Five Individuals Dominate Indonesia's Coal Sector, Wealth Not Diminished
Jakarta, CNBC Indonesia — Several names on the list of Indonesia’s richest individuals are known to have accumulated their wealth from the coal mining sector, despite the commodity’s price facing pressure in the global market throughout 2024.
In early December trading, global coal prices were recorded as weakening amid a surge in production in India, which rose nearly 10% in November 2024.
Meanwhile, Barchart data shows the Newcastle benchmark coal price for the January 2025 contract at US$136 per tonne on Monday (2/12/2024), down 2.1% from the previous trade.
At the same time, several conglomerates remain among the world’s richest due to their coal businesses. Here is the complete list:
Low Tuck Kwong
He is the owner of PT Bayan Resources, which operates in the coal mining sector. It is even recorded as the coal company with the largest market capitalisation on the domestic exchange.
Low Tuck Kwong can be said to be the king of coal in Indonesia. The entire wealth of this 77-year-old man comes from that commodity.
Last year, Forbes placed Low in the 4th position among Indonesia’s richest with wealth of US$24.9 billion.
Widjaja Family
The family of the late Eka Tjipta Widjaja is known as one of the conglomerates from the New Order era. They control Sinar Mas Group, which also owns PT Dian Swastika Sentosa Tbk (DSSA), operating in energy and infrastructure.
Golden Energy and Resources Ltd. (GEAR), a subsidiary of DSSA, has mines in Australia and acquired assets from Stanmore Coal. Another subsidiary, PT Golden Energy Mines Tbk (GEMS), is also known as a coal contributor.
The Widjaja family is recorded as having wealth of US$28.3 billion at the end of 2025 according to Forbes and sits as the 3rd richest in the country. Although they have more wealth than Low Tuck Kwong, it should be noted that the Sinar Mas family’s wealth sources are diversified, ranging from property, finance, paper, health, to telecommunications.
Garibaldi Thohir
Garibaldi is the owner of the issuer PT Alamtri Resources Indonesia Tbk (ADRO). Before the spin-off, ADRO was known as a coal company. Now, the coal business is focused on its subsidiary PT Adaro Andalan Indonesia Tbk (AADI).
Forbes reports that the wealth of Erick Thohir’s brother is the 19th highest in Indonesia with a total of US$3.8 billion (Rp 64.2 trillion) last year.
Kiki Barki
Kiki Barki is the founder of PT Harum Energy (HRUM), a coal mining issuer established in 1995. In addition, there is his privately owned coal mine, Tanito Harum.
Kiki’s eldest son, Lawrence Barki, serves as president commissioner of Harum. His youngest son holds the position of president commissioner.
Forbes in 2024 recorded Kiki Barki’s wealth at US$1.3 billion (Rp 21.9 trillion). In 2025, Kiki Barki no longer appears in the list of Indonesia’s 50 richest people.
Edwin Soeryadjaya
Edwin’s father, Tjia Han Poen, is known to have started his business building Astra when the Indonesia-Netherlands war subsided. Decades later, Edwin and Sandiaga Uno founded the financial company PT Saratoga Investama Sedaya Tbk (SRTG).
In the 2000s, coal mining boomed in the country. Edwin entered this business sometime later and was involved in establishing the coal company Pama Persada.
In 2025, Forbes recorded his wealth at US$1.2 billion (Rp 20.2 trillion) and placed him as the 45th richest person.