Ical The Richest

Aburizal Bakrie has topped this year’s Indonesia Rich List published by Forbes Asia. Bakrie, who is Indonesia’s Coordinating Minister for People’sWelfare, runs the family-held Bakrie group with interests in infrastructure, property andtelecom. His net worth rose to US$5.4 billion from $1.2 billion last year, when he was rankedsixth in the inaugural list.

Second place is held by last year’s richest Indonesian, Sukanto Tanoto, owner ofApril, one of Asia’s largest pulp and paper makers. He also owns Asian Agri, amongIndonesia’s five largest palm oil producers. Tanoto’s net worth jumped to $4.7 billion from$2.8 billion last year, but this was not enough to match Bakrie’s gains.

The Indonesia Rich List, like the ten other Asia rich lists published by Forbes Asia,illustrates the big gains Asian tycoons are making this year. Overall, the combined net worthof those on the Forbes Asia rich lists rose to $938 billion from $575 billion last year, thankslargely to strong equities and real estate markets, as well as a weak dollar.

The 40 richest Indonesians added $18 billion to their combined wealth this year,bringing it to $40 billion. A minimum net worth of $120 million was needed to make the list,up from $80 million last year. The country now boasts 11 billionaires, four more than lastyear, and one more than in 1996, just before the Asian financial crisis.

Of the 10 billionaires in 1996, only the Hartono brothers, R. Budi and Michael, havenet worths today exceeding pre-financial crisis levels, when their joint wealth was $1.6billion. Their net worths, combined under R. Budi & family last year, have now been splitbased on more detailed information on their holdings. They are now valued at $3.14 and$3.08 billion respectively, good for third and fourth places on the list. The split also makesMichael Hartono one of four new billionaires this year.

Another addition to the billion dollar club is Martua Sitorus. Ranked number seven,his net worth increased to $2.1 billion from $475 million last year. Sitorus co-foundedagribusiness Wilmar International with nephew of Malaysia’s richest man, Robert Kuok. Hesigned the $4 billion merger agreement with Kuok’s plantation group in December 2006,resulting in the world’s largest palm oil processor. The stock has more than doubled since.

The other two new billionaires are Peter Sondakh ($1.45 billion, No. 9), and AnthoniSalim ($1.3 billion, No. 11). Of the top 40 this year, the wealth of 30 increased, the net worth of six slipped, onewas unchanged, and there were three newcomers. The highest new entrant is
HaryTanoesoedibjo, worth $815 million at number 15. His Bhakti Investama group has interests inmedia and telecommunications, and will be launching new airline Eagle Air in the next sixmonths.

Another newcomer is Soegiarto Adikoesoemo, worth $310 million and rankednumber 26. Soegiarto and his son Haryanto run chemical distributor AKR Corporindo, alsoAsia-Pacific’s largest maker of sorbitol. Their move into logistics, petroleum distribution andcassava plantations has helped triple the company’s value in the past year.

Also a new face on the list is Bambang Trihatmodjo, second son of former presidentSuharto. At number 33, his wealth is estimated to be $200 million. Bambang owns 13% ofmedia conglomerate Global Mediacom, which he founded as Bimantara in 1981, undoubtedlyhelped along by his father’s connections.

The only woman to make the list is Kartini Muljadi, worth $260 million and rankednumber 28. The former judge took over drugmaker Tempo Scan in 1982.

The top 10 richest in Indonesia are:1) Aburizal Bakrie & family; US$5.4 billion2) Sukanto Tanoto; $4.7 billion3) R. Budi Hartono; $3.14 billion4) Michael Hartono; $3.08 billion5) Eka Tjipta Widjaja & family; $2.8 billion6) Putera Sampoerna & family; $2.2 billion7) Martua Sitorus; $2.1 billion8) Rachman Halim & family; $1.6 billion9) Peter Sondakh; $1.45 billion10) Eddy William Katuari & family; $1.39 billion.

To compile the list, Forbes Asia calculated net worths using November 30 stockprices and exchange rates. Privately held companies were valued by comparing them withsimilar publicly traded companies. Any fortune not wholly owned by an individual is denotedwith “& family”. Unlike the Forbes billionaires list, this ranking has been broadened toinclude family fortunes.