Boy Thohir Net Worth: Forbes Kept His $3.8 Billion Figure Flat While His Companies Closed a $2.4 Billion Coal Sale
6 min read
Loading...
6 min read
Garibaldi "Boy" Thohir's net worth was $3.8 billion, shared with his family, per Forbes' "Indonesia's 50 Richest 2025" list published 10 December 2025, which ranked him 19th in the country. Forbes' own coverage of his business five months later, on 15 April 2026, still described him at the same figure. In between those two dates, a coal mine his group co-owns in Australia sold for up to $2.4 billion, and he personally traded shares in two other listed companies. The headline number did not move. The businesses underneath it did not sit still either.
| Date | Figure | Note |
|---|---|---|
| 10 December 2025 | $3.8 billion | Forbes' "Indonesia's 50 Richest 2025," #19 in Indonesia, energy sector, Thohir and family |
| 15 April 2026 | $3.8 billion | Same figure, cited again in Forbes' report on the Kestrel Coal mine sale |
Both figures are Forbes, so this is a legitimate single-tracker read rather than a cross-publisher comparison, and the number simply did not change across the stretch this run could verify. No dated, individually attributed Bloomberg Billionaires Index figure for Thohir specifically turned up in this run's searches. Bloomberg's own Indonesia rich list, as reported by Bloomberg Technoz through July 2026, names Sukanto Tanoto, Prajogo Pangestu, Low Tuck Kwong and Robert Budi Hartono among the handful of Indonesians it tracks individually; Thohir was not among them. As with Dewi Kam, when only one publisher prices someone, that is worth saying plainly rather than treated as a gap to paper over.
Three layers, not one, and each is disclosed differently.
A direct, personal stake in Indonesia's coal exporter. Thohir holds roughly 1.97 billion shares of Alamtri Resources Indonesia, formerly Adaro Energy Indonesia, renamed in November 2024, equal to about 6.73% of the company, per RTI Infokom data reported through year-end 2025 and again in May 2026 coverage. The stock trades on the IDX as ADRO, now linkable on NetWort, and the ticker was unaffected by the name change.
A much larger family and consortium stake, held one step removed. The controlling shareholder of Alamtri Resources is PT Adaro Strategic Investments (ASI), at 47.79%, a holding company founded by a consortium that includes Thohir and fellow investor Edwin Soeryadjaja. His economic claim on that block is not the same as his 6.73% personal stake, a distinction worth stating explicitly rather than letting the two numbers blur into one another, the same kind of holding-company layer NetWort found in Anthoni Salim's First Pacific structure.
A wholly separate, privately structured Australian coal joint venture. Since 2018, Adaro Andalan Indonesia and Hong Kong-based EMR Capital jointly held an 80% controlling interest in Kestrel Coal, a coking coal mine in Queensland's Bowen Basin, with Japan's Mitsui Coal Australia holding the remaining 20%. That interest was acquired from Rio Tinto in 2018 for $2.3 billion.
The clearest, most concrete event of the last several months was not a share-price swing. It was an actual transaction.
On 15 April 2026, Forbes and Bloomberg both reported that Adaro Andalan and EMR Capital had agreed to sell their controlling stake in Kestrel Coal to Yancoal Australia, a company majority-owned by China's state-linked Yankuang Energy Group, for up to $2.4 billion, split between $1.85 billion upfront and as much as $550 million in coal-price-linked payments over five years. It is one of the largest coal-asset transactions involving an Indonesian conglomerate this series has found, and it moves Thohir's group further from pure coal extraction, not deeper into it.
That divestment sits alongside two smaller, personal moves: adding to his Trimegah Sekuritas stake in November 2025, and trading in and out of his Merdeka Battery Materials position across 2024 and 2025. None of the three shows up as a change in Forbes' quoted $3.8 billion figure, which is itself worth noting rather than assuming the number simply tracks whatever a company does.
Unusually stable on paper, and unusually busy underneath.
Every piece of the structure above is individually documented: IDX shareholder disclosures for the ADRO and TRIM stakes, a named acquirer and a dollar price for the Kestrel Coal sale, dated share-purchase filings for the Trimegah and Merdeka Battery trades. Yet Forbes' own headline number for Thohir did not move between the two dated appearances this run could confirm, five months apart, spanning a $2.4 billion asset sale. That is the opposite pattern from Djoko Susanto, whose Forbes figure nearly halved over a comparable stretch, and from Low Tuck Kwong, whose entire fortune rides on one still-concentrated stake in Bayan Resources. Thohir's holdings are the more diversified of the three, spread across coal, battery metals and a securities brokerage, yet that diversification is not visibly reflected in how often a tracker updates his number.
Three things.
A fortune can be actively changing shape while its headline number sits still. The Kestrel Coal sale, the Trimegah top-up and the Merdeka Battery trades are three separate, dated, real transactions. Forbes' $3.8 billion figure reflects none of them individually.
Personal ownership and holding-company control are different claims, and this profile has both. Thohir's direct 6.73% of Alamtri Resources is a precise, disclosed number. His stake in the 47.79% held by Adaro Strategic Investments is real influence but not the same figure, the same distinction that matters in Anthoni Salim's First Pacific structure.
Diversifying out of a single commodity does not automatically show up as a bigger or smaller number. Coal built this fortune. Battery metals, a brokerage and an Australian mine sale are now part of it too, a different trajectory from Low Tuck Kwong's single-stock concentration in Bayan Resources, even though both fortunes started in the same commodity.