Hilmi Panigoro Net Worth: Forbes Cut the Medco Fortune From $3.25 Billion to $2.9 Billion in a Year
5 min read
Loading...
5 min read
Hilmi Panigoro's net worth was $2.9 billion, per Forbes' "Indonesia's 50 Richest 2025" list, published 10 December 2025, ranking the Medco Energi Internasional chairman 28th in the country's Energy sector. A year earlier, Forbes' "Indonesia's 50 Richest 2024" list, published 11 December 2024, had ranked him 21st at $3.25 billion, a decline of about $350 million, or 11%, inside the same publisher's own tracking. Hilmi Panigoro runs Medco Energi, the oil and gas company his older brother Arifin founded in 1980. Arifin died in February 2022; Forbes now tracks the fortune as "Hilmi Panigoro & family."
Forbes' "Indonesia's 50 Richest 2024" list (Jane Ho, published 11 December 2024, corroborated by Kompas' 13 December 2024 recap of the same list) ranked "Hilmi Panigoro & family" 21st nationally at $3.25 billion. One year later, Forbes' "Indonesia's 50 Richest 2025" list, published 10 December 2025, moved the family to 28th at $2.9 billion, Energy sector. Both figures are Forbes, a legitimate single-tracker before-and-after: a decline of roughly $350 million, about 11%, and seven ranking spots, in twelve months. No dated Bloomberg Billionaires Index figure naming Hilmi Panigoro or the Panigoro family was found despite several searches, addressed further below.
| Date | Publisher | Figure | Context |
|---|---|---|---|
| 11 December 2024 | Forbes "Indonesia's 50 Richest 2024" | $3.25 billion | 21st nationally |
| 10 December 2025 | Forbes "Indonesia's 50 Richest 2025" | $2.9 billion | 28th nationally, Energy sector |
Arifin Panigoro founded Medco as an oilfield drilling-services business in 1980 and took it public in 1994. He stepped back from day-to-day management in 1998 to pursue a career in Indonesian politics, and Hilmi, his younger brother, took over operations: joining as vice president in 1997, director from 1998 to 2001, CEO from 2001, and president director since a shareholder vote on 25 November 2015, a role he still holds, per Medco Energi's own board of directors page. Arifin died in February 2022 at age 76.
PT Medco Daya Abadi, the Panigoro family's holding vehicle, held 51.5% of Medco Energi (12.94 billion shares) as of the end of January 2026, per VOI.id. The second-largest shareholder, Diamond Bridge Pte at 21.46%, is linked to Anthoni Salim, already profiled in this series. Separately, a Medco affiliate holds 20.92% of Amman Mineral Internasional (AMMN), the copper and gold miner, alongside stakes this series has already traced to Agoes Projosasmito's AP Investment and a Salim-linked vehicle, Sumber Gemilang Persada, per a disclosure cited by Suara.com on 29 March 2026. MEDC is confirmed absent from NetWort's curated ticker universe (frontend/scripts/curated-tickers.mjs, backend/app/services/asset_symbol_service.py), so it is named here by ticker only.
Medco agreed on 26 June 2025, per Forbes, to buy Repsol's 24% stake in the Corridor Block, Indonesia's third-largest gas field, for $425 million, a deal targeted to close in the third quarter of 2025 and raise Medco's own stake to 70%, with state-owned Pertamina Hulu Energi Corridor holding the rest. More recently, Medco's first-quarter 2026 results, reported 2 May 2026 by Bisnis.com, showed net profit up 283% year over year to $67.4 million, from $17.6 million, on revenue up 19.2% to $668.3 million and EBITDA up 5.7% to $351.1 million, which Bisnis.com tied to higher oil prices during the quarter. MEDC shares closed at Rp1,460 on 18 September 2026, down 4.26% that day, per Bisnis.com, sitting inside a 52-week range of Rp1,005 to Rp2,000 reported by Investing.com as of 26 August 2026.
Less knowable than it should be for a fortune this size. Only Forbes prices Hilmi Panigoro individually; no dated Bloomberg Billionaires Index figure naming him or the Panigoro family was found despite several searches, consistent with this series' standing finding that Bloomberg individually prices only Sukanto Tanoto, Prajogo Pangestu, Low Tuck Kwong, Robert Budi Hartono and Tahir among Indonesians. Part of the difficulty is structural: the tracked wealth sits behind a private family holding company, Medco Daya Abadi, on top of a listed stock whose other large shareholders are entities this series has already traced to two other tycoons, making it harder to isolate one family's share than a single, cleanly owned stock would be.
Indonesia's resource fortunes turn out to be more cross-owned than separate Forbes rankings suggest. The same Amman Mineral stake sits partly with Panigoro's Medco, partly with Agoes Projosasmito's AP Investment, and partly with a Salim family vehicle, while a different Salim vehicle separately holds over a fifth of Medco itself. For related fortunes and mechanisms, see:
NetWort's market page tracks daily movers if you want to see how oil-and-gas names like Medco are trading today.