forbes indonesia rich list 2011

DECEMBER 2011 | FORBEs indOnEsia

Despite volatility elsewhere, Indonesia

remains an island of growth. The

economy should clock in somewhere north of 6% for the year and the stock

market is also up by 3% (one of the few in

the world to show a gain). The 40 on this list are also richer, in total, than last year,

up 19% to a total of $85.1 billion. The minimum net worth

to gain entry rose from $455 million

to $630 million. Two thirds of them are billionaires. As

always, names came and went, reflecting

the dynamics of market forces. We

had seven dropoffs and five newcomers, the wealthiest being

Achmad Hamami and his family, owners

of the TMT group, at $2.2 billion.

ISLANDS OF GROWTH

INDONESIA’S

RICHEST

Indonesia

BY JUSTIN DOEBELE, ADITYA WIkRAmA, ALvI TIRTADJI, ARDIAN WIBISONO, NAAzNEEN kARmALI, PUDJI LESTARI, REvA SASISTIYA, SONYA ANGRAINI, ULISARI ESLITA, YESSAR ROSENDAR, YUS HUSNI m. THAmRIN,

FORBEs indOnEsia | DECEMBER 2011

wealth list

40

INDONESIA’S 40 RICHEST

1. R. Budi & Michael Hartono$14 BiLLiOn BANKING70. MaRRieD, 3 ChilDReN72. MaRRieD, 4 ChilDReN

shares of brothers’ most valuable holding, BCA, nation’s largest private bank, rose 20% in past year. they also own clove cigarette maker Djarum, palm oil plantations and real estate complex in Jakarta. through their newly created Global Digital Prima Ventures, family bought Kaskus, indonesia’s most popular website.

2. Susilo Wonowidjojo $10.5 BiLLiOn

TOBACCO 55. MaRRieD, 4 ChilDReN

President commissioner of clove cigarette maker Gudang Garam, founded by his father and later run by brother Rachman halim until his 2008 death. shares fortune with his siblings.

Fast FaCts: • Clove cigarettes banned in U.s. since 2009

3. Eka Tjipta Widjaja $8 BiLLiOn

PALM OIL 88. MaRRieD, 15 ChilDReN

Palm oil outfit Golden Agri-Resources remains family’s most valuable holding despite difficult year spent fighting charges of environmental damage. Family’s financial services firm sinar Mas Multiartha is thriving.

Fast FaCts: • Family’s asia Pulp & Paper defaulted on more than $10 billion in debt as result of 1997 asian financial crisis • Chinese immigrant got start selling biscuits as a teenager R

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4. Low Tuck Kwong $3.7 BiLLiOn COAL 63. MaRRieD, 2 ChilDReN

his coal-mining outfit, Bayan Resources, aims to double its output to 25 million tonnes per year by 2013; agreed to supply 100 million tonnes of coal to india’s Universal Crescent Power Private between 2015 and 2040. also has stakes in singapore-listed Manhattan Resources and singapore health Partners. Daughter elaine, who got engineering degree from Japan institute, donated $773,000 to help Japan’s tsunami and earthquake victims.

Fast FaCts: • set up zoo in borneo with dozens of animals, including sun bears, orangutans, peacocks

5. Anthoni Salim $3.6 BiLLiOn

DIVERSIFIED 62. MaRRieD, 3 ChilDReN

head of family’s powerful salim Group. Chairman of publicly traded holding company First Pacific, known for its stake in indofood, world’s biggest seller of instant noodles. also has stake in Philippine long Distance telephone, which paid $1.6 billion for 52% stake in rival in october. took subsidiary salim ivomas Pratama, an agricultural firm involved in seed breeding and palm oil processing, public in May, raising more than $400 million.

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7. Martua Sitorus $2.7 BiLLiOn


Chief operating officer of Wilmar International, one of world’s largest palm oil producers; firm announced plans to build a natural alcohol plant in Netherlands with texas’ chemicals maker huntsman Corp. it is also investing in property in China. Meanwhile sitorus and his wilmar cofounder Kuok Khoon hong personally paid $473 million for london’s aviva tower.

Fast FaCts: • said to maintain three private jets on three continents

8. Peter Sondakh $2.6 BiLLiOn

INVESTMENTS 59. MaRRieD, 3 ChilDReN

head of the Rajawali group. indonesia’s Midas seems to have success in nearly all businesses he touches. Currently has interests in mining, plantations, hotels: owns st. Regis bali, surfers Paradise in Queensland. Paid $100 million for stake in toll road operator Nusantra infrastructure.

