Indonesia’s 40 Richest (Forbes)

So…one of the reason why Moslem should be rich… to give more charity… to be able to do more of things with his money to please Allah.. to spend it in the way of Allah… To spend our money first to help our close people….like what Allah says : “They ask thee what they should spend (In charity). Say: Whatever ye spend that is good, is for parents and kindred and orphans and those in want and for wayfarers. And whatever ye do that is good, -(Allah) knoweth it well “.[4](

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.

Net worths were calculated using Nov. 20 stock prices and exchange rates. Privately held companies were valued by comparing them with similar publicly traded companies.

Additional reporting by Keren Blankenfeld, Carolin Chen, Lan Anh Nguyen, Luisa Kroll, Noelle Lim and Simon Montlake.

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
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


#1 R. Budi & Michael Hartono

Net Worth: $7 billion
Age: 68/70
Industry: Banking
Married, 3 children/Married, 4 children
Brothers own nation’s second-biggest clove cigarette maker, Djarum. Recent U.S. ban of its clove cigarettes won’t likely have big impact given massive Indonesian market. Besides, most of fortune now held in Bank Central Asia, whose net profits were up 27% for first three quarters of year. Own Grand Indonesia, high-end mall and office building.

#2 Martua Sitorus

The Business Times © Singapore Press Holdings Ltd.
Net Worth: $3 billion
Age: 49
Industry: Palm Oil
Married, 4 children
Director and joint chief operating officer of agribusiness Wilmar International, which he cofounded in 1991. Company posted 24% gain in net profits for first 9 months of year, despite a 27% drop in revenues, due to lower commodities prices.

#3 Susilo Wonowidjojo

Net Worth: $2.6 billion
Age: NA
Industry: Tobacco

With family, owns Gudang Garam, country’s largest clove cigarette maker; name means “salt warehouse.” Shares hit 4-year high in wake of big deal in which British American Tobacco bought majority stake in its rival Bentoel International. Susilo was named president in June, replacing nonfamily member who left in February. He and brother Sumarto sit on company’s board while sister Juni Setiawati is a company commissioner. Brother Rachman Halim ran business until his 2008 death.

#4 Aburizal Bakrie

Adek Berry/AFP/Getty Images
Net Worth: $2.5 billion
Age: 63
Industry: Coal
Married, 3 children
Family’s holding firm, Bakrie & Brothers, teetered on brink last year but restructured $1.3 billion in debt. Value of its stake in Indonesian coal producer Bumi Resources has jumped, thanks in part to $1.9 billion loan from China Investment Corp. In October elected chairman of Indonesia’s Golkar party, part of ruling coalition.

#5 Eka Tjipta Widjaja

The Straits Times © Singapore Press Holdings Ltd.
Net Worth: $2.4 billion
Age: 86
Industry: Palm Oil
Married, 15 children
Family best known for escaping Asian financial crisis of the 90s; its Asia Pulp & Paper defaulted on more than $10 billion in debt at the time. Now derives bulk of fortune from holdings in Golden Agri-Resources, palm oil producer run by son Franky, and in Asia Food & Properties; shares of both more than doubled in past year. Chinese immigrant got start selling biscuits.
The remaining profiles can be read at:

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