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INDONESIA’S RICHEST MEN

Following our controversial main man in the rankings were, among others, Putera Sampoerna, Rachman Halim and R. Budi Hartono - men who all made their fortunes from kretek cigarettes. Ranked third, Eka Tjipta Widjaja and his family, with a net worth of $2 billion, built their fortune on pulp and paper.

 

Further down the list, real estate mogul Trihatma Haliman amassed $900 million selling apartments in Jakarta. Others, like Eddy William Katuari’s Wing Group and Liem Sioe Liong’s Indofood are involved in retail laundry detergent and instant noodles respectively. Aburizal Bakrie, the current minister for the economy, was ranked 6th. Upon being asked as to why he was not ranked first he is reported to have said only “I wish”.

The complete list of the forty richest men in Indonesia is as follow:

 

  1. Sukanto Tanoto & family
  2. Putera Sampoerna & family
  3. Eka Tjipta Widjaja & family
  4. Rachman Halim & family
  5. R. Budi Hartono & family
  6. Aburizal Bakrie & family
  7. Eddy William Katuari & family
  8. Trihatma Haliman
  9. Arifin Panigoro
  10. Liem Sioe Liong & family
  11. Mochtar Riady & family
  12. Peter Sondakh
  13. Prajogo Pangestu
  14. Martua Sitorus
  15. Paulus Tumewu
  16. Murdaya Poo and Siti Hartati Cakra
  17. Husein Djojonegoro & family
  18. Chairul Tanjung
  19. Hadi Surya
  20. Tan Kian
  21. Sjamsul Nursalim
  22. George and Sjakon Tahija
  23. Edwin Soeryadjaya
  24. Kartini Muljadi and Dian Paramita Tamzil
  25. Harjo Sutanto & family
  26. Soegiharto Sosrodjojo
  27. Tan Siong Kie
  28. Aksa Mahmud
  29. Soetjipto Nagaria
  30. Ciputra & family
  31. Kris Wiluan
  32. Sutanto Djuhar & family
  33. Husein Sutjiadi
  34. Boenjamin Setiawan & family
  35. Tomy Winata
  36. Jusuf Kalla
  37. Soedarpo Sastrosatomo & family
  38. Alim Markus & family
  39. Jakob Oetama
  40. Tjandra Kusuma


 

 

December 14th, 2007

Aburizal Bakrie is Indonesia’s richest man. Forbes Asia list of Indonesia’s richest men and families, the top ten:

  1. Aburizal Bakrie and family (Bakrie Group): $5.4 billion
  2. Sukanto Tanoto (April and Asian Agri): $4.7 billion
  3. R. Budi Hartono: $3.14 billion
  4. Michael Hartono (Budi & Michael Hartono, part owners of Djarum & BCA): $3.08 billion
  5. Eka Tjipta Widjaja and family (Sinar Mas Group): $2.8 billion
  6. Putera Sampoerna and family (Sampoerna Strategic): $2.2 billion
  7. Martua Sitorus (Wilmar International): $2.1 billion
  8. Rachman Halim and family (Gudang Garam): $1.6 billion
  9. Peter Sondakh (Rajawali Group): $1.45 billion.
  10. Eddy William Katuari and family (Wings Group): $1.39 billion


Last year Aburizal Bakrie, the Co-ordinating minister for the Peoples’ Welfare, came in at sixth, with wealth of $1.2 billion, and Sukanto Tanoto led the rankings.

Vice-president Jusuf Kalla ranked 30th while Bambang Trihatmodjo was at 33rd. In general Indonesia’s richest men have seen huge gains in wealth on last year, with their combined net worth rising to $938 billion, up from $575 billion in 2006, which Forbes says was due to strong equity values and healthy real estate markets, as well as the weak dollar.

 

December 18th, 2008,

The Forbes list of the top 40 richest businessmen sees a downturn in fortunes for Indonesia’s wealthiest.

Sukanto Tanoto heads the 2008 Forbes’ list of Indonesia’s richest men, up from 2nd last year, while Aburizal Bakrie drops from 1st to 9th:

