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Wrapping up FORBES ASIA’s annual coverage of the region’s wealthiest fortunes is our ranking of Indonesia’s 40 Richest. The list, like the ten other country-specific ones we’ve published this year, illustrates the big gains Asian tycoons are making. Overall, the combined net worth of our Asia rich listers rose to $938 billion, up from $575 billion, thanks largely to strong equities and real estate markets, as well as a weak dollar. The 40 wealthiest Indonesians added $18 billion to their combined wealth, bringing it up to $40 billion.
The country now boasts 11 billionaires, 4 more than last year. (The list is broadened to include family fortunes shared by relatives that we would exclude from our main billionaire roster.) “Landlords” who make their money through such commodities as coal, paper and palm oil did particularly well. Aburizal Bakrie and his family, whose investment in coal outfit Bumi Resources is up 600%, took the top spot, with a $5.4 billion fortune. Sukanto Tanoto is worth $4.7 billion, up from $2.8 billion, but still slips to second place. Martua Sitorus, who merged the palm oil holdings of his Wilmar International with those of Malaysia’s richest person, Robert Kuok, became a billionaire, now worth $2.1 billion. The three newcomers include Soergiarto Adikoesoemo, whose company is Asia Pacific’s biggest sorbitol maker; 42-year-old media magnate Hary Tanoesoedibjo; and Bambang Trihatmodjo, the son of former president Suharto. We broke out the fortune of Michael Hartono, whose wealth had previously been lumped in with that of his brother R. Budi, based on more detailed information on the siblings’ holdings. The fortune of Liem Sioe Liong’s family is now listed under son Anthoni Salim, who owns a greater portion of the holdings. Same case for Eka Tjandranegara, who takes his father’s spot.
A net worth of $120 million was needed to make the list, up from $80 million last year. 2006 rich lister Soedarpo Sastrosatomo passed away on Oct. 22. Net worths were calculated using Nov. 30 stock prices and exchange rates. Privately held companies were valued by comparing them with similar publicly traded companies. Any fortune not wholly owned by an individual is denoted with “& family.”
Additional reporting by Chen Wei Lin, Febriamy Hutapea, P. Lestari, Li Siang Kim, Suzanne Nam, Lan Anh Nguyen, Glen Perkinson, Dick Rachmawan and Ardian Wibisono.
1. Aburizal Bakrie & family
60. Married, 3 children
Runs family-held Bakrie group, founded by late father in 1942. Has interests in infrastructure, property, telecom. Huge stock run-up in biggest holding, coal producer Bumi Resources, lifted fortune. Co-owns Lapindo Brantas, oil-and-gas outfit whose drilling allegedly helped trigger a massive mudslide in 2006, burying villages, displacing thousands. Onetime presidential candidate, he is country’s Coordinating Minister for People’s Welfare.
2. Sukanto Tanoto
58. Married, 4 children
Owns April, one of Asia’s largest pulp- and papermakers, and Asian Agri, among country’s 5 largest palm oil producers. Helped fund journalism school in Singapore. Reportedly used Chinese-English dictionary to teach himself English.
3. R. Budi Hartono
66. Married, 3 children
4. Michael Hartono
68. Married, 4 children
Brothers own clove cigarette brand Djarum, most popular of its kind among Americans, founded by father in 1951. Also own stakes in country’s largest private bank, Bank Central Asia. Developing Grand Indonesia, a luxury shopping mall, office building and hotel complex in the center of Jakarta.
5. Eka Tjipta Widjaja & family
84. Married, 15 children
Emigrated from China to Indonesia; got start selling biscuits at age 17. Created Asia Pulp & Paper, which defaulted on more than $10 billion in debt in 2001. Still has stakes in pulp, paper; also plantations, food. New venture, Smart Telecom, launched in September, offers phone calls for 45 rupiah (half a penny) a minute.
6. Putera Sampoerna & family
59. Married, 4 children
After selling cigarette company to Philip Morris in 2005, family ventured into gaming and agrobusiness through Sampoerna Strategic, run by son Michael (also a professional poker player). Daughter Michelle runs family’s philanthropy.
7. Martua Sitorus
Began trading shrimp, other marine products 1978, then switched to palm oil, buying first plantation 1994. Later cofounded agribusiness Wilmar International with nephew of Malaysia’s richest man, Robert Kuok. Signed $4 billion merger agreement with Kuok’s plantation group in December 2006, resulting in world’s largest palm oil processor. Stock has more than doubled.
8. Rachman Halim & family
Heads Gudang Garam, nation’s largest clove cigarette maker, founded by father in 1958. Group’s GG Filter International Merah is world’s most popular clove cigarette. Brothers Sumarto and Susilo Wonowidjojo share fortune and sit on group’s board.
