The eldest of 7 boys, Tanoto was born into a Chinese Indonesian family in Medan. A government initiative banning Chinese schools abruptly ended his education, and he went to work in his father’s business, a company supplying equipment to Pertamina, the state-owned oil company. When his father had a stroke Tanoto took over the running of the company. He gradually expanded its operations, and then with the oil crisis of 1972, and the increase in price and demand, he took full advantage.

With the capital made from that, he moved into the plywood industry, and subsequently into the pulp and paper, specialty cellulose and palm oil ones, bringing it all together under the name of Royal Golden Eagle. Today, his businesses have assets exceeding US$18 billion and employ more than 60,000 people across Asia, Europe, North and South America.

Tanoto moved to Singapore in 1997, setting up his company headquarters on the island state. He has not forgotten the country of his birth however, and his Tanoto Foundation not only sponsored the 2018 Asian Games, but renovated a public library in honor of every one of Indonesia’s 31 gold medals.