Fast FaCts: • often invites academics to discuss his businesses and give input

6. Sukanto Tanoto $2.8 BiLLiOn


his Pacific Oil & Gas announced launch of its lNG project, a joint venture with 2 Chinese partners, in Jiangsu Province, China. successfully listed his cellulose producer, sateri holdings, in December 2010. his Royal Golden eagle (RGe) also owns papermaker april, palm oil firm asian agri.

Fast FaCts: • eldest of 7 boys dropped out of school at age 17 to help support his family • advisor to wharton business school

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9. Putera Sampoerna $2.4 BiLLiOn

INVESTMENTS 64. MaRRieD, 4 ChilDReN

has been investing in various sectors since selling its clove cigarette business to Philip Morris in 2005. through Sampoerna Strategic, run by son Michael, has interests in plantations, telecom, property. bought bank Dipo internasional in May for an undisclosed amount. Daughter Michelle runs family foundation.

Fast FaCts: • has his own blog • its corporate headquarters is popular site for events

10. Achmad Hamami $2.2 BiLLiOn

HEAVY EQUIPMENT 81. MaRRieD, 4 ChilDReN

Known as Met, has owned indonesia’s Caterpillar distribu-tor, Trakindo, since 1971.

Fast FaCts: • ex-jet pilot in Navy

11. Chairul Tanjung $2.1 BiLLiOn DIVERSIFIED 49. MaRRieD, 2 ChilDReN

his Para Group, to be rebranded Ct Corp in December, paid reported $70 million for country’s biggest online media outfit, Detik.com, in august. opened its second theme park in bandung this year and plans to open its biggest yet in Jakarta by 2014. bulk of fortune comes from media holdings, stake in bank Mega.

Fast FaCts: • often leaves office after midnight

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14. Murdaya Poo

$1.5 BiLLiOn DIVERSIFIED 70. MaRRieD, 4 ChilDReN

believes his wife, siti hartati Murdaya, is the main force behind his success. she helps him manage his quarter-century-old business Central Cipta Murdaya Group, which provides internet services in 24 cities and plans to spend $8 billion building a central business district in Kemayoran, Central Jakarta in the next five years.

13. Sri Prakash Lohia $1.7 BiLLiOn

POLYESTER 59. MaRRieD, 2 ChilDReN

s.P. controls Indo-Rama Synthetics, indonesia largest polyester manufacturer. Chairman of indorama Ventures, run by his brother aloke, also a billionaire, from thailand. after a meeting with President susilo bambang yudhoyono earlier this year, announced plans to invest more than $5 billion in oil, gas, petrochemicals in indonesia

12. Boenjamin Setiawan $2 BiLLiOn

PHARMA 78. MaRRieD, 2 ChilDReN

Doctor boen, as he is nicknamed, opened his 10th hospital this year and started a clinic business called Klinik Mitrasana. his Kalbe Farma, which claims to be southeast asia’s largest publicly traded pharma outfit, introduced its energy drink extra Joss in Philippines this year.

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15. Tahir $1.4 BiLLiOn


Got start with car dealerships in late 1980s; when business failed moved into garment business. today his Mayapada Group has interests in banking, hospitals, duty free shops, media company that owns license to Forbes Indonesia; owns 11 properties. became UC berkeley’s first trustee from southeast asia in 2007. Gave $1 million to its haas school for a new endowment fund to provide scholarships to international M.b.a. students primarily from asia. Pledged $23 million to National University of singapore.

Fast FaCts: • wife, Rosy Riady, is daughter of Mochtar, No. 38

16. Edwin Soeryadjaya $1.35 BiLLiOn

COAL 62. MaRRieD, 3 ChilDReN

UsC grad cofounded investment firm Saratoga in 1998. has big stake in coal miner adaro energy; with partner sandiaga Uno, bought Mandala airlines this year.

Fast FaCts: • son of a former billionaire who founded automotive group astra but eventually lost control and much of his wealth

17. Kiki Barki $1.3 BiLLiOn


Made debut last year when he listed his coal outfit, Harum Energy. in surprising move later sold 10% stake at a 5% discount to market price. Got engineering degree at beijing University.

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21. Eddy William Katuari $1.2 BiLLiOn

CONSUMER GOODS 60. MaRRieD, 4 ChilDReN

Runs east Java consumer products Wings Group; toiletries are biggest part of business; exports its chemical products overseas. owns 50% in private company. has stake in publicly traded Unggul indah Cahaya, producer of alkylbenzene, one of main raw substances of detergent.