9. Peter Sondakh
55. Married, 3 children
Established trading firm Rajawali Group 1984; now in telecom, consumer goods, retail, transportation. Most valuable holding is stake in cementmaker Semen Gresik; value tripled in two years. Partners with Sheraton and Novotel in hotels.
10. Eddy William Katuari & family
56. Married, 4 children
Took helm of Wings, Indonesia’s largest maker of soap and other household goods, in 2004, after death of his father, group’s cofounder. Family’s Bank Ekonomi may go public later this year.
11. Anthoni Salim & family
Father, Liem Sioe Liong, built family’s Salim Group into food, shipping, bank and building empire. Now Anthoni heads family’s Indofood, world’s largest instant noodle maker by sales. Last year pledged $1 million to his private high school in Singapore to support a Bahasa Indonesia language program. Family lost their Bank Central Asia in 1998, now headed by Hartono brothers (see).
12. Mochtar Riady & family
78. Married, 6 children
Founder of Lippo Group, with interests in property, retail, finance. Listed REIT holding Indonesian malls in November on Singapore exchange. Recently opened the Mochtar Riady Institute for Nanotechnology.
13. Murdaya Poo
66. Married, 4 children
Founded Central Cipta Murdaya in 1984. Now involved in timber, real estate, steel production, conferences, palm oil. Devout Buddhist, member of parliament, seeking to pass antidiscrimination law. Heads Indonesian Golf Course Owners Association. Wife, Hartati, who shares fortune, active in the Council of Buddhist Communities (Walubi).
14. Arifin Panigoro & family
62. Married, 2 children
His Medco Energi International, which he founded in 1980, is expanding into Libya, Yemen, Tunisia. Family sold 20% stake to
in August for $352 million but still holds majority of shares. Arifin is now adviser; brother Hilmi is chief executive, sister Yanti active in philanthropy.
15. Hary Tanoesoedibjo
42. Married, 5 children
Founded Bhakti Investama a month after college graduation at age 24. Group now encompasses 3 national TV networks, 4 radio networks, a wireless network, a Web site and a national newspaper; also has stakes in investment bank, toll roads, real estate. Launching new airline, Eagle Air, in next 6 months. Workaholic holds meetings on public holidays, works out daily. Denies rumors that he was helped along by ties to Suharto’s family.
16. Trihatma Haliman
55. Married, 2 children
Took control of real estate firm Agung Podomoro, founded by father, in 1986; turned it into one of country’s biggest. Just opened Senayan City in Jakarta, which has luxury apartments, offices and mall.
17. Sjamsul Nursalim & family
His tiremaker, Gajah Tunggal, is cruising again after racking up billions in debt following Asian crisis. World’s 12th-largest tiremaker has paid off most of its debt. Stake in burgeoning coal mining outfit Bukit Baiduri Energy looks set to make him even richer.
18. Chairul Tanjung
45. Married, 2 children
Dubbed Golden Boy, for early rise to wealth. Sold imported shoes to pay for tuition while studying dentistry at University of Indonesia. Business became privately held Para Group, with interests in property, energy, financial services plus shoes. Building amusement park with Jusuf Kalla’s Kalla Group.
19. Paulus Tumewu
$440 million —
55. Married, 3 children
Opened first Ramayana store in 1978, primarily selling clothes. Today oversees at least 100 Ramayana department stores, which now sell everything (from food to toys) to low-income consumers.
20. Prajogo Pangestu
56. Married, 3 children
Timber baron restructuring his Barito Pacific to focus on mining and energy; shares up nearly sevenfold this year on news. Helped counteract falling profits at polypropylene maker Tri Polyta, in which he has large stake, which was hurt by falling dollar. Seeking to take over petrochemical firm Chandri Asri.
21. Soegiharto Sosrodjojo & family
77. Married, 5 children
Heads Sosro, producer of Teh Botol Sosro (translation: Sosro’s bottled tea). Branched into other drinks and tea plantations. Grandson now managing business.
22. Sutanto Djuhar & family
78. Married, 5 children
One of cofounders of Salim Group with Liem Sioe Liong. Reportedly had falling out with Liem, but continues, with his son Tedy, to sit on the board of First Pacific, run by Liem’s son Anthoni Salim (see).
23. Hadi Surya
71. Married, 3 children
Founded Berlian Laju Tanker, one of country’s largest shipping lines, listed in both Jakarta and Singapore. Announced $850 million acquisition of Chembulk Tankers, which transports chemicals. Personally makes monthly visits to meet impoverished rice farmers and give them high-yielding rice he helped develop. Owns 1,500 bottles of French, Italian wines.
24. Aksa Mahmud
62. Married, 5 children
Brother-in-law of Indonesia’s Vice President Jusuf Kalla (see) runs Bosowa Group, with interests in cement, energy, finance. Recently listed Nusantara Infrastructure, which builds toll roads; may take cement company public next. Descendant of Bugis, legendary seafarers and pirates from whom term “bogeyman” comes.
