Title: Oil Palm Tycoons: Indonesia’s Wealthiest in the CPO Industry
Indonesia, the world’s largest producer of crude palm oil (CPO), has drawn the attention of numerous conglomerates, offering immense business opportunities and wealth for its elite. Here are the top Indonesian tycoons making waves in the CPO industry, as per Forbes and other sources.
1. Martua Sitorus – Wilmar International
Martua Sitorus, ranked 14th on Forbes’ list of Indonesia’s richest in 2021, has a net worth of $2.7 billion (Rp 39 trillion). He co-founded Wilmar International with Kuok Khoon Ean in 1991, starting with fewer than 10,000 hectares (ha) of oil palm plantations in North Sumatra. Today, Wilmar’s vast empire spans 232,053 ha, with 65% in Indonesia, making Martua the "King of Palm Oil" in Indonesia.
2. Anthoni Salim – Indofood Agri Resources
Anthoni Salim, ranked 3rd richest in Indonesia by Forbes 2021, boasts a net worth of $8.5 billion (Rp 122.7 trillion). His wealth stems not only from the popular Indomie, but also from palm oil via Indofood Agri Resources. The Salim Group’s extensive palm oil holdings include PT London Sumatra Indonesia (LSIP) and PT Salim Ivomas Pratama (SIMP).
3. Sukanto Tanoto – Royal Golden Eagle (RGE)
Sukanto Tanoto, ranked 21st, has a net worth of $1.9 billion (Rp 27.4 trillion). Founder of RGE in 1973, Tanoto’s diversified business includes Asia Pacific Resources International Holdings (APRIL) for pulp and paper, and Asian Agri and Apical for palm oil.
4. Ciliandra Fangiono – First Resources
The youngest on Forbes’ 2021 Indonesia’s 50 Richest list at 45, Ciliandra Fangiono is ranked 24th with a net worth of $1.83 billion (Rp 26.4 trillion). As CEO of First Resources, he commands vast oil palm plantations across Indonesia.
5. Peter Sondakh – Eagle High Plantations
Peter Sondakh, ranked 20th with a net worth of $2 billion (Rp 28.9 trillion), heads Rajawali Corpora. His palm oil holdings include PT Eagle High Plantations (BWPT), alongside businesses in hotels, media, and mining.
6. Theodore Rachmat – Triputra Group
Theodore Rachmat, ranked 15th, has a net worth of $3.4 billion (Rp 49.1 trillion). His Triputra Group, established in 1998, includes agribusiness, manufacturing, and mining. Rachmat’s palm oil operations are handled through PT Triputra Agro Persada.
7. Hashim Djojohadikusumo – Arsari Group
Hashim Djojohadikusumo, ranked 40th with a net worth of $685 million (Rp 9.9 trillion), is Prabowo Subianto’s brother. His Arsari Group operates in various sectors, including palm oil, mining, pulp and paper, logistics, and cargo.
8. Arini Subianto – Persada Capital Investama
Arini Subianto, ranked 44th with a net worth of $975 million (Rp 14.1 trillion), inherited her father Benny Subianto’s empire. She oversees Persada Capital’s investments in wood processing, palm oil, rubber, and coal.
9. Putera Sampoerna – Sampoerna Strategic
Putera Sampoerna, ranked 25th with a net worth of $1.8 billion (Rp 26 trillion), is the son of Djarum cigarette mogul Budi Hartono. Through Sampoerna Strategic, he invests in finance, property, telecommunications, timber, and plantation businesses, including palm oil via PT Sampoerna Agro.
10. Bachtiar Karim – Musim Mas Holdings
Bachtiar Karim, ranked 10th with a net worth of $3.5 billion (Rp 50.5 trillion), runs Musim Mas Holdings with his brothers Burhan and Bahari. Established in 1972, this palm oil giant recorded sales of $6.9 billion in 2020.
11. Susilo Wonowidjojo – Makin Group
Susilo Wonowidjojo, ranked 7th with a net worth of $4.8 billion (Rp 69.3 trillion), started his career with Gudang Garam cigarettes and later ventured into palm oil via PT Matahari Kahuripan Indonesia (Makin Group). His plantations span Jambi and Central Kalimantan.
12. Widjaja Family – Sinar Mas Group
The Widjaja family, ranked 2nd richest in Indonesia with a net worth of $9.7 billion (Rp 140 trillion), inherited Eka Tjipta Widjaja’s business empire. Sinar Mas Group, Indonesia’s largest minyak goreng (vegetable oil) producer, includes Golden Agri-Resources, the world’s largest palm oil plantation company.
Indonesia’s CPO industry has undeniably shaped the country’s economy and propelled numerous entrepreneurs to incredible wealth.
