http://www.forbes.com/global/2008/1222/045.html
Indonesia's 40 Richest
Suzanne Nam, 12.04.08, 05:00 PM EST
Forbes Magazine dated December 22, 2008
The net worth of our wealthiest Indonesians has taken a beating.
FORBES ASIA closes out our annual coverage of Asia's wealthiest tycoons on a
low note. The total worth for all 480 tycoons fell to $779 billion, from $940
billion, despite the fact that we added an additional list of 40 Richest.
Fortunes in Indonesia have collapsed with the global economy, pushed down by a
dismal stock market, off 54% since last year; plunging commodity prices; and a
weak rupiah, which lost nearly a quarter of its value in the past year.
The central bank established more stringent currency controls in November to
limit speculation after the rupiah hit a decade low. No surprise then that the
nation's 40 Richest and their families are now worth a total of $21 billion,
down from $40 billion. Fourteen have lost more than half of their fortunes,
including former billionaires Aburizal Bakrie and Eka Tjipta Widjaja. There are
only 7 billionaires, down from 11 in 2007. Two of the 40 added to their
fortunes, but the gains had more to do with information gathering than
appreciation of assets.
The list's three newcomers all took coal companies public this year. Low Tuck
Kwong listed pt Bayan Resources. Garibaldi Thohir and Theodore Rachmat are both
directors of coal producer Adaro Energy, which listed in July in Indonesia's
largest IPO to date. Adaro had been at the center of a legal fight between two
other rich listers, Edwin Soeryadjaya and Sukanto Tanoto, who lost control of
the company after defaulting on a loan. Still Tanoto reclaims the No. 1 rank,
despite a $2.7 billion drop in net worth.
Tobacco executive Rachman Halim died in July. The fortune, which was shared
with his five siblings, is now listed under the family's name, Wonowidjojo.
Three members of last year's list failed to make the cut, despite the fact that
the minimum net worth fell to $55 million from $120 million.
Net worths were calculated using Nov. 28 stock prices and exchange rates.
Privately held companies were valued by comparing them with similar publicly
traded companies. This ranking, unlike the Forbes Billionaires list, includes
family fortunes like the one belonging to Anthoni Salim and his family as well
as individual ones like that of Martua Sitorus.
Additional reporting by Maha Atal, Keren Blankfeld Schultz, Caroline Chen, Tina
Chopra and Lan Anh Nguyen.
Special Report
Indonesia's 40 Richest
12.10.08, 11:00 PM EST
Rank Name Net Worth ($mil) Age
1 Sukanto Tanoto 2,000 58
2 R. Budi Hartono 1,720 67
3 Michael Hartono 1,680 69
4 Putera Sampoerna 1,500 60
5 Martua Sitorus 1,300 48
6 Peter Sondakh 1,050 56
7 Eddy William Katuari 1,040 57
8 Eka Tjipta Widjaja 950 85
9 Aburizal Bakrie 850 62
10 Murdaya Poo 825 67
11 Anthoni Salim 690 59
12 Wonowidjojo family 640 NA
13 Chairul Tanjung 625 46
14 Trihatma Haliman 470 56
15 Arifin Panigoro 430 63
16 Sjamsul Nursalim 425 67
17 Mochtar Riady 420 79
18 Harjo Sutanto 340 82
19 Husein Djojonegoro 300 59
20 Soegiharto Sosrodjojo 275 78
21 Aksa Mahmud 260 63
22 Hary Tanoesoedibjo 240 43
23 Garibaldi Thohir 216 43
24 Theodore Rachmat 215 NA
25 Low Tuck Kwong 214 60
26 Edwin Soeryadjaya 210 59
27 Prajogo Pangestu 200 57
28 Paulus Tumewu 190 56
29 Jusuf Kalla 185 66
30 Tan Kian 175 51
31 Sutanto Djuhar 165 79
32 Kartini Muljadi 130 78
33 Soegiarto Adikoesoemo 120 70
34 Alim Markus 115 57
35 George & Sjakon Tahija 110 NA
36 Kris Wiluan 105 60
37 Jakob Oetama 80 77
38 Hadi Surya 70 72
39 Eka Tjandranegara 60 62
40 Ciputra 55 77
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