Indonesia’s billionaire boom: record wealth, new entrants and rising fortunes

[JAKARTA] Top tycoons in Indonesia have defied a sluggish stock market, with their collective wealth surging by US$11 billion this year to reach a record US$263 billion, according to the 2024 Forbes Indonesia’s 50 Richest list.

For the first time, the minimum wealth to make the list crossed the US$1 billion mark, reflecting the country’s growing economic dynamism.

Fuelling this surge in wealth are booming sectors such as mining, agribusiness and cutting-edge digital ventures, especially data centres. The Business Times takes a look at the top five billionaires shaping South-east Asia’s largest economy.