Continued economic growth and a 4.4% rise in the stock market index in the last 12 months have contributed to the gain in net worth of tycoons on the Forbes Indonesia Rich List, which climbed to a record $129 billion from $126 billion a year ago. The list also showed that six of the 10 richest Indonesians are wealthier than a year ago, including the Hartono brothers who have topped the list ten years in a row. They were buoyed by the strength of their interest in Bank Central Asia, which accounts for 70% of their $35 billion fortune. Susilo Wonowidjojo climbs one rank up to the No. 2 spot with net worth of $9.2 billion, thanks to a rise in the shares of his kretek (cigarette) maker Gudang Garam.
The biggest percentage gainer on this year’s list is mining magnate Low Tuck Kwong (No. 11). His wealth soared 63% to $2.5 billion this year on higher revenues from his coal outfit Bayan Resources and an 82% surge in its share price in the past year. Another notable gainer is Bachtiar Karim (No. 21) and family whose wealth rose 61% to $1.45 billion since last year due to a significant rise in revenues of palm oil firm Musim Mas.
On the flip side, half of those on the list are poorer than a year ago. The rupiah was 5% weaker against the US dollar and some stock prices were anemic. The biggest loser in percentage terms is Soegiarto Adikoesoemo (No. 39) whose net worth dropped 42% to $780 million on weakness of his petroleum and chemicals trading firm AKR Corporindo.
Four newcomers join the ranks this year, most following upticks in shares. Danny Nugroho (No. 38, $790 million) debuts after his stake in listed finance and insurance firm Capital Financial Indonesia nearly doubled in value in the past year. Property developer Benny Tjokrosaputro (No. 43, $670 million) also made the list for the first time as his wealth received a boost from travel and leisure firm Sinergi Megah Internusa’s July initial public offering in Jakarta. He owns nearly 84% of the newly listed company, which manages the Lafayette Boutique Hotel in Yogyakarta, worth about $225 million as of late November.
Other new listees include Sabana Prawirawidjaja (No. 47, $640 million), a founder of Ultrajaya Milk Industry, one of the country’s largest makers of “shelf stable” dairy products, and Kardja Rahardjo (No. 48, $625 million) of Pelayaran Tamarin Samudra. Arifin Panigoro (No. 46, $655 million) returns to the list after a one-year absence due to new information in his shareholding in oil and gas firm Medco Energi.
The new names and returnees replaces five people that slipped off from the list, which includes Purnomo Prawiro. Shares of his family’s taxi firm, Blue Bird, fell more than 25% amid competition with ride hailing firms like Grab.
The minimum net worth needed to make the Forbes Indonesia Rich List this year rose to $600 million – a significant $150 million jump from 2017 and the highest cutoff since 2013.
The top 10 richest in Indonesia are:
1) R. Budi & Michael Hartono; US$35 billion
2) Susilo Wonowidjojo; $9.2 billion
3) Eka Tjipta Widjaja; $8.6 billion
4) Sri Prakash Lohia; $7.5 billion
5) Anthoni Salim; $5.3 billion
6) Tahir; $4.5 billion
7) Chairul Tanjung; $3.5 billion
8) Boenjamin Setiawan; $3.2 billion
9) Jogi Hendra Atmadja; $3.1 billion
10) Prajogo Pangestu; $3 billion
The list of Indonesia’s 50 richest was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, annual reports and analysts. The ranking lists both individual and family fortunes, including those shared among company founders and their immediate relatives. Public fortunes were calculated based on stock prices and exchange rates as of November 30, 2018. Private companies were valued based on similar companies that are publicly traded. The complete 2018 Forbes Indonesia Rich List is available here as well as in the December editions of Forbes Asia and Forbes Indonesia.