Forbes Indonesia 50 Richest this year welcomes four newcomers coming from different industries to the list: Danny Nugroho, Benny Tjokrosaputro, Sabana Prawirawidjaja, and Kardja Rahardjo. Some of the newcomers made it to the prestigious list due to the uptick in share prices of their company.
First one is Danny Nugroho, 43, with a networth of $790 million. Danny serves as President Commissioner of publicly listed Bank Capital Indonesia since 2004, which he also owns a total of 45.7% stake at the company. He holds 12.4% under his own name and the rest through Inigo Global Capital and Delta Indo Swakarsa. However, Danny debuted on the list after his share value in publicly listed finance and insurance firm Capital Financial Indonesia nearly doubled in the past year. Danny owns 60.49% stake at the company through Capital Strategic Invesco.
Second is Benny Tjokrosaputro, 49, who managed to enter the list for the first time with a net worth of $670 million. The initial public offering of his travel and leisure firm Sinergi Megah Internusa, which manages the Lafayette Boutique Hotel in Yogyakarta, in July had boosted his wealth. He owns nearly 84% stake in the newly listed company worth about $225 million as of late November.
Other new tycoons on the list include Sabana Prawirawidjaja, 78, with $640 million fortune, and Kardja Rahardjo, 57, with a net worth of $625 million. Sabana is the founder of publicly listed dairy products company Ultrajaya Milk Industry. Meanwhile, Kardja is the President Director and owner of publicly listed shipping firm Pelayaran Tamarin Samudra. The shipping firm went public in May 2017 and its share price went up by over 3,000% in just four months after IPO. The company share price tumbled more than 50% since September, before finally rebounded in November.
Besides the new names, businessman Arifin Panigoro, 73, came back to the list with a fortune worth $665 million after being absence for a year due to new information on his shareholding in oil and gas firm Medco Energi.
The new names and returnee caused a few names to slip off the list. Purnomo Prawiro, the founder of publicly listed taxi company Blue Bird, dropped off from the list this year as shares price of the firm fell more than 25% amid tight competition with ride hailing firms like Grab.
Other tycoons withdrawn from the list include Philippine-based food manufacturer Monde Nissin chairman Hartono Kweefanus, textile company Sritex Group heir Iwan Lukminto, food manufacturer Japfa Comfeed owner Santosa Handojo and conglomerates Argo Manunggal Group founder The Ning King.
Forbes calculated the tycoons’ fortunes based on stock prices and currency exchange rates as of November 30, 2018. The minimum net worth needed for the tycoons to join the list rose significantly to $600 million this year from $450 million in 2017, resulted to the highest cutoff since 2013.