Page 74 - Forbes - Asia (December 2019 - January 2020)

Indonesia’s 50 Richest

BY NAAZNEEN KARMALI

Gaining Ground

In a subdued year, 24 listees saw an uptick in their wealth.

itizens of the world’s fourth most populous nation
in May reelected president Joko “Jokowi” Widodo No. 1
Michael Hartono
to a second term, hoping he can steer the country
Cthrough the global trade headwinds that helped keep
Indonesia’s economy in check this year. Despite the slowdown,
the country’s 50 richest added $5.6 billion to their combined
wealth, which touched a record $134.6 billion this year.
Close to half of those on the list saw their fortunes rise. The
Hartono brothers stayed No. 1 for the eleventh consecutive
year, with a net worth of $37.3 billion, as shares of their Bank
Central Asia surged. The biggest gainer by far was petrochem-
icals and energy tycoon Prajogo Pangestu, who jumped seven
spots to No. 3. Investors drove up shares of his Barito Pacific
on the prospect of rising demand for the power it produces.
There are five new names, among them Ferrari fan and
construction tycoon Donald Sihombing, who founded and
runs the company that built the Four Seasons hotel in Jakarta,
Totalindo Eka Persada, as well as Winarko Sulistyo, who
sold a 45% stake in packaging paper producer, Fajar Surya
Wisesa, to Thailand’s Siam Cement in May for $557 million.
(He and his family still own 44%.)
Three others appear in place of patriarchs who passed
away. The founder of the Sinar Mas group, Eka Tjipta
Widjaja, died in January, leaving his vast fortune to several Marga Trakindo group is a distributor of Caterpillar heavy
heirs who are now grouped as the Widjaja family at No. 2 equipment. Textile magnate Iwan Lukminto returns to the
(last year Widjaja was No. 3 with $8.6 billion). The Ciputra list at No. 50, after a one-year absence, with $585 million.
family (No. 25) inherited the $1.3 billion fortune of property While both the Indonesian rupiah and its stock market
baron Ciputra, who went by one name and who died in eked out gains of 1.5% and 1.6% respectively since last year’s
November at age 88. The Hamami family at No. 46 replaced list, 20 returnees suffered a drop in their net worth. Prominent
the late Achmad Hamami, a former jet pilot, whose Tiara among them is Susilo Wonowidjojo, who fell by $2.6 billion
and slipped to No. 4 from No. 2. Shares of his clove cigarette
maker Gudang Garam dropped after the government said
in September it would next year raise cigarette prices and
METHODOLOGY increase the cigarette excise tax by 23%. Three from last year
This list was compiled using shareholding and financial information
obtained from the families and individuals, stock exchanges, annual didn’t make the cut in this round.
reports and analysts. The ranking lists both individual and family
fortunes, including those shared among relatives. Private companies Reporting by Megha Bahree, Ulisari Eslita, Shintya Felicitas,
were valued based on similar companies that are publicly traded. DIMAS ARDIAN/BLOOMBERG
Public fortunes were calculated based on stock prices and exchange Pudji Lestari, Anis Shakirah Mohd Muslimin, Anuradha
rates as of November 19, 2019. Raghunathan, Yessar Rosendar, Sheela Sarvananda,
Ardian Wibisono.

72 | FORBES ASIA DECEMBER 2019 / JANUARY 2020