The Hartono brothers, who have topped the Forbes Indonesia Rich List for nine years in a row, continue to surge ahead in this year’s ranking. Their net worth rose to US$32.3 billion from $17.1 billion last year, largely thanks to a nearly 50% rise in the value of their stake in listed Bank Central Asia (BCA).
The Hartonos inherited kretek maker Djarum decades ago but smartly diversified, picking up the BCA stake during the 1997-1998 Asian financial crisis. This year, they upped their BCA stake to 55%, from 47%. Looking ahead, they are also betting on Singapore gaming-devices firm Razer, which recently listed on the Hong Kong Stock Exchange.
Palm oil tycoon Eka Tjipta Widjaja rose two spots to No. 2, as he saw his fortune rise to $9.1 billion, up $3.5 billion from a year ago. Susilo Wonowidjojo (No. 3, $8.8 billion), whose family owns kretek maker Gudang Garam, also saw a higher net worth from $7.1 billion last year.
All but one of Indonesia’s top ten richest saw their fortunes increase by at least 10% in the past year partly due to higher stock values. Indonesia’s stock market rose 17% over the same period. The total net worth of the country’s 50 richest is now $126 billion, up from $99 billion a year ago.
Another factor driving up valuations of the list members is the increased disclosure in the aftermath of last year’s tax amnesty program, which let the country’s tycoons declare previously hidden assets in exchange for a small penalty. As a result of this, Jogi Hendra Atmadja, President Commissioner of the Mayora Group, jumps 25 spots to No. 10 this year with a net worth of $2.7 billion, up from $850 million previously.
“This year, the notable achievement is that total net worth of the 50 richest surpassed $100 billion for the first time ever. Indonesia’s standing, as measured by the list of its 50 richest, is definitely rising in the global business community,” says Justin Doebele, Chief Editorial Advisor of Forbes Indonesia.
There are two newcomers among this year’s top 50 richest Indonesians. Arini Subianto (No. 37, $820 million) inherited the fortune of her father Benny Subianto, after his death in January. She is now the President Director of the family’s holding company, Persada Capital Investama, and oversees its investments in everything from wood-processing products and palm oil to rubber processors and coal. Hartono Kweefanus (No. 46, $540 million) joins the ranks based on his ownership of a biscuit empire, Monde Nissin, which spans across Asia.
Two listees also returned to the ranks after a year or more absence. They are Sritex Group’s founder Iwan Lukminto (No. 48, $490 million), and The Ning King (No. 50, $450 million) of Argo Manunggal Group.
However, not everyone had a banner year; the fortunes of 16 tycoons dropped compared to a year ago. Longtime listee Arifin Panigoro is one of three dropping below the ranks, due to information that revealed a lower ownership stake in Medco Energi Internasional.
The minimum net worth to make this year’s list is $450 million, up from $420 million last year.
The top 10 richest in Indonesia are:
- Budi & Michael Hartono; US$32.3 billion
- Eka Tjipta Widjaja; $9.1 billion
- Susilo Wonowidjojo; $8.8 billion
- Anthoni Salim; $6.9 billion
- Sri Prakash Lohia; $6.4 billion
- Boenjamin Setiawan; $3.65 billion
- Chairul Tanjung; $3.6 billion
- Tahir; $3.5 billion
- Mochtar Riady; $3 billion
- Jogi Hendra Atmadja; $2.7 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 17, 2017. Private companies were valued based on similar companies that are publicly traded.