His wealth declined over 12% from the previous day to $16.6 billion, according to real-time data by Forbes. The second biggest net worth loser in the world was Warren Buffet with a $2.15-billion drop.
Shares of Low’s company Bayan Resources were down 9% for the day at the time of publishing. They have fallen 27% year-to-date.
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World’s biggest wealth losers as of Setp. 22, 2026. Screenshot taken from Forbes’s real-time billionaire list |
The plunge came after Kwong and his daughter Elaine last week agreed to sell around 30% of Bayan Resources to competitor Andi Syamsuddin Arsyad, also known as Haji Isam. The deal would make Arsya one of the world’s top coal tycoons.
Moody’s Ratings has changed the outlook for Bayan Resources from “stable” to “negative” amid uncertainty over Indonesian government regulations concerning coal production quotas.
“The negative outlook reflects regulatory uncertainty over production quota allocations, which has led Bayan to declare force majeure. If not resolved soon, this uncertainty could constrain production and put pressure on earnings,” Anthony Prayugo, Assistant Vice President at Moody’s Ratings, said in a statement issued last Friday.
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Low Tuck Kwong, founder and CEO of Bayan Resources. Graphics by Read/Dat Nguyen, photos courtesy of SEAX Global, Bayan Resources |
Earlier this month, Bayan declared force majeure on its coal supply obligations after the Indonesian government imposed production quota restrictions.
On Monday, Indonesia granted an additional mining quota of about 15 million to 20 million metric tons to three units of Bayan, according to Mining.com.
Singapore-born Low, who became an Indonesian citizen in 1992, has consistently been named by Forbes as one of the richest in Indonesia in recent years. Bayan controls several mining sites including Tabang/Pakar, the country’s largest coal mine.