Wealth Crosses $300 Billion Amid Stock Market Frenzy; Data Center Billionaires Climb Into The Top 10

This story is part of Forbes’ coverage of Indonesia’s Richest 2025. See the full list here.

In what was a volatile year, Indonesia’s benchmark stock index shot up 17%, helping lift collective wealth to a record $306 billion from $263 billion last year. To attract investors, The country’s financial regulator plans to raise in stages the minimum free-float requirement for listed companies to 25% from 7.5%.

Brothers R. Budi and Michael Hartono remain at No. 1, a position they have held for over a decade, although their combined net worth fell by $6.5 billion to $43.8 billion, in what was the biggest wealth decline in dollar terms this year. Shares of Bank Central Asia, their biggest asset, dropped 15% from a year ago amid investor concerns about the impact of monetary and fiscal policy uncertainty on banks.

Petrochemicals and energy billionaire Prajogo Pangestu, who raised over $140 million from the July IPO of Chandra Daya Investasi, an infrastructure subsidiary of his listed Chandra Asri Pacific, retained the second spot after increasing his net worth by 23% to $39.8 billion.

Overall, the fortunes of half of those on the list were up. The biggest dollar jump—$9.4 billion—was recorded by the Widjaja family, who scaled one spot to No. 3 with $28.3 billion. Shares of their infrastructure and energy flagship Dian Swastatika Sentosa more than doubled from a year ago amid its expansion in renewable energy. In June, it opened Indonesia’s largest solar panel factory with up to 1 gigawatt annual capacity in a joint venture with state-owned PLN Indonesia Power Renewables and China’s Trina Solar.

Last year’s third-richest, coal magnate Low Tuck Kwong, slipped to fourth place with his fortune falling by $2.1 billion to $24.9 billion. Shares of his coal producer Bayan Resources dipped as its net profit, impacted by weaker coal prices and higher operating costs, declined 16% to $534 million in the nine months to September.

Booming demand for data centers caused shares of DCI Indonesia to skyrocket, propelling its two cofounders, Otto Toto Sugiri and Marina Budiman, into the top ten for the first time. They are the biggest percentage gainers this year and appear at No. 6 with $11.3 billion and at No. 8 with $8.2 billion, respectively. The third cofounder, Han Arming Hanafia, rose 38 spots to No. 12 with $5.3 billion.

Two tycoons returned to the ranks, including media mogul Eddy Kusnadi Sariaatmadja. Shares of his Elang Mahkota Teknologi, better known as Emtek, nearly tripled from a year ago, partly due to investor anticipation about the long-awaited December IPO of Super Bank Indonesia, in which Emtek has a roughly one-third stake.

A new face this year is that of Hartati Murdaya, president director of investment holding firm Central Cipta Murdaya. She took the spot of her late husband Murdaya Poo, who died in April at age 84. The two listees who dropped off include Kuncoro Wibowo, as shares of his hardware store chain Aspirasi Hidup Indonesia plunged over 40% amid shrinking profits. The minimum net worth to make the list fell to $920 million from $1.05 billion last year.

Full Coverage of Indonesia’s Richest 2025:

Reporting by Sonya Angraini, Gloria Haraito, Yessar Rosendar, Jessica Tan, Yue Wang and Ardian Wibisono.

Methodology:

This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, annual reports and analysts. The ranking lists both individual and family fortunes, including those shared among relatives. Private companies were valued based on similar companies that are publicly traded. Public fortunes were calculated based on stock prices and exchange rates as of Nov. 21, 2025, and adjustments may have been made for some stocks that are thinly traded or have a low public float. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any listees in light of new information.

Acknowledgement:

Special thanks to experts who helped us with our reporting and valuations, including Bagus Adikusumo, Colliers; Ezaridho Ibnutama, NH Korindo Sekuritas Indonesia; and Govinda Singh, Newmark.