JAKARTA AND SINGAPORE (December 5, 2019) – Indonesia’s 50 richest boosted their combined wealth this year, with 24 of them adding to their fortunes. The total net worth of the tycoons on the Forbes Indonesia Rich List rose to US$134.6 billion, a gain of $5.6 billion from a year earlier. The complete 2019 Forbes Indonesia Rich List is available here as well as in the December editions of Forbes Asia and Forbes Indonesia.
The Hartono brothers top the list for the 11th consecutive year, with a net worth of $37.3 billion, as shares of their Bank Central Asia surged. In second place is the Widjaja family, comprising several heirs of the Sinar Mas group, with a total net worth of $9.6 billion. The family members inherited the vast fortune of founder Eka Tjipta Widjaja, who passed away in January and was ranked third on last year’s list with $8.6 billion.
The biggest gainer on this year’s list is petrochemicals and energy tycoon Prajogo Pangestu. He jumps seven spots to No. 3 with a net worth of $7.6 billion, up from $3 billion, as investors drove up shares of his Barito Pacific on the prospect of rising demand for the power it produces.
Another notable gainer is Boenjamin Setiawan (No. 8), whose fortune rose 36% to $4.35 billion. Shares in hospital operator Mitra Keluarga Karyasehat, his second largest holding, roughly doubled in the past 12 months after it acquired seven Indonesian hospitals. It now operates 28 hospitals across the country.
There are five newcomers on this year list. They include Winarko Sulistyo (No. 27, $1.2 billion), who sold a 45% stake in packaging paper producer, Fajar Surya Wisesa, to Thailand’s Siam Cement in May for $557 million, as well as Ferrari fan and construction tycoon Donald Sihombing (No. 34, $970 million), who founded and runs Totalindo Eka Persada, the company that built the Four Seasons hotel in Jakarta.
In addition to the Widjaja family, there are two new entrants who made the list in place of patriarchs who passed away. The Ciputra family (No. 25) inherited the $1.3 billion fortune of property tycoon Ciputra, who died in November at age 88. The Hamami family (No. 46, $660 million) replaced the late Achmad Hamami, a former jet pilot whose Tiara Marga Trakindo group is a distributor of Caterpillar heavy equipment.
Textile magnate Iwan Lukminto returns to the list at No. 50 with $585 million, after a one-year absence.
While both the Indonesian rupiah and its stock market gained 1.5% and 1.6% respectively since last year’s list, 20 returnees suffered a drop in their net worth. Among them is Susilo Wonowidjojo, whose wealth declined by $2.6 billion and who slipped to No. 4 from No. 2. Shares of his clove cigarette maker Gudang Garam dropped after the government said in September it would raise cigarette prices and increase the cigarette excise tax by 23% next year.
The top 10 richest in Indonesia are:
- Budi & Michael Hartono; US$37.3 billion
- Widjaja family, $9.6 billion
- Prajogo Pangestu; $7.6 billion
- Susilo Wonowidjojo; $6.6 billion
- Sri Prakash Lohia; $5.6 billion
- Anthoni Salim; $5.5 billion
- Tahir; $4.8 billion
- Boenjamin Setiawan; $4.35 billion
- Chairul Tanjung; $3.6 billion
- Jogi Hendra Atmadja; $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 relatives. Private companies were valued based on similar companies that are publicly traded. Public fortunes were calculated based on stock prices and exchange rates as of November 19, 2019.
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Forbes Indonesia is the Indonesian edition of Forbes, published under license by the media company PT Wahana Mediatama. Forbes Indonesia is published monthly and is in English. It features more than two-thirds original Indonesian-focused editorial content, written by a team of top local business journalists. The original copy is complemented by Forbes articles from the US and Asian editions of the magazine. Content includes profiles of Indonesia’s top tycoons to rising entrepreneurs, philanthropy, lifestyle and other topics of interest to a high-level business readership.
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