  1. Sukanto Tanoto ($2 billion net worth)
  2. R. Budi Hartono ($1.7 billion)
  3. Michael Hartono ($1.6 billion)
  4. Putera Sampoerna ($1.5 billion)
  5. Martua Sitorus ($1.3 billion)
  6. Peter Sondakh ($1 billion)
  7. Eddy William Katuari ($1 billion)
  8. Eka Tjipta Widjaja ($950 million)
  9. Aburizal Bakrie ($850 million)
  10. Murdaya Poo ($825 million)
  11. Anthoni Salim ($690 million)
  12. Wonowidjojo family (Rachman Halim) ($640 million)
  13. Chairul Tanjung ($625 million)
  14. Trihatma Haliman ($470 million)
  15. Arifin Panigoro ($430 million)
  16. Sjamsul Nursalim ($425 million)
  17. Mochtar Riady ($420 million)
  18. Harjo Sutanto ($340 million)
  19. Husein Djojonegoro ($300 million)
  20. Soegiharto Sosrodjojo ($275 million)
  21. Aksa Mahmud ($260 million)
  22. Hary Tanoesoedibjo ($240 million)
  23. Garibaldi Thohir ($216 million)
  24. Theodore Rachmat ($215 million)
  25. Low Tuck Kwong ($214 million)
  26. Edwin Soeryadjaya ($210 million)
  27. Prajogo Pangestu ($200 million)
  28. Paulus Tumewu ($190 million)
  29. Jusuf Kalla ($185 million)
  30. Tan Kian ($175 million)
  31. Sutanto Djuhar ($165 million)
  32. Kartini Muljadi ($130 million)
  33. Soegiarto Adikoesoemo ($120 million)
  34. Alim Markus ($115 million)
  35. George & Sjakon Tahija ($110 million)
  36. Kris Wiluan ($105 million)
  37. Jakob Oetama ($80 million)
  38. Hadi Surya ($70 million)
  39. Eka Tjandranegara ($60 million)
  40. Ciputra ($55 million)

Fourteen men or families lost at least half of their fortunes, including ex-billionaires Aburizal Bakrie and Eka Tjipta Widjaja, while only two of the 40 added to their fortunes, but Forbes suggests this was due to improved detective work on their part rather than any appreciation of assets or business success. The three new-comers to the list, Low Tuck Kwong (Bayan Resources), and Garibaldi Thohir and Theodore Rachmat (Adaro Energy) are all involved in the coal industry.

What is so significant with this list of Indonesia richest men?

First, majority of those richest men in Indonesia from 2006, 2007 and 2008 adopted Javanese-names. But in reality, those guys are not Javanese descent. Majority of those richest men listed are Chinese descent wrapped themselves around with Javanese names to blend in. This does not suggest that I am a racist person in any stretch of imagination. I am presenting the facts as is. I respect those Chinese-Indonesian brothers and sisters who work hard to accumulate wealth.

Second, the fact that majority of those richest men are non-native Indonesian, this phenomenon warrants public question on public policies how Indonesia’s domestic economic policies were undertaken by the previous and the current administration in such a way that such a massive Indonesian wealth are now being held by non-native of Indonesian. Such an imbalance wealth between native and non-native Indonesian create social and economic jealousy. The widening gap between the richest and the poor; between the Chinese descent and the native Indonesian shall be remedied if we don’t want to see the 1998 tragedy to be repeated.

Third, it is obvious that when things go wrong in Indonesia, those funds that are now held in Indonesia’s banks can be easily transferred to other Banks overseas and thus, it does not benefit Indonesia at the time of crisis and desperate needs, such as WAR. This is where banking policy and procedures in Indonesia needs to be reformed to protect Indonesia national interest.

Fourth, Forbes Magazine measures their wealth based on public holding of shares, stocks, bonds and securities. There is no doubt that there are plenty rich Indonesians who do not have public holding in terms of owning shares, stocks, bonds or securities. Thus, there are many other richest Indonesians categorized as millionaires or billionaires that are not included in those lists.

Fifth, If Forbes Magazine report was true that the total combined wealth of these richest men in Indonesia closed to $1 trillion US dollar; precisely stood at $938 billion, as Forbes reported. These figures are in direct contrast with Indonesia’s massive debts that stood at $ 140.9 Billion in 2007. That shows you how insignificant is Indonesia’s debts compared to the wealth that these 40 Indonesian richest men have.

Sixth, now compare these figures with Indonesia’s national budget figure (2007-2008), which states that Indonesia total revenue was projected to stand at Rp.723.100.000.000.000.00 (Rp. 723.1 trillion or $80.3 billion). Meanwhile Indonesia’s total spending was projected to stand at Rp.763.600.000.000.000.00 (Rp. 763.6 trillion or $84.8 billion), which results in Rp.40.500.000.000.000.00 trillion in deficits or $4.5 billion. These budget projections were based on OIL price at $63 per barrel.

Wow, what a zero……! I am just dizzy by looking at it. Those are real zeros that we; the Indonesian people owe to dozens of foreign and domestic creditors.

Seven, the fact that Indonesia and its million citizens continue to suffer because of this massive debt trap and these 40 richest men do not seem to care but their own wealth show that Indonesia needs a new leadership who understand the big picture of the issue.

Imagine this!

If the Government of Indonesia (GOI) provides a subsidy, loan or grant as low as $1,000,000.00 US dollar to every Indonesian, what that money can do for a family?

This $1 million USA dollar can be used to buy:

 

  • A very nice and comfortable brand new house
  • A brand new 2009 Mercedes Benz 700 series 12 cylinders
  • A 70” FLAT screen TV with digital disc
  • A brand new flat screen PC sets and its color laser printer with Internet access
  • A brand new lazy and cozy furniture and dining table sets
  • Enough money to pay for their children college funds
  • Enough money to pay for Health Insurance
  • Enough fund to buy gasoline for the entire life up to 75 years of age
  • Enough money to even buy foods at nice Restaurants everyday for the entire family
  • And there will be enough funds left unspent until they die….

