Indonesia's Billionaires: Familiar faces remain on the list despite year's shaky start

10 months ago . 2 min read
MP
Marella Putri
Writer at Forbes Indonesia
Indonesia's Billionaires: Familiar faces remain on the list despite year's shaky start
Tahir & Family, Sri Prakash Lohia, the Hartono brothers, and Chairul Tanjung are some Indonesian tycoons in the Forbes 2020 World Billionaires list. Photo courtesy of Forbes Indonesia

 by Robert Yota

Forbes recently launched its 2020 World Billionaires list, consisting of 2,095 names with a combined net worth of $8 trillion. This year's list has 58 fewer tycoons. It is down $700 billion in net worth compared to 2019, which can be attributed to the adverse effects of the ongoing COVID-19 pandemic that started several months before the list was finalized. This year, 15 Indonesian tycoons made a list, racking up a $53.7 billion fortune.

The Hartono brothers top the country's list for the 12th consecutive year, with a combined net worth of $26.6 billion. Younger brother Robert Budi Hartono ranks 80th with $13.6 billion, while Michael Hartono ranks 86th with $13 billion. The brothers earn more than two-thirds of their fortune from their investment in Bank Central Asia, while also co-owning one of the world's biggest clove cigarette producers, Djarum. The brothers also own local electronics brand Polytron, and Grand Indonesia, a prime real estate in Jakarta.

In third place is Sri Prakash Lohia who sits at 414th with a net worth of $4.3 billion. Sri earns most of his wealth from producing petrochemical and textile products with the company he and his father founded after moving from India to Indonesia in the 1970s, Indorama Corporation.

The next richest is Tahir & Family sitting at 437th with a net worth of $4.1 billion. Tahir is the founder and owner of Mayapada Group, a conglomerate with interests in banking, a hospital chain, and real estate.

Meanwhile, Prajogo Pangestu ranks 538th with a net worth of $3.5 billion. Prajogo is the founder and owner of Barito Pacific Group which operates in the petrochemical, palm oil, property, and timber sectors. In 2007, Barito acquired 70% of petrochemical firm Chandra Asri. Subsequently, Chandra Asri merged with Tri Polyta Indonesia in 2011 and became the country's largest integrated petrochemical producer.

Chairul Tanjung is the last Indonesian tycoon to be in the top 1,000 of the global list, sitting at 648th with a net worth of $3.1 billion. Chairul founded and owns CT Corp, which is known for issuing credit cards, operating hypermarket and running TV stations. Chairul's group also controls Versace, Mango, and Jimmy Choo's franchises in Indonesia.

The remaining Indonesian tycoons in the list are:

1196. Martua Sitorus; $1.8 billion

1267. Mochtar Riady & Family; $1.7 billion

1335. Peter Sondakh; $1.6 billion

1730. Murdaya Poo, Theodore Rachmat, Djoko Susanto, and Sukanto Tanoto ($1.2 billion each)

1851. Low Tuck Kwong and Winarko Sulistyo ($1.1 billion each)


MP
Written By
Marella Putri
Writer at Forbes Indonesia
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