SPREADING WINGS
Chairul Tanjung is expanding his CT Corp into new areas with the help of his brother Chairal Tanjung. In early
November, Chairal represented CT Corp, best known for its Visa cards, hypermarkets and TV stations, at a ceremony
inking a deal with AccorHotels of France to open 30 hotels in Indonesia with a total of 6,000 rooms. The agreement
comes at a time when international tourism to Indonesia is booming. In July, CT Corp sold a 49% stake in its
insurance arm, PT Asuranci Jiwa Mega Indonesia, to Prudential Financial of the U.S., which is betting on growth in the
life insurance market. (The sale price was not disclosed.) Prudential notes that the Indonesian life insurance market
is 1.3% of GDP—one third the penetration of that in nearby Malaysia and half that of India. Chairul said in a statement
that increases in both life expectancy and financial literacy have fueled the domestic market for life insurance.13
PETER SONDAKH
$1.9 BILLION S
INVESTMENTS AGE: 67
14
PUTERA SAMPOERNA
$1.8 BILLION
INVESTMENTS AGE: 70
15
EDDY KATUARI
$1.7 BILLION
CONSUMER GOODS AGE: 66
16
KUNCORO WIBOWO
$1.6 BILLION S
RETAIL, TOOLS AGE: 61
17
HUSODO ANGKOSUBROTO
$1.55 BILLION S
DIVERSIFIED AGE: 62
18
LOW TUCK KWONG
$1.53 BILLION S
COAL AGE: 69
19
THEODORE RACHMAT
$1.5 BILLION T
DIVERSIFIED AGE: 73
20
DJOKO SUSANTO
$1.47 BILLION S
SUPERMARKETS AGE: 67
21
CIPUTRA
$1.45 BILLION
REAL ESTATE AGE: 86
22
CILIANDRA FANGIONO
$1.42 BILLION
PALM OIL AGE: 41
23
GARIBALDI THOHIR
$1.41 BILLION S
COAL AGE: 52
24
MARTUA SITORUS
$1.4 BILLION
PALM OIL AGE: 57
25
SOEGIARTO ADIKOESOEMO
$1.35 BILLION
CHEMICALS AGE: 79THE LIST
SUP MORE THAN 10% TDOWN MORE THAN 10%
ÌNEW TO LIST 3 RETURNEEBOTTOM (FROM LEFT): AHMAD ZAMRONI; ORE HUIYING/BLOOMBERG; AHMAD ZAMRON
Entrepreneurs on the Rise
UP AND COMERSI
n Indonesia, where the 50 richest are 68 years old on average and 37 are over the age
of 60, young wealth is a rarity. These three entrepreneurs are not in the ranks yet, but
their booming businesses, two in tech and one in luxury retail, make them the ones to
watch in 2018 and beyond. –Angel Au-YeungChairal Tanjung (second from left) representing brother
Chairul at the November inking of a deal with AccorHotels.HENGKY
SETIAWAN, 48
Setiawan got
his start in 1992
selling prepaid
phone cards
from a tiny stall.
Now his publicly-
traded PT Tiphone Mobile Indonesia
is the largest prepaid phone-card
distributor in the country with more
than 450 outlets and $2 billion
in revenues. Hengky, who owns
around 50% of the company with his
brothers Welly and Ferry, is worth an
estimated $280 million. He owns 73
Mercedes-Benzes and is chairman of
Aston Martin Owners Club Indonesia.NADIEM
MAKARIM, 33
Makarim founded
Go-Jek in 2010
and grew it from
a motorcycle-
ride-hailing phone
service to an
on-demand transportation app that
rivals Uber in Indonesia. In August
2016 the company raised $550
million at a $1.3 billion valuation.
The app, which operates in 50 cities
across the country, is reportedly
in the process of raising another
$1.2 billion. The company won’t
confirm his stake, but based on best
estimates it could be as high as 10%.STEFANUS
LO, 50
His father
founded a small
jewelry shop in
Jakarta in 1967.
After graduating
from university
in 1990 with a degree in civil
engineering, Lo joined the family
business and grew it into PT Central
Mega Kencana, the largest jewelry
retailer in Indonesia. The company
has four brands: Frank & Co, Mondial,
Miss Mondial and The Palace. In
November the company celebrated
its 50th store opening. Lo is worth an
estimated $200 million.