Going behind

the numbers
and headlines
By SK Zainuddin

ow does one really measure net worth? Given that there are
so many such lists floating around, the reader is entitled to
ask how accurately do they reflect a person’s true wealth?
At GlobeAsia, our 150 Richest Indonesians list has been
painstakingly put together by a team of dedicated journal-
ists who have burrowed deep and searched widely to arrive
at an accurate number.
We have not only undertaken research, but interviewed people who have ei-
ther a working relationship with the individuals listed or who have at one time or
another done business with them.
What we have done therefore is to try and get a sense of the true net worth
of the people on our list. The easiest way to go about doing this list would be to
calculate the shareholdings of these individuals in the companies they own. But
there are times when share prices do not represent their true worth.
There are times when we have to go behind the numbers and headlines to get
a true sense of just how much a person is worth.
Often the challenge is not ascertaining the value of their assets as these num-
bers are publicly available. It is to accurately determine how large their debts are
as Indonesia still has a large informal debt market where people borrow from
one another by issuing commercial paper without proper scrutiny.
Often, these types of loans can be significant and if not taken into account, they
will distort the net worth of an individual. At GlobeAsia, we have taken many of these
factors into consideration in putting together this year’s list.

The 2011 GlobeAsia 150 Rich list was compiled by

SK Zainuddin, Yanto Sugiarto, Keith Loveard, Albertus Weldison Nonto,
Ardhian Novianto, Jacqueline Wales, Katie Lamb and Sashia Samira.

44 GlobeAsia June 2011

 GlobeAsia GlobeAsia
2010 2010
Rich list Rich list
NAME NETWORTH Networth NAME NETWORTH Networth
1. Eka Tjipta Widjaja, 88 16. Edwin Soeryadjaya, 62
Sinar Mas Group
Plantations, pulp and paper, mining,
$12 #2 Adaro/Saratoga Capital $1.25 #16
billion $4 billion Coal mining, investments billion $800 million
properties, banking

2. Budi Hartono, 70 17. Tahir, 59

and Michael Hartono, 71 $11.5 #1 Mayapada Banking Group $1.15
Djarum billion $4.8 billion Duty-free retailing, banking, property billion
Cigarettes, banking, electronics

3. Anthony Salim, 62 18. Sri Prakash Lohia, 58

Salim Group/First Pacific $8 #3 Indorama Textiles $1.15 #34
Food, plantations, telecommunications, industry billion $3.6 billion Textiles, petrochemicals billion $412 million

4. Martua Sitorus, 51 19. Teddy Thohir, 76

Wilmar International Holding $4 #5 and Garibaldi Thohir, 45 $1.1 #38
Plantations billion $2.5 billion Adaro Energy, Trinugraha billion $400 million
Coal mining, investment

5. Aburizal Bakrie, 64 20. Murdaya Poo, 70

Bakrie Group $3.8 #4 and Siti Hartati Murdaya, 65 $1.1 #11
Coal Mining, plantations, infrastructure, property billion $2.6 billion Central Cipta Murdaya billion $1.1billion
Property, power plant, trading

6. Dato Low Tuck Kwong, 62 21. Prajogo Pangestu, 60

Bayan Resources $3.7 #8 Barito Pacific $1.05 #15
Coal mining billion $1.4 billion Petrochemicals, energy billion $805 million

7. Putra Sampoerna, 61 22. Agus L Sudwikatmono, 40

Sampoerna Strategic $2.5 #6 Indika Energy $980
Plantations, online gambling billion $2.4 billion Coal Mining, investments. million

8. Sukanto Tanoto, 61 23. Hashim Djojohadikusumo, 57

Royal Golden Eagle $2 #7 Tirtamas Group $910 #12
Pulp and paper, plantations, energy billion $1.8 billion Oil, petrochemicals, pulp and paper, plantations million $950 million