19. Sjamsul Nursalim $1.22 BiLLiOn

TIRES 70. MaRRieD, 2 ChilDReN

Gets bulk of fortune from tiremaker Gajah Tunggal, whose name means “supreme elephant.” Family also has stake in thriving retailer Mitra adiperkasa, which holds licenses to burger King, starbucks and zara, and operates 970 stores in 35 major cities, shares of which nearly doubled in the past year.

20. Ciliandra Fangiono $1.21 BiLLiOn


Cambridge-educated former investment banker heads palm oil outfit First Resources. Recently set up subsidiary Matthew air Nusantara, air freight company, to transport its cargo and equipment.

18. Garibaldi Thohir $1.25 BiLLiOn COAL 45. MaRRieD, 3 ChilDReN

boy, as he’s been called since childhood, and 4 other investors purchased Adaro Energy in 2005; company, which he heads, aims to produce 26 million metric tons this year, enough to supply half of Jakarta’s power for a year. it is the largest single-site coal producer in southern hemisphere. Makes special, branded “envirocoal” that boasts an extremely low ash and sulfur content

Fast FaCts: • Father, teddy thohir, was once highest-ranking official in Union Car- bide’s indonesian office and a founder of car dealer astra international. • brother erick is an investor in american Nba team Philadelphia 76ers G

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22. Hary Tanoesoedibjo $1.19 BiLLiOn

MEDIA 46. MaRRieD, 5 ChilDReN

hary has just announced that he will support the National Democrat party (known as NasDem), which is a new party formed by fellow media tycoon surya Paloh; he is chairman of its “panel of experts;” party intends to field candidate for 2014 elections. Meanwhile he is preparing to list his direct broadcast satellite provider, PT MNC Sky Vision, in early 2012.

Fast FaCts: • workaholic, holds meetings on public holidays. likes to exercise daily

23. Kartini Muljadi $1.15 BiLLiOn

PHARMA 81. wiDoweD, 3 ChilDReN

Richest woman in indonesia founded law firm of Kartini Muljadi & Rekan, but family’s fortune comes from shares in drugmaker Tempo Scan, now run by son handojo. active in philanthropy related to children’s education and healthcare.

24. Theodore Rachmat $1.14 BiLLiOn


Cousin of edwin soeryadjaya (No. 16) is vice president commissioner of Adaro Energy and president commissioner of Adira Finance. Got start at astra international, then run by edwin’s father.

26. Harjo Sutanto $1 BiLLiOn

CONSUMER PRODUCTS 85. MaRRieD, 4 ChilDReN

together with late Ferdinand Katuari, founded Wings in 1948. Ferdinand’s son eddy (No. 21) runs the show, but harjo’s children help out. harjo owns 40%, more than previously estimated.

27. Ciputra $950 MiLLiOn

REAL ESTATE 80. MaRRieD, 4 ChilDReN

Runs Ciputra Group, which started out as a property developer and now has interests in several industries. opened its first hospital on outskirts of Jakarta this year; plans to build nine more within the next five years.G

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30. Aburizal Bakrie $890 MiLLiOn


Chairman of indonesia’s powerful Golkar Party and likely candidate for 2014 presidential elections. brother Nirwan runs most of family’s Bakrie Group on day-to-day basis. Family, which defaulted on $1.2 billion of debt during the asian financial crisis, orchestrated $3 billion deal with Nathaniel Rothschild last year but it almost unraveled recently as they were forced to sell half of their stake in coal outfit bumi Plc. to pay off debts.

29. Benny Subianto $900 MiLLiOn


one of five Adaro shareholders among indonesia’s 40 Richest, mechanical engineer has had long career with stops along way at astra international and United tractor.

25. Djoko Susanto $1.04 BiLLiOn

RETAIL 61. MaRRieD, 5 ChilDReN

Retailer operates more than 5,500 stores under such brands as alfa-mart, alfamidi and lawson. Debuts thanks to value of his thinly traded retail company, PT Sumber Alfaria Trijaya, nearly doubling in past year.

28. Samin Tan $940 MiLLiOn


through his indonesian coal miner Borneo Lumbung Energi helped bail out debt-troubled bakries (No. 30), agreeing to buy half their stake in london-listed bumi Plc. also owns investment bank Renaissance Capital. D

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31. Engki Wibowo & Jenny Quantero $810 MiLLiOn

COAL 60. 59. MaRRieD

the married executives have worked for years at low tuck Kwong’s Bayan Resources and have shares in the coal outfit; wibowo is director for environmental health and safety, while Quantero, who has worked with low since 1977, is head of corporate affairs. Couple reduced their holdings in bayan over the past year.

