Taking It to the Bank
The Hartono brothers open a bigger lead as several lesser fortunes lose ground.
TATLER INDONESIAE
ven among the elite ranks of the top 50
richest in Indonesia, there is a hierarchy.
Yet again, the very richest have gotten
even richer. The Hartono brothers, who
have ranked No. 1 for nine years in a row,
continue to distance themselves from the pack. Their
net worth nearly doubled to over $32 billion, up from
$17.1 billion, largely thanks to a nearly 50% rise in the
value of their stake in listed Bank Central Asia (BCA).
The brothers inherited kretek maker Djarum decades
ago but smartly diversified, picking up the BCA stake
after the Salim clan (see p. 86) lost control of it during
the 1997–1998 Asian financial crisis. This year the
Hartonos upped their BCA stake to 55%, from 47%.
Looking ahead, they are also betting on red-hot Sin-
gapore gaming-devices firm Razer (see p. 17), which
recently listed on the Hong Kong exchange. All but
one of Indonesia’s top ten richest saw their fortunes
increase by at least 10% in the past year, thanks in
part to higher stock values. Indonesia’s stock market
rose 17% over the same period.
Another factor driving up valuations of list mem-
bers like Jogi Hendra Atmadja: increased disclosure
in the aftermath of last year’s tax amnesty program,
which let the country’s tycoons declare previously
hidden assets in exchange for a small penalty.
The total net worth of the 50 Richest is now $126 billion,
up from $99 billion a year ago, and the minimum to make the
list is $450 million, $30 million more than in 2016. There are
just 2 new faces among the top 50. Arini Subianto claims the
fortune belonging to her father Benny, who died in January.
Hartono Kweefanus joins based on his ownership of a biscuitempire, Monde Nissin, that spans Asia. Another two, Iwan
Lukminto and The Ning King, returned to the ranks after
absences of a year or more. Not everyone had a banner year:
16 list members are poorer than they were a year ago. Long-
time listee Arifin Panigoro is one of three dropping below the
ranks, due to information that revealed a lower ownership
stake in Medco Energi Internasional.R. Budi Hartono, of the fraternal dynamic duo, whose wealth doubled this year.Indonesia’s 50 Richest
EDITED BY KERRY A. DOLAN & LUISA KROLL WITH FORBES INDONESIA & NAAZNEEN KARMALI