9. Peter Sondakh, 59
$1.9 #9 24. Chairul Tanjung, 49
$900 #17
Rajawali Group CT Corporation, Bank Mega $750 million
Investments, mining billion $1.3 billion Banking, TV media, fashion retailing, property million

10. Susilo Wonowidjojo, 55 25. Mu’min Ali Gunawan, 72

Gudang Garam $1.9 #13 Panin Group $880 #26
Cigarettes billion $890 million Banking, Insurance, property million $562 million

11. Samin Tan, 49 26. Arifin Panigoro, 65

Borneo Lumbung Energy and metals $1.8 and Hilmi Panigoro, 55 $860 #19
Mining, investment billion Medco International million $680 million
Energy

12. Theodore P Rahmat, 67 27. Ciputra, 80

Triputra Group, Adaro $1.7 #22 Ciputra Group $790 #27
Coal Mining, plantations, investments billion $620 million Property million $560 million

13. Kiki Barki, 72 28. Boenjamin Setiawan, 78

Tanito Harum Group $1.6 #46 Kalbe Farma $770 #25
Coal Mining billion $345 million Pharmaceuticals million $571 million

14. William Katuari, 60 29. Sjamsul Nursalim, 69

Wings Group $1.45 #10 Gajah Tunggal $760 #31
Consumer goods, chemicals billion $1.3 billion Tires, retail, property million $430 million

15. Mochtar Riady, 82 30. Trihatma K Haliman, 59

Lippo Group
Banking and finance, diversified property, fashion
$1.3 #14 Agung Podomoro Group $750 #18
billion $805 million Property million $685 million
and food retailing, healthcare, multi-media

June 2011 GlobeAsia 45

 GlobeAsia GlobeAsia
2010 2010
Rich list Rich list
NAME NETWORTH Networth NAME NETWORTH Networth

31. Aksa Makhmud, 66 46. Tommy Winata, 53

Bosowa Corporation $750 #23 Artha Graha Group $570
Cement, infrastructure, trading, energy million $619 million Banking, hotels, agribusiness million

32. Harry Tanoesoedibjo, 46 47. George Tahija, 53

Bhakti Investama/Global Mediacom $710 #20 and Sjakon Tahija, 58 $560 #35
Multimedia, TV, satellite TV, securities million $640 million Austindo Nusa Nusantara Jaya million $409 million
Natural resources

33. Suryadi Darmadi, 61 48. Bachtiar Karim, 54

Duta Palma Nusantara Group $680 #47 Musim Mas $555 #39
Palm oil plantations million $336 million Plantations million $383 million

34. Wiwoho B Tjokronegoro, 71 49. Hartadi Angkosubroto, 57

Indika Energy $680 #64 and Husodo Angkosubroto, 55 $550 #33
Coal mining, supplies million $239 million Gunung Sewu Group million $412 million
Pineapple plantations, property, life insurance

35. Rusdi Kirana, 48 50. Eddy Sariaatmadja, 59

Lion Group $660 #28 SCTV $550 #43
Commercial airline million $520 million TV Media, ICT, Minerals, Investments million $360 million

36. Sugianto Kesuma, 60 51. Alexander Tedja, 66

Agung Sedayu/Bank Artha Graha $650 #21 Pakuwon Group $520 #52
Property, banking million $625 million Shopping malls, hotels, property million $302 million

37. Martias, 73 52. Yusuf Merukh, 75

and Tjiliandra Fangiono, 35 $650 #30 Merukh Entreprise $515 #83
First Reseources million $460 million Mining Concessions, property million $150 million
Plantation

38. Sandiaga Uno, 42 53. Eka Tjandranegara, 64

Saratoga, ReCapital $645 #57 Mulia Group $510 #32
Private equity, investment million $269 million Hotel, office buildings, building materials million $416 million

39. Surjadinata Sumantri, 61 54. Jan Darmadi, 70

Renaissance Capital/Borneo Lumbung Energy $625 Jan Darmadi Group $505 #37
Private equity, Investments. million Hotels, property million $403 million

