Coal billionaire Low Tuck Kwong loses spot as Indonesia's richest person after wealth drops $2.5B

The former top-ranked Indonesian billionaire, Low Tuck Kwong, has lost his position as the country's wealthiest person after his wealth plummeted by $2.5 billion, according to Forbes' real-time billionaire ranking. On Tuesday, Low's wealth was reported to be $14.8 billion, placing him behind Robert Budi Hartono and Prajogo Pangestu, both with assets worth $16.5 billion.

Low's flagship coal mining company, PT Bayan Resources, experienced a significant drop in its share price, closing down 8.1% from the previous session's 10.1% decline. However, the stock recovered during Wednesday's trading, raising Low's fortune to $16.2 billion as of the afternoon. Nevertheless, he remained in third place on Forbes' real-time list.

Bayan Resources, founded and controlled by Low, announced in a stock exchange filing that it and three other units - PT Tiwa Abadi, PT Tanur Jaya, and PT Fajar Sakti Prima - have declared force majeure on their coal supply obligations. The subsidiaries had requested to revise their 2026 mining quotas, which the government has not yet approved. This condition affected the company's ability to meet its obligations to customers, according to Bayan in the filing cited by Reuters.

Low, who moved to Indonesia from Singapore in 1992 and became a citizen in 1992, established Bayan in 2004. He has remained focused on coal even as other Indonesian mining companies ventured into gold and aluminum. Low and his daughter jointly own around 62% of Bayan, a stake reportedly being negotiated for sale. An entity controlled by fellow Indonesian tycoon Haji Isam has offered $3 billion in cash for the stake, valuing Bayan at about $4.8 billion, which is over 80% below its market cap of around $26 billion earlier this month.