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http://www.forbes.com/2009/12/02/indonesia-richest-tycoons-indonesia-billionaires-09-southeast-asia-wealth_land.html
Indonesia's 40 Richest
#11 Low Tuck Kwong
12.02.09, 07:00 PM EST
Stock of his coal outfit, Bayan Resources, soared, pushing him into billionaire
ranks for first time.
Previous: Soegiharto Sosrodjojo Next: Eddy William Katuari
Munshi Ahmed for Forbes
Net Worth: $1.18 billion
Age: 61
Industry: Coal
Married, 2 children
Stock of his coal outfit, Bayan Resources, soared, pushing him into billionaire
ranks for first time. For more on Low, click here.
Special Report
Indonesia's 40 Richest
Suzanne Nam, 12.02.09, 07:00 PM EST
Rank Name Net Worth ($mil) Age
1 R. Budi & Michael Hartono 7,000 68/70
2 Martua Sitorus 3,000 49
3 Susilo Wonowidjojo 2,600 NA
4 Aburizal Bakrie 2,500 63
5 Eka Tjipta Widjaja 2,400 86
6 Peter Sondakh 2,100 57
7 Putera Sampoerna 2,000 61
8 Sukanto Tanoto 1,900 59
9 Anthoni Salim 1,400 60
10 Soegiharto Sosrodjojo 1,200 79
11 Low Tuck Kwong 1,180 61
12 Eddy William Katuari 1,100 58
13 Chairul Tanjung 990 46
14 Garibaldi Thohir 930 44
15 Theodore Rachmat 900 66
16 Edwin Soeryadjaya 800 60
17 Trihatma Haliman 750 57
18 Ciliandra Fangiono 710 33
19 Arifin Panigoro 650 64
20 Murdaya Poo 600 68
Rank Name Net Worth ($mil) Age
21 Hashim Djojohadikusumo 500 55
22 Kusnan & Rusdi Kirana 480 50/46
23 Prajogo Pangestu 475 58
24 Harjo Sutanto 470 83
25 Mochtar Riady 440 80
26 Eka Tjandranegara 430 63
27 Ciputra 420 78
28 Hary Tanoesoedibjo 410 44
29 Sandiaga Uno 400 40
30 Boenjamin Setiawan 395 76
31 Alim Markus 350 58
32 Aksa Mahmud 330 64
33 Sutanto Djuhar 325 80
34 Kartini Muljadi 320 79
35 Soegiarto Adikoesoemo 300 71
36 George Santosa Tahija & Sjakon George Tahija 290 51/56
37 Paulus Tumewu 280 57
38 Husain Djojonegoro 260 60
39 Bachtiar Karim 250 52
40 Kris Wiluan 240 61
The nation's stock market rally helped its wealthiest tycoons double their
fortunes.
Investors love Indonesia these days. The country's benchmark stock index rose
115% in local currency in the past 12 months--Asia's second best performer
behind China's Shenzhen SE Composite. It was No. 1 as measured in U.S. dollars.
Reasons include better than expected economic growth, perceived stability,
ushered in by the July re-election of President Susilo Bambang Yudhoyono, and
general resilience to the global recession that dragged down many other
nations' economies.
No surprise then that the fortunes of Indonesia's richest business people have
rebounded strongly. The collective worth of the nation's top 40 has doubled to
$42 billion from $21 billion last year, and is up $2 billion from its prior
peak in 2007. Of the dozen Asia Pacific jurisdictions for which we track
wealth, only China has done as well (next was India; its titans have gained
65%).
Nine Indonesian tycoons at least tripled their wealth since last year. The
country now has 12 billionaires with a combined wealth of $28 billion, up from
seven billionaires, including Low Tuck Kwong, a coal tycoon who joins the ranks
this year thanks to the red hot performance of his coal outfit, Bayan
Resources; its stock was up 474% in the past year. Another coal billionaire is
Aburizal Bakrie, whose holding in Bumi Resources also soared in value, helping
him regain his billionaire status this year after nearly losing a bundle in the
global credit crisis the previous year.
Indeed, global demand for Indonesia's natural resources fueled the rise of many
fortunes on this list. More than one-third of the top 40 make the bulk of their
money in coal, palm oil or oil and gas, including four of the five newcomers.
The richest new entrant is Ciliandra Fangiono, chief executive of palm oil firm
First Resources. Sandiaga Uno, partner of Edwin Soeryadjaya, also makes his
debut this year thanks to his interest in coal company Adaro Energy. He is one
of four tycoons whose fortunes trace back to Adaro. We also welcomed brothers
Kusnan and Rusdi Kirana to the list for the first time. Their budget carrier
Lion Air is now the country's second-largest airline.
Handily claiming the No. 1 spot for the first time are brothers and tobacco and
banking tycoons R. Budi and Michael Hartono; we combined their fortunes this
year to reflect the fact that this ranking, unlike Forbes' Billionaires list,
includes a number of family fortunes. Still, had they not been combined, their
individual net worths of $3.5 billion apiece would have earned them the top two
slots.
Only three Indonesian tycoons are poorer than they were last year, due in part
to better information. The minimum required to make the list was $240 million,
up from last year's relatively paltry $55 million and double the $120 million
required in 2007. Five of last year's list members did not meet that threshold,
despite three getting richer, including Hadi Surya, whose Berlian Laju Tanker
secured a 30-year contract to transport liquefied natural gas for BP ( BP -
news - people ). Another notable dropoff is former vice president and
presidential candidate Jusuf Kalla.
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