Holiday Ayo - Two brothers, R. Budi and Michael Hartono, continue to lead and become the richest conglomerate in Indonesia with a fortune of US$47.7 billion, up from US$5.1 billion last year, according to a December 2022 issue of Forbes.

Forbes released a list of the 50 richest people in Indonesia. According to the official website, the total assets of 50 Indonesian conglomerates rose 11% to a record US$180 billion from US$162 billion last year.

However, this value is still below the richest man in the world today, Bernard Arnault and family. Launching Forbes, his total wealth currently stands at US $ 188.6 billion. Arnault and his family became the richest conglomerate in the world after Elon Musk's fortune plummeted.

As cited from CNCB International, Forbes has overhauled the list of the world's richest people after Tesla's shares plunged by 50% over the year.

Tesla's share price has been affected by Elon Musk's ambitions on Twitter. Musk acquired Twitter, among other things, by pledging his Tesla stake to raise the $44 billion needed to buy the social media company's entire stake.

Elon Musk's current wealth is US$ 176.8 billion, almost the same as the combined assets of the 50 richest people in Indonesia. Meanwhile Arnault, who is the richest man in the world, is currently the Chairman and CEO of LVMH Moët Hennessy Louis Vuitton.

LMVH is the owner of around 70 luxury fashion and cosmetics brands, including Louis Vuitton. In January 2021, LVMH acquired a jewelry company from the United States, Tiffany & Co., worth US$ 15.8 billion, which is said to be the largest luxury brand acquisition in history.

Unlike Tesla, whose shares have fallen by 50%, LVMH's shares have only fallen less than 1% so far this year. This kept Arnault's wealth from decreasing drastically. Meanwhile, Low Tuck Kwong is now second in Indonesia after his wealth has increased manifold.

Rising coal prices amid the global energy crisis pushed Low Tuck Kwong into second place, with his wealth nearly doubling to US$12.1 billion. His wealth increased by US $ 9.55 billion from last year. Low also appeared on the cover of the December issue of Forbes Asia magazine.

Then the Widjaja family from the Sinar Mas group, fell to number 3. However, the rise of the group's paper business helped increase its wealth by US$1.1 billion to US$10.8 billion.