This article is part of Forbes’ 2025 coverage of Indonesia’s wealthiest individuals. You can view the complete list here.

The dramatic surge in gold prices, which soared to nearly $4,400 per ounce in October, has significantly boosted the wealth of those invested in the precious metal. Among the beneficiaries are Garibaldi Thohir and Edwin Soeryadjaya, who capitalized on the trend by securing 4.7 trillion rupiah (approximately $280 million) through the initial public offering of their company, Merdeka Gold Resources, in September. Their Pani gold mine, situated on Sulawesi Island, boasts reserves nearing 5 million ounces, making it one of Indonesia’s largest.

Peter Sondakh has also seen his wealth increase due to the success of Archi Indonesia, a leading gold mining company in the nation. Over the past year, the company’s stock value has more than quadrupled, boosting Sondakh’s net worth by $1 billion, reaching a total of $3.1 billion.

In a similar vein, Anthoni Salim and Agoes Projosasmito, who hold shares in the coal giant Bumi Resources and its subsidiary Bumi Resources Minerals for gold and copper mining, have experienced significant financial gains. The stock price of Bumi Resources surged after its November acquisition of the Australian gold mining company Wolfram for A$63 million ($41 million).

Alberto Migliucci, the founder and CEO of Petra Commodities in Singapore, predicts that gold prices will continue to reach new heights, albeit with some fluctuations. He also points out the increasing difficulty of discovering and developing new gold mines.

Alberto Migliucci, founder and CEO of Singapore-based Petra Commodities, expects the price of the yellow metal to continue its record-breaking run, albeit with periods of correction. He also notes that gold mines are becoming harder to find and develop.