 

That is how much $1 million US dollar worth in Indonesia for Indonesian family that I call it “PROSPERITY”.

Even with this scenario, Indonesian Government will only have to come up with  the most of $238,000,000.00 ($238 million dollar) assuming that Indonesia’s population now stands at 238,000,000 people. Imagine that Indonesia now owes $136 billion US dollar. Yes, it is in billion with “big B” and not in million with small “M”.

 

How Indonesia ends up with $136 billion US dollar in debt in just mind boggling. Who spent that much money and for what? Don’t we have the right to know and to be informed?

 

On top of this, now we know that 40 Indonesian richest men are holding over $938 billion US dollar.

President SBY and his Democrate Party Claim:

 

First Claim. In the recent Presidential campaign, President SBY and his Democrat Party have claimed his achievements for paying off the $7.6 billion to the IMF.

What the majority Indonesian people do not know is the fact that SBY’s administration was issuing bonds known as SUN (Surat Utang Negara) resulting in additional DOMESTIC DEBTS as big as $6.4 billion in 2007. By the end of 2008, SBY’s administration targeted to get additional $10.6 billion in selling bonds, which total come up to $17 billion US dollar.

 

Now go figure! He paid off $7.6 billion to IMF and Indonesia is free from IMF restrictions. But in doing so, SBY’s administration created additional domestic debts for $17 billion US dollar in 2 years (2007 and 2008). That is just like robbing Peter to pay Paul. The same old story! Is this the accomplishment that SBY claim to have in this campaign season?

 

Second claim: was the 7% economic growth. What is the 7% in economic growth can do with the faltering economy, massive unemployment and massive debts trap? He does not get it, does he?

 

Third Claim was combating corruption? I give him a credit in this effort. But corruption is not the only problem. His success is just a drop in a big bucket.

 

Even if he is successfully minimizing corruption, there are other depressing issues that he failed to address during his 4 years in office. All of these times, I have not seen any efforts from his administration to resolve Indonesia’s massive debts, declining rupiah currency for the last 28 years and massive spending by the Central Government.

If he does not bother and see the needs to address those critical issues 4 years in office, what make you think that he will care next time around? He did not care then, why he cares now. Don’t be fooled!

Below is a link to more issues facing Indonesia:

http://www.indonesiamatters.com/2431/presidential-debates/

 

March 12th, 2009

Daftar 40 orang terkaya Indonesia tahun 2009 versi Forbes yang dirilis, Kamis (3/12/2009) lalu.

   1. R. Budi & Michael Hartono  US$ 7 miliar
   2. Martua Sitorus     US$ 3 miliar
   3. Susilo Wonowidjojo  US$ 2,6 miliar
   4. Aburizal Bakrie     US$ 2,5 miliar
   5. Eka Tjipta Widjaja  U$S 2,4 miliar
   6. Peter Sondakh  US$ 2,1 miliar
   7. Putera Sampoerna  US$ 2 miliar
   8. Sukanto Tanoto  US$ 1,9 miliar
   9. Anthoni Salim US$  1,4 miliar
  10. Soegiharto Sosrodjojo  US$ 1,2 miliar
  11. Low Tuck Kwong  US$ 1,18 miliar
  12. Eddy William Katuari US$ 1,1 miliar
  13. Chairul Tanjung US$ 99 juta
  14. Garibaldi Thohir US$ 930 juta
  15. Theodore Rachmat US$ 900 juta
  16. Edwin Soeryadjaya US$ 800 juta
  17. Trihatma Haliman US$ 750 juta
  18. Ciliandra Fangiono US$ 710 juta
  19. Arifin Panigoro    US$ 650 juta
  20. Murdaya Poo US$ 600 juta
  21. Hashim Djojohadikusumo    US$ 500 juta
  22. Kusnan & Rusdi Kirana US$ 480 juta
  23. Prajogo Pangestu US$ 475 juta
  24. Harjo Sutanto US$ 470 juta
  25. Mochtar Riady    US$ 440 juta
  26. Eka Tjandranegara    US$ 430 juta
  27. Ciputra    US$ 420 juta
  28. Hary Tanoesoedibjo    US$ 410 juta
  29. Sandiaga Uno    US$ 400 juta
  30. Boenjamin Setiawan    US$ 395 juta
  31. Alim Markus    US$ 350 juta
  32. Aksa Mahmud    US$ 330 juta
  33. Sutanto Djuhar    US$ 325 juta
  34. Kartini Muljadi    US$ 320 juta
  35. Soegiarto Adikoesoemo    US$ 300 juta
  36. George Santosa Tahija & Sjakon George Tahija US$ 290
  37. Paulus Tumewu    US$ 280 juta
  38. Husain Djojonegoro US$260 juta.
  39. Bachtiar Karim    US$ 250 juta.
  40. Kris Wiluan    US$ 240 juta.

*

 

 

 

Posted in Indonesia's Massive Debts.

By Chris Komari
December 31, 2008

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