Kuncoro Wibowo Net Worth: Worth $1.19 Billion in 2024, He Fell Off Forbes' Indonesia List Entirely in 2025
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Kuncoro Wibowo's net worth was $1.19 billion, per Forbes' "Indonesia's 50 Richest 2024" list, published 11 December 2024, ranking him 46th nationally. A year later, Forbes' "Indonesia's 50 Richest 2025" list, published 10 December 2025, reported that shares of his retail chain had plunged more than 40% amid shrinking profits, and Kuncoro Wibowo was no longer on the list at all. Both facts come from the same publisher, so this is one Forbes list to the next Forbes list, not two trackers disagreeing. Note before anything else: this article is about the Kawan Lama Group retail figure, not the unrelated, similarly named former state-logistics executive convicted in a separate corruption case, addressed below.
Forbes has tracked Kuncoro Wibowo on three consecutive annual "Indonesia's 50 Richest" lists, and the arc is unusual for this series: up, then up again, then gone. On the 2023 list (published 6 December 2023), he ranked 45th at $1.05 billion, with Forbes attributing the rise that year to shares of Ace Hardware Indonesia climbing more than 40% as post-pandemic sales rebounded. On the 2024 list (published 11 December 2024), he rose to $1.19 billion, 46th nationally, even as the list's own qualifying minimum rose to just over $1 billion. On the 2025 list (published 10 December 2025), Forbes reported the same stock down more than 40% amid shrinking profits, and he did not appear among the 50 names at all, even though that year's qualifying minimum had actually fallen, to $920 million. No Bloomberg Billionaires Index figure naming him individually was found this run.
| Date | Publisher | Figure | Context |
|---|---|---|---|
| 6 December 2023 | Forbes, "Indonesia's 50 Richest 2023" | $1.05 billion | 45th nationally; shares up over 40% |
| 11 December 2024 | Forbes, "Indonesia's 50 Richest 2024" | $1.19 billion | 46th nationally |
| 10 December 2025 | Forbes, "Indonesia's 50 Richest 2025" | Off the list | Shares down over 40%; list minimum fell to $920M |
Kuncoro Wibowo, born in Jakarta in 1956, is the eldest son of Kawan Lama Group founder Wong Jin, who started the business as a small tools shop in Glodok in 1955. Kuncoro became president commissioner of the group in 1995 and built its retail arm around a 29-year license to operate Ace Hardware Indonesia, alongside home-furnishing chain Informa, bubble-tea brand Chatime and Toys Kingdom. The Ace Hardware license expired at the end of 2024, and the listed operating company, publicly traded on the Indonesia Stock Exchange, rebranded its roughly 250 stores to AZKO starting 1 January 2025. Unlike several conglomerate fortunes elsewhere in this series, Forbes' tracked figure here sits substantially in one exchange-listed company, so it moves with a real, daily share price rather than a private valuation model.
Two dated events explain the direction, though not the exact percentage Forbes applied. First, the rebrand itself: ending a 29-year license and launching a new, unfamiliar name is a real execution risk, and the stock fell on the first trading day after the AZKO name was announced, per Bisnis.com (2 January 2025). Second, the numbers backed it up: full-year 2025 operating profit fell 25.1% to Rp874.7 billion on nearly flat sales of Rp8.64 trillion, per IDX Channel, with first-quarter 2025 net profit down 30.9% year on year as same-store sales turned negative and employee costs rose sharply, per Indo Premier. Then, on 29 July 2026, the actual Ace Hardware brand returned to Indonesia under PT Mitra Adiperkasa Tbk (MAPI), opening a competing store in North Jakarta, per Kompas, a direct rival to the very brand AZKO was built to replace. No source found this run ties any single one of these events to Forbes' specific 40%-plus figure; they are stated here as dated background for a decline Forbes itself reported, not as NetWort's own explanation.
This is one of the more knowable fortunes in this series, and also one of the more exposed. Because the operating company trades daily on the Indonesia Stock Exchange, its share price is public and verifiable in a way a wholly private conglomerate, like this week's Husodo Angkosubroto profile, is not. But that same transparency means a bad retail year is not absorbed quietly. Forbes' own qualifying minimum for its Indonesia list moved in the other direction the year Kuncoro Wibowo fell off it, from $1.05 billion in 2024 to $920 million in 2025, meaning the exit was not merely a rising bar. It reflects a real, reported decline in the underlying business.
A single retail brand can add a fortune to a national rich list one year and remove it the next, and when the wealth sits in a listed company, you do not need a leaked filing to see it: the share price says so directly. That is the opposite problem from a private conglomerate whose value only a tracker's model can estimate. For related mechanisms elsewhere in this series, see:
NetWort's market page tracks daily moves in listed companies like this one, the same kind of pricing that took a name off, not just onto, a rich list this year.