32. Hashim Djojohadikusumo $790 MiLLiOn

OIL 57. MaRRieD, 3 ChilDReN

Former U.s.-educated investment banker made a bundle when he sold his oil interests in Nations Energy. Now spends his money making mov-ies through his Merah Putih (Red and white, adopted from indonesia flag) and on charitable endeavors. in april hashim inaugurated new hall named for family member at Gadjah Mada University in yogyakarta.

Fast FaCts: • Chairman of indonesia Chess Federation is helping promote indonesian young chess players in various international chess tournaments. • worked for two years at investment bank lazard Freres in Paris

33. soegiarto adikoesoemo $770 MiLLiOn CHEMICALS 73. MaRRieD, 3 ChilDReN

sold sorini, the world’s second-largest sorbitol producer, to Cargill early this year for $247 million. Now transforming his AKR Corporindo into a logistic and distribution company by distributing petroleum and chemicals all over indonesia. through his property company aKRland Development, he builds and operates hotels in bali and Manado.

Fast FaCts: • Founded aKR in 1960; son haryanto is president

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36. Husain Djojonegoro $700 MiLLiOn

CONSUMER GOODS 62. MaRRieD, 4 ChilDReN

late father started selling herbal wine 63 years ago. today family’s ABC Group, run by husain and two brothers, is one of nation’s big-gest consumer goods groups, making everything from toothpaste to green tea to dry cell batteries. among its better known brands: you C1000, women’s herbal drink Kiranti and oops butter Crackers.

37. Sandiaga Uno $660 MiLLiOn


Partner in Saratoga Capital with edwin soeryadjaya (No. 16) gets bulk his fortune from adaro energy, shares of which are down tK% in past year. often seen jogging on Jakarta’s sudirman; ran in New york City marathon, along with other indonesian entrepreneurs, in November; raised half a million dollars for charity by having sponsors buy each kilometer. his personal time: 4 hours and 24 minutes.

Fast FaCts: • Likes to read Indonesian literature

35. Muhammad Aksa Mahmud $710 MiLLiOn

CEMENT 66. MaRRieD, 5 ChilDReN

his Bosowa sold a 23% stake in Nusantara infrastructure to Peter sondakh earlier this year. aksa is now building a second cement factory in Maros, south sulawesi. also has interests in agribusiness, including 100,000 hectares of rice fields in Papua.

34. Kuncoro Wibowo $730 MiLLiOn

TOOLS 55. MaRRieD

late father operated small shop selling tools and hardware. wibowo took over the business after his father’s death and, with help from five siblings, expanded into trading, importing, distributing technical equipment. listed subsidiary, PT Ace Hardware indonesia, is indonesia’s biggest home-improvement retailer (see related story p. 14).

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38. Mochtar Riady $650 MiLLiOn DIVERSIFIED 82. MaRRieD, 6 ChilDReN

Patriarch of 60-year-old Lippo Group, conglomerate he founded in 1950s. today it has interests in property, health care, financial services, media and retailing. last year lippo acquired majority stake in bank Nobu, marking return to banking after 10-year hiatus. shares fortune with children, including sons James and stephen, who run group. National University of singapore’s business school is housed in a building named after him that he funded. in March he donated $5 million to singapore Management University to pro-vide scholarships to less well-off Chinese and indonesian students.

39. Trihatma Haliman $640 MiLLiOn

REAL ESTATE 59. MaRRieD, 2 ChilDReN

announced five-year plan to revitalize northern part of Jakarta with construction of a 300-hectare development built on reclaimed land. Uses slogan “back to the city” to woo customers to move back from suburbs into city apartments to escape long commutes in Jakarta’s notorious traffic jams.

40. Handojo Santosa $630 MiLLiOn

POULTRY 47. MaRRieD

inherited Ometraco Group from his father; turned its Japfa Comfeed into the second-largest poultry feed producer in the country. over past five years, group has boasted average sales growth of 21%. Company’s roots date back to a 1871 joint venture in the feed business with a Dutch company. supports national chess players through JaPFa Chess Club.

METHODOLOGYNet worths were calculated using Nov. 11 stock prices and exchange rates. Privately held companies were valued by comparing them with similar publicly traded companies. Unlike the Forbes billionaires rankings, which focus on individual wealth, the indonesia list reflects a number of family fortunes.

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forbes indonesia rich list 2011

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