40. Hariyanto Adikoesomo, 66 $620 #53 55. Hutomo Mandala Putra, 49

$500 #42
AKR Corporindo million Humpuss
Oil trading, distributions, chemicals $296million Shipping, property, Investments million $365 million

41. Jogi Hendra Atmaja, 65 56. Sutjipto Nagaria, 71

Mayora Group $610 #61 Sumarecon $485 #56
Food, biscuits million $257 million Property million $278 million

42. Jakob Oetama, 80 57. Ibrahim Risjad, 77

Kompas Gramedia Group $605 #36 Risjadson Group $469 #48
Print Media, TV, hotels, bookstores million $405 million Agribusiness, energy, investments million $326 million

43. Gunawan Jusuf, 57 58. John Chuang, 62

Sugar Group
Sugar plantations, refineries, distributions, bio-
$600 #44 Petra Foods Ltd. $445 #106
million $357 million Agribusiness, energy, investments million $112 million
energy

44. Husain Djojonegoro, 62 59. Adyansyah Masrin, 91

ABC/Orang Tua Group   $580 #29 Lautan Luas Group $440 #41
Consumer goods million $490 million Chemicals, paper, trading million $370 million

45. Osbert Lyman, 61 60. Kartini Muljadi, 81

Lyman/Satya Djaja Raya Group $575 #24 and Handojo Slamet Muljadi, 47 $432 #40
Property, timber million $580 million Tempo Group million $372 million
Pharmaceuticals, cosmetics

46 GlobeAsia June 2011

 GlobeAsia GlobeAsia
2010 2010
Rich list Rich list
NAME NETWORTH Networth NAME NETWORTH Networth

61. Handojo Santoso, 47 76. Kris Taenar Wiluan, 62

Ometraco/Japfa Comfeed $430 #58 Citra Mas Group $289 #73
Animal feed million $267 million Energy, manufacturing million $210 million

62. Tan Siong Kie, 95 77. Benjamin Jiaravanon, 39

Rodamas Group $420 #51 Charoen Pokphan Indonesia $260
Manufacturing, flat glass million $305 million Animal feed million

63. The Nin King, 79 78. Hendro Setiawan, 58

Argo Pantes $410 #59 Pikko Group $255 #84
Textiles, steel trading, property million $262 million Property, investments million $152 million

64. Paulus Tumewu, 59 79. Jahja Santoso, 66

Ramayana Group $400 #50 Sanbe Farma $253 #97
Retailing, property million $322 million Pharmaceuticals, trading, hotel million $129 million

65. Sudhamek, 55 80. AHK Hamami, 75

Garuda Food $385 #68 Trakindo Utama $250 #69
Food million $218 million Heavy equipment, energy, million $215 million

66. Tan Kian, 53 81. Honggo Wendratno, 63

Dua Mutiara $380 #45 Asrari Pratama $245 #70
Textiles, hotels, property million $350 million Energy, petrochemical million $215 million

67. Sutanto Djuhar, 82 82. Rudy Suliawan, 60

First Pacific $375 #79 Karang Mas Sejahtera $242 #72
Property, telecommunications, investments million $182 million Hotel, property million $211 million

68. Subianto Tjandra, 67 83. Muljadi Budiman, 55

Ateja Group $350 #49 Honda Prospect Motor $242 #74
Textiles, property million $325 million Automotive distribution million $205 million

69. Sofjan Wanandi, 67 84. Djoko Susanto, 61

Gemala Santini $319 #55 Alfa Retailindo $240 #81
Batteries, automotive parts, trading million $278 million Convenience stores, distribution million $173 million

70. Henry Pribadi, 64 85. Oesman Sapta Odang, 61

Napan Group $310 #118 Oso International Group $235 #78
Mining concessions, manufacturing, investments million $92 million Mining, agribusiness, hotels, property, investments million $183 million