25. Harjo Sutanto & family
81. Married, 4 children
Longtime partner of late Johannes Ferdinand Katuari, cofounded Wings 1948. Still holds estimated 25% of consumer goods group.
26. Soegiarto Adikoesoemo & family
69. Married, 3 children
Began trading chemicals early 1960s. He and son Haryanto grew business into chemical distributor AKR Corporindo, also Asia-Pacific’s largest maker of sorbitol. Moves into logistics, petroleum distribution and cassava plantations helped triple company’s value in past year.
27. Husein Djojonegoro & family
58. Married, 3 children
Runs Orang Tua, maker of batteries, toothpaste, snacks. Has joint venture with
for ketchup, chili, soy sauce. Deploys 2,500 salesmen nationwide. Founded in central Java 1948 by late father and uncle. First product: herbal wine.
28. Kartini Muljadi
77. Widow, 3 children
Former judge, took over drugmaker Tempo Scan 1982. Also makes throat lozenges, household cleaners, cosmetics. Semiretired, leaves daily management to son Hanjodo, sister-in-law Dian Tamzill.
29. Edwin Soeryadjaya
58. Married, 3 children
Son of former billionaire is rebuilding fortune through investments in such companies as coal producer Adaro Indonesia.
30. Jusuf Kalla
65. Married, 5 children
Became Indonesia’s vice president 2004; considered likely presidential candidate for 2009. Before that ran family’s Kalla Group for 32 years: companies involved in everything from selling Toyotas to running hotels to tuna fishing. Brother Achmad now runs group.
31. Tan Kian
49. Married, 3 children
Owns property firm Dua Mutiara, which means “two pearls.” Co-owns 2 Ritz Carltons in Jakarta. Entrance of his JW Marriott is site of 2003 suicide bomb that killed a dozen, wounded many more. Believes in Feng Shui and loves fast cars–like his Ferrari.
75. Married, 4 children
Started first company in 1961. Two decades later formed Ciputra Group, now one of Indonesia’s biggest public companies. Having good year: spun off Ciputra Property on Jakarta exchange; meanwhile Ciputra Development shares are up 50%.
33. Bambang Trihatmodjo
Second son of former president Suharto owns 13% of media conglomerate Global Mediacom, which he founded as Bimantara in 1981, undoubtedly helped along by father’s connections. Sold part of his stake to Hary Tanoesoedibjo in 2001, reportedly at fire-sale price; no longer has management role. Gun enthusiast heads Indonesian branch of “extreme” shooting organization (in which participants go through an obstacle course shooting pop-up targets).
34. George & Sjakon Tahija
49. Married, 2 children
54. Married, 3 children
Sons of late tycoon Julius Tahija run family’s Austindo Nusantara Jaya, with interests in mining, tobacco, finance, even vanilla. George wrote Indonesian travel book Land of Water.
35. Kris Wiluan
59. Married, 3 children
Began career as computer programmer in U.K., where he studied. Returned to Indonesia in 1977 to start business supplying pipes for construction; became Citramas group. Also has stake in Singapore-listed energy services company KS Energy. President of the Asian Tae Kwon Do Association and Indonesian sailing association Riau Porlasi. Also owns a Nicklaus-designed golf course. Son Michael is a filmmaker.
36. Eka Tjandranegara & family
With father Tjandra Kusuma (under whose name we last listed fortune) started Mulia group 1980. Its Mulia Land, which claims to be Jakarta’s largest commercial property owner, suffered losses this year due to high energy costs, delisted in September. Its manufacturing group Mulia Industrindo remains public.
37. Alim Markus & family
56. Married, 7 children
In 2003 took reins of Maspion Group, started by late father as kitchenware maker. Encompasses 60 firms employing 30,000 with interests in electronics, plasticware, aluminum, financial services, property, even toothpaste. Plans listings of PT Maspion and its subsidiary Bank Maspion for 2008. Says with laugh: “I never count my money.” Likes to play ping-pong.
38. Husein Sutjiadi
53. Married, 2 children
Sold most of his 30% stake in Davomas, country’s largest cocoa processor and exporter, to private investors in April. Still has 6%.
39. Jakob Oetama
76. Married, 5 children
Country’s wealthiest journalist. Long-time editor of its largest daily, Kompas, cofounded 1965 with friend PK Ojong, who died 1980. Paper now under his privately held Kompas-Gramedia group, which includes hotels, bookstores. Remains group chairman but is less active. Avid reader, likes books on entrepreneurship.
40. Boenjamin Setiawan
74. Married, 2 children
Started Kalbe Farma in garage in 1966 with brother. Claims to be largest publicly traded drugmaker in Southeast Asia, making everything from prescription drugs to throat lozenges. Recently opened region’s largest cord-blood bank.