Almost Half of Tycoons on Forbes Indonesia Rich List See Fortunes Rise

06-Dec-2019 Intellasia | Forbes | 6:02 AM Print This Post

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 $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 percent 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 percent 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.


Category: Indonesia

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