71. Ginawan Tjondro, 57 86. Didi Dawis, 65

Citra Nusa Insan Cemerlang $305 #65 Ling Brothers $233 #66
Property million $237 million Trading, property million $230 million

72. Dahlan Iskan,60 87. Djoenaedi Joesoef, 78

Jawa Pos Group $305 #71 Konimex $231 #75
Newspapers, TV, energy million $214 million Pharmaceuticals million $201 million

73. Soegiharto Sosrodjoyo, 77 88. Johan Lensa, 61

Sosro Group $302 #67 Intiland Development $230 #63
Beverages, food, property million $222 million Property million $240 million

74. Benny Subianto, 69 89. Putra Masagung, 51

Bhakti Energi Persada $300 #93 Gunung Agung $230 #129
Mining, investments million $131 million Hotel, property, construction, bookstores million $89 million
MOH. DEFRIZAL

75. Yos Sutomo, 77 90. Tatang Hermawan, 60

Sumber Mas $292 #62 PT Bank Prahyangan $225 #60
Timber million $256 million Textiles, property, hotels million $259 million

48 GlobeAsia June 2011

 GlobeAsia GlobeAsia
2010 2010
Rich list Rich list
NAME NETWORTH Networth NAME NETWORTH Networth

91. Luntungan Honoris, 62 106. Sigit Harjojudanto, 60

Modern Group $220 #143 Humpuss $150 #85
Land-banking, property, trading, film distribution million $78 million Investment, transportation million $142 million

92. Hendro Gondokusumo, 61 107. Jusuf Kalla, 69

Intiland $215 #131 Kalla Group $150 #86
Property million $87 million Trading, heavy industry, shipping million $140 million

93. Suryadharma Paloh, 60 108. Sendi Bingei, 82

Media Indonesia/Metro $206 #101 Sumatra Tobacco Trading $142 #88
TV, Newspapers million $120 million Tobacco, food million $138 million

94. Chandra Lie, 47 109. Anna B Mathovani, 57

Sriwijaya Air $200 #76 Kirana Tanker $140 #87
Airlines million $194 million Shipping million $138 million

95. Rosan Roeslani, 42 110. Airlangga Hartarto, 49

ReCapital $200 #134 Fajar Wisesa $140 #89
Private equity, investments million $85 million Engineering, chemicals, manufacturing million $136 million

96. Siswono Judo Husodo, 68 111. Tan Tjai Kie, 57

Bangun Cipta Sarana $197 #77 Gunung Garuda Steel $134 #91
Infrastructure, property businesses million $187 million Manufacturing, mining million $132 million

97. Alim Markus, 60 112. Bambang Trihatmodjo, 58

Maspion Group $195 #90 Asriland $132 #94
Housewares million $136 million Property million $131 million

98. Hadi Surya, 75 113. Mardjoeki Atmadiredja, 63

Berlian Laju Tangker $185 #80 Surya Toto Indonesia $131 #96
Shipping million $181 million Sanitary ware million $130 million

99. Benny Suherman, 64 114. Sri Sultan

Studio 21 Group $185 #104 Hamengkubuwono X, 65 $130 #98
Cinema chain million $116 million Sultan Of Yogyakarta million $126 million
Property

100. Sukamdani Gitosardjono, 83 115. A Tong, 65

Sahid Group $182 #95 Roda Vivatex $125 #99
Hotels, property million $130 million Textiles million $124 million

101. Dick Gelael, 77 116. Budi Purnomo Hadisurjo, 74

Fast Food Indonesia $178 #128 Optic Melawai $124 #100
Kentucky Fried Chicken franchise, supermarket million $89 million Optical Stores, restaurants million $120 million

102. Pontjo Sutowo, 61 117. Sugianto, 65

Nugra Sentana Group $176 #92 Metro Garmin Group $116 #102
Hotels, property million $132 million Textiles million $118 million

