billion (Rp 384.6 trillion), putting him in second place. Previously, Budi Hartono was at the top spot but was overtaken by Low Tuck Kwong in December 2022.
Michael Hartono, who is also a founder of the Djarum Group, is currently in third place with a wealth of US$22.9 billion. Previously, Michael Hartono was in second place.
Senior Investment Information at Mirae Asset Sekuritas Indonesia, Muhammad Nafan Aji Gusta, revealed that after surging in 2022, coal stocks on the Indonesia Stock Exchange (IDX) are predicted to enter a consolidation phase this year, as the normalization of the price of coal in the global market affects demand for commodities, particularly coal.
“Coal sector is still in a downtrend. In general, investors are monitoring the increased probability of a recession, which affects the decline in demand in the commodity sector, especially coal,” explained Nafan to Investor Daily.
Here is the list of the richest people in Indonesia according to Forbes’ real-time billionaires’ list on Thursday night (23/2/2023):
- Low Tuck Kwong US$ 26 billion
- R. Budi Hartono US$ 25.3 billion
- Michael Hartono US$ 22.9 billion
- Sri Prakash Lohia US$ 7.6 billion
- Prajogo Pangestu US$ 5.8 billion
- Chairul Tanjung US$ 5.1 billion
- Djoko Susanto US$ 4.5 billion
- Tahir & family US$ 4.4 billion
- TP Rachmat US$ 3.2 billion
- Martua Sitorus US$ 3.2 billion