Edwin Soeryadjaya (left) and Garibaldi Thohir.

Soeryadjaya: Antara Foto/Asprilla Dwi Adha; Thohir: Ully Zoelkarnain

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

The rocketing price of gold, which peaked at nearly $4,400 per ounce in October, has benefited several fortunes tied to the metal. Garibaldi Thohir and Edwin Soeryadjaya seized the moment, raising 4.7 trillion rupiah ($280 million) from the September IPO of their gold miner Merdeka Gold Resources. Its Pani gold mine, located in the island of Sulawesi with reserves of close to 5 million ounces of gold, is among Indonesia’s largest.

Shares of Peter Sondakh’s Archi Indonesia, one of the largest gold miners in the country, soared more than fourfold from a year ago, boosting his fortune by $1 billion to $3.1 billion.

Not to be left behind, Anthoni Salim and Agoes Projosasmito, shareholders of coal miner Bumi Resources and its gold and copper mining unit Bumi Resources Minerals, have also raked it in. Shares of Bumi Resources rocketed after its November acquisition of Australian gold mining firm Wolfram for A$63 million ($41 million).

Alberto Migliucci, founder and CEO of Singapore-based Petra Commodities, expects the price of the yellow metal to continue its record-breaking run, albeit with periods of correction. He also notes that gold mines are becoming harder to find and develop.