103. Henry Onggo, 78 118. Johanes B Kotjo, 65

Ratu Sayang Group $175 #82 Apac Group $116 #105
Property million $170 million Textiles and diversified business million $114 million

104. Benjamin Soeryadjaya, 80 119. Rudy Unjoto, 62

Surya Internusa $165 #119 Daliatex Kusuma $114 #103
Hotels, property million $92 million Textiles million $116 million

105. Kaharuddin Ongko, 74 120. Batihalim, Djuhadi

Ongko Group $160 #144 and Pamudji $113 #107
Property, ceramics million $74 million PT Nojorono Tobacco million $110 million
Cigarettes

June 2011 GlobeAsia 49

 GlobeAsia GlobeAsia
2010 2010
Rich list Rich list
NAME NETWORTH Networth NAME NETWORTH Networth

121. Iskandar Widyadi, 74 136. Raam Punjabi, 68

Bank Jasa Jakarta $111 #108 Multivision Plus $92 #123
Banking million $109 million Entertainment million $91 million

122. Joe Kamdani, 75

$108 #109 137. Purnomo Prawiro, 64
$91 #135
Datascript $106.5 Blue Bird
Office equipment, digital technology million Transportation million $85 million
million

123. Ilham Habibie, 48 138. Marimutu Maniwanen, 56

and Thareq Habibie, 46 $108 #110 Busana Apparel Group $90.5 #125
Ilthabi Rekatama million $106 million Textiles million $90 million
Diversified business

124. Soedjono, 62 139. A Siang Rusli, 49

Wira Sakti Adimulya $103 #111 Kurnia Tetap Mulia $90 #130
Property million $104 million Entertainment, property million $88 million

125. Stanley S Atmadja, 55

$102 #112 140. Boedi Mranata, 59
$90 #133
Asco Automotive $101.5 Adipurna Mranata Jaya
Autofinance, mining, agriculture, property million Bird’s nest, food and beverage million $85 million
million

126. Sugiono W Sugialam, 48 141. Mintardjo Halim, 56

Trikomsel $102 #113 Sandratex $90 #117
Electronics million $101 million Textiles million $92 million

127. Karmaka Surjaudaja, 77

$100.8 #114 142. Ishak Charlie, 57
$88 #124
OCBC NISP $100.5 Kurnia Tetap Mulia
Banking million Hotels, palm oil million $90 million
million

128. Boyke Gozali, 61 143. GS Margono, 71

Mitra Adi Perkasa $100 #132 Gapura Prima $87 #137
Property, hotels, trading million $86 million Property million $83 million

129. Siti Hardijanti Rukmana, 62 144. Usman Admajaya, 66

Citra Lamtoro Gung Persada $97 #115 Investment company $86 #138
Toll roads, entertainment million $95 million Investment million $84 million

130. Fajar Suhendra, 59 145. Widarto, 66

Sumatra Growth Group $95 #126 Sungai Budi Group $86 #139
Steel million $90 million Agribusiness million $82 million

131. Rachmat Gobel, 49 146. G Lukman Pudjiadi, 54

Gobel International $94 #120 Jayakarta Group $85 #140
Electronics million $92 million Property, hotels million $82 million

132. Bambang Setijo, 69 147. Atang Latief, 85

Pan Brothers $93 #127 Group Atang Latief $83 #136
Textiles million $90 million Investment million $84.6 million

133. MS Hidayat, 58 148. Supramu Santosa, 63

MSH Group $92.5 #116 Supreme Energy $83 #141
Property million $92.5 million Energy, geothermal million $80 million

134. Setiawan Djody, 62 149. Rahmat M Suryahusada, 67

Setdco Group $92.5 #121 Bank Bumi Artha $76 #145
Shipping, oil and gas million $92 million Banking million $71 million

135. Jacobus Busono, 71 150. Awong Hidjaja, 60

Pura Group $92 #122 Panasia Group $70 #146
Printing million $91 million Textiles, banking million $69 million

50 GlobeAsia June 2011