"Dream - Forbes releases a list of the 50 richest people in Indonesia every year. Tycoons' names such as the Hartono family and Low Tuck Kwong are already familiar in the list. However, there is one youngest billionaire who hasn't even reached the age of 50."
He is Ciliandra Fangiono who entered the list of the richest people in Indonesia in 2023. He is in 24th position, with assets of US$2.35 billion or equivalent to Rp37.72 trillion (exchange rate of Rp16,055 per US$), up from US$2.2 billion in 2022.
The average age of wealthy individuals listed in Forbes is between 60 years old and over 80 years old. However, Ciliandra Fangiono managed to enter at the age of 47 in 2023.
In 2020, Ciliandra was recorded to have a wealth reaching US$1.1 billion. His wealth increased in 2021 with a note that his assets reached US$1.8 billion. In that year, Fangiono also ranked 24th as the richest person in Indonesia.
Ciliandra Fangiono is the CEO of First Resources, a palm oil company registered in Singapore. However, its plantations are located in Indonesia.
This company was founded by his father, Martias Fangiono, over two decades ago, specifically in 1992. First Resources palm processing plants are scattered across Sumatra and Kalimantan. This company has been listed on the Singapore Stock Exchange since 2007. It can be said that this is a family business, with shares invested in First Resources, majority owned by the Fangiono family.
At a young age, in 2007 Fangiono was already trusted to sit on the board of directors of the company. Under his leadership, he successfully expanded assets with plantation land initially only covering 146 thousand hectares, which increased to 247 thousand hectares. Fangiono also successfully built Ciliandra Perkasa, which focuses on the refining and production of palm oil.
Most of Fangiono's wealth was obtained after the family company took control of the FAP Agri palm plantation company.
Fangiono is recorded as a graduate from a prestigious university, namely the University of Cambridge, United Kingdom. He obtained a bachelor's and master's degree. He pursued the economics program, specifically a Bachelor of Arts/Economics and a Master of Arts. Fangiono was also awarded the Price Waterhouse Book during his studies at one of the best universities in the world. Before becoming CEO, Fangiono worked in the investment banking division of Merrill Lynch in Singapore for several years.
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