Globe Asia's 150 Richest Indonesians Total Net-Worth a Coo l $61.5 Billion + Golden Year for Wealth Creation
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May 30, 2010
Aburizal Bakrie, pictured here in this file photo, has every reason to smile. The controversial businessman-cum-politician is fourth on Globe Asia's Rich List, which will be published on Monday. (Antara Photo/Rosa Panggabean)
Globe Asias 150 Richest Indonesians Total Net-Worth a Cool $61.5 Billion
Indonesias 150 richest people did very well last year. Their total net-worth rose 22 percent to 61.5 billion, which represents 12 percent of Indonesias gross domestic product.
In this years Globe Asias 150 richest Indonesians issue, those who did the best were the tycoons who were able to unlock the values of their assets.
Tycoons such as Peter Sondakh of the Rajawali group increased their net-worths by selling significant stakes in their companies. Sondakh sold his 20 percent stake in Semen Gresik and his stake in cigarette maker Bentoel for a combined total of nearly $700 million.
Others such as Aburizal Bakrie and Chairul Tanjung increased their net-worths by acquiring stakes in other companies or listing parts of their companies.
Tanjung, in one of the most aggressive corporate moves this year, acquired a 40 percent stake in French retailer Carrefour for around $350 million, raising the funds by borrowing heavily but getting preferential interest rates.
Djarum owner Budi Hartono increased his fortune by $700 million, largely due to the rising stock price of Bank Central Asia and the profits from his cigarette business.
With an economy growing at above 5% per annum, the majority of the rich listers were able to increase their fortunes.
The average net-worth of the Globe Asia rich lister was $400 million. If the 150 richest Indonesians gave away all their wealth, each Indonesian would receive around $256.
Budi Hartono would be able to buy 19,747 boeing aircraft with his fortune of $4.8 billion.
If the economy continues to grow and if the markets turn positive again, investment bankers expect more mergers and acquisitions amongst the big tycoons in the next 12 months.
"This was achieved primarily because over the past 12 months, a perfect confluence of factors have come together to produce conditions for wealth creation that may be unprecedented. The Indonesian rupiah has strengthened by nearly 10 percent while the stock market has risen by more than 60 percent and commodity prices have remained strong," the magazine said in a statement.
"The Indonesian stock market has been one of the best performers in the region, boosted by strong commodity prices and foreign funds inflow. The Indonesian Stock Exchange Composite Index has risen from 1,751 on May 15, 2009 to 2,800 this year. It reached a high of 2,971at the end of April, which is the date Globe Asia used as the cut off point and before the stock market fell sharply."
The list profiles 150 of the richest Indonesians as well as their respective heirs to their thrones. The magazine hits newsstands on Monday.
The Fifteen Richest Indonesians
1.) Budi Hartono $4.8 billion
2.) Eka Tjipta Wijaya $4 billion
3.) Anthony Salim $3.6 billion
4.) Aburizal Bakrie $3 billion
5.) Martua Sitorus $2.5 billion
6.) Putra Sampoerna $2.4 billion
7.) Sukanto Tanato $1.8 billion
8.) Dato Low Tuck Kwong $1.4 billion
9.) Peter Sondakh $1.3 billion
10.) Eddy William Katuari $1.3 billion
11.) Murdaya Poo and Siti Hartarti $1.1 billion
12.) Hashim Djojohadikusumo $950 million
13.) Susilo Wonowidjojo ($890 million)
14.) Mochtar Riady ($805 million)
15.) Prajogo Pangestu ($805 million)++++
May 31, 2010
Golden Year for Wealth Creation as Indonesian Rich Listers Thrive
With the stock market booming and commodity prices on the up its been a very good year for the wealthiest Indonesians. According to Globe Asia magazines just-released 2010 Rich List, the total net worth of the countrys 150 richest individuals has jumped by 22 percent to $61.5 billion from the year before.
A perfect storm of factors has produced conditions that were conducive to wealth creation. The fundamentals of the economy have never looked so good after the country managed to make it through the global financial crisis relatively unscathed.
Corporate players are expanding their businesses by either borrowing or taking their companies public to raise cash. The Indonesia Stock Exchange (IDX) has been one of the strongest performers in the region, boosted by rising commodity prices and a brisk inflows of foreign funds. The banking system is awash with cash and interest rates are no longer prohibitive.
The ability to access cheap funding has now become a major competitive advantage for business owners in Indonesia. The creation of complex financing structures is also becoming increasingly important as the countrys capital markets expand.
There were two fresh faces in the top 10 individuals in Globe Asias list of the 150 richest Indonesians. Rajawali group owner Peter Sondakh moved up two notches from last year to No. 9, while Singapore-born coal mining tycoon Dato Low Tuck Kwong debuted at No. 8 with an estimated fortune of $1.4 billion despite not making it onto the list last year. Djarum owner Budi Hartono retained the top spot, with his net worth rising by $700 million to $4.8 billion on the back of a booming stock market and growing economy. In fact, everyone in the top 20 saw their wealth rise as they took advantage of the economic good times.
Globe Asia is a sister publication of the Jakarta Globe. Its Rich List issue is available on newsstands now.