FORBES ASIA's kickoff list of the 40 richest Indonesians reveals the emerging nation's biggest asset: its people. Indonesia is the fourth-most- populous country in the world, with 230 million folks who call its 17,500 islands home. As a result, more than half of Indonesia's Rich Listers made their fortunes catering to the mass market.
Billionaires Rachman Halim, R. Budi Hartono and Putera Sampoerna all rank in the top five and made their fortunes selling kreteks, the cigarettes that contain a combination of cloves and tobacco. Indonesia's top real estate mogul, Trihatma Haliman, amassed $900 million selling apartments throughout Jakarta. Then there are the consumer goods that are household names in Indonesia: Wing Biru laundry detergent, sold by Eddy William Katuari's Wings Group; Indomie instant noodles from Liem Sioe Liong's Indofood; and Soegiharto Sosrodjojo's Teh Botol Sosro tea, a top-selling bottled beverage.
Still, the combined net worth of all these magnates is $22 billion and trails the $28 billion held by the 40 wealthiest in Singapore.
Indonesians are also going after the country's natural resources. The other two in the top five, Sukanto Tanoto and Eka Tjipta Widjaja, worth $2.8 billion and $2 billion respectively, built fortunes turning Indonesia's trees into paper and pulp. Number 14, Martua Sitorus, is banking on the promise of Indonesian palm oil as a biological source of fuel through his listed Wilmar International. A minimum of $80 million was needed to be included on Indonesia's 40 Richest.
Unlike FORBES' annual billionaires list, this ranking is broadened to include fortunes shared among family members. To compile it FORBES ASIA looked at shareholdings in both public and private companies. We calculated the values of publicly traded holdings using recent share prices and exchange rates and estimated what private companies would be worth if they were public.
The FORBES INDONESIA staff includes Shoeb Kagda, Albertus Weldison Nonto, Ishak Rafick, John Riady, Reiner Simanjuntak and Yus Husni M. Thamrin.
Billionaires Rachman Halim, R. Budi Hartono and Putera Sampoerna all rank in the top five and made their fortunes selling kreteks, the cigarettes that contain a combination of cloves and tobacco. Indonesia's top real estate mogul, Trihatma Haliman, amassed $900 million selling apartments throughout Jakarta. Then there are the consumer goods that are household names in Indonesia: Wing Biru laundry detergent, sold by Eddy William Katuari's Wings Group; Indomie instant noodles from Liem Sioe Liong's Indofood; and Soegiharto Sosrodjojo's Teh Botol Sosro tea, a top-selling bottled beverage.
Still, the combined net worth of all these magnates is $22 billion and trails the $28 billion held by the 40 wealthiest in Singapore.
Indonesians are also going after the country's natural resources. The other two in the top five, Sukanto Tanoto and Eka Tjipta Widjaja, worth $2.8 billion and $2 billion respectively, built fortunes turning Indonesia's trees into paper and pulp. Number 14, Martua Sitorus, is banking on the promise of Indonesian palm oil as a biological source of fuel through his listed Wilmar International. A minimum of $80 million was needed to be included on Indonesia's 40 Richest.
Unlike FORBES' annual billionaires list, this ranking is broadened to include fortunes shared among family members. To compile it FORBES ASIA looked at shareholdings in both public and private companies. We calculated the values of publicly traded holdings using recent share prices and exchange rates and estimated what private companies would be worth if they were public.
The FORBES INDONESIA staff includes Shoeb Kagda, Albertus Weldison Nonto, Ishak Rafick, John Riady, Reiner Simanjuntak and Yus Husni M. Thamrin.
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