Soeryadjaya: Antara Photo/Aprilla Dwi Adha; Thohir: Ully Zulkarnain
This story is part of Forbes’ coverage of Indonesia’s richest 2025. See the full list here.
The skyrocketing price of gold, which peaked at nearly $4,400 an ounce in October, has benefited several fortunes tied to the metal. Garibaldi Thohir and Edwin Soeryadjaya seized the moment and raised 4.7 trillion rupiah ($280 million) in the September initial public offering of their gold miner Merdeka Gold Resources. Located on the island of Sulawesi, the Pani gold mine, with reserves of almost 5 million ounces of gold, is one of the largest in Indonesia.
Shares of Peter Sondakh’s Archi Indonesia, one of the country’s biggest gold miners, rose more than fourfold from a year ago, boosting his fortune by $1 billion to $3.1 billion.
Not to be outdone, Anthoni Salim and Agoes Projosasmito, shareholders of mining company Bumi Resources and its gold and copper mining unit Bumi Resources Minerals, have also scooped it. Shares of Bumi Resources soared following its November acquisition of Australian gold mining company Wolfram for A$63 million ($41 million).
Alberto Migliucci, founder and CEO of Singapore-based Petra Commodities, expects the yellow metal’s price to continue its all-time high, albeit with periods of correction. He also notes that gold mines are becoming increasingly difficult to find and develop.
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