Indonesia's 40 Richest year 2009

Range from age 40+ to 90+ these names are Indonesia's Top 40 reches people, with net worth range from USD$ 55 Mio to USD$ 2 Bio. Some were inherited, yet many were started from scratch. These people came from many different cultural background with different level of education. I personally don't know any of them in deep, yet their names or legacy are populating newspaper daily.

Spending more than enough hours of the day in building their Business Empire. Being asked of their Net Worth, i would pretty sure each of them would take more than 5 minutes to figure out how much do they own. Most of them were started their Empire on the early age and persistent in growth and will.

Their hardship definitely paid of today even if they didn't get to the list. Therefore i could say that it takes Time, Network, Education and Persitence to reach Top-40.

Have we investing enough on those ??

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Indonesia's 40 Richest

#1 Sukanto Tanoto & family
Age 56
Net Worth $2.8 billion

Began supplying equipment and materials to state oil firm. In 1973 moved into forest products. In 1995 took public pulp and paper business, Asia Pacific Resources International, on New York Stock Exchange, only to delist in 2001. Today his privately held RGM International thrives in paper, palm oil and energy.

#2 Putera Sampoerna & family
Age 58
Net Worth $2.1 billion

Was Indonesia's third-largest seller of kretek cigarettes until Philip Morris bought controlling stake in HM Sampoerna Tbk in 2005. Now University of Houston grad moving into gaming: bought London casino Les Ambassadeurs in March 2006. Donates to schools.

#3 Eka Tjipta Widjaja & family
Age 83
Net Worth $2.0 billion

Came from China to Indonesia as a child. Sold biscuits at age 17, but pulp, paper and palm oil became source of fortune. Created Asia Pulp & Paper, which defaulted on massive debt in 2001. His children and relatives now run privately held Sinar Mas and its listed Asia Food & Properties. Grandson Eric Oei invests in construction back on mainland China.

#4 Rachman Halim & family
Age 59
Net Worth $1.8 billion

Halim's family, the Wonowidjojos, own and run publicly traded Gudang Garam, Indonesia's No. 1 maker of kretek cigarettes. Got rich off majority stake in $2 billion (market cap) company. Still sells first type of cigarette Gudang Garam made: corn-husked kretek.

#5 R. Budi Hartono & family
Age 65
Net Worth $1.4 billion

Owns privately held kretekmaker Djarum. Started in 1951 in Kudus, Central Java as small hand-rolling operation. Ventured abroad; now boasts 70% of U.S. kretek market. First to sell light or flavored version. Has Bank Central Asia stake.

#6 Aburizal Bakrie & family
Age 59
Net Worth $1.2 billion

In 1980s took helm of Bakrie Group, which his late father founded in 1942 as trading company. Today in infrastructure, telecom, coal mining and media. Hit hard by Asian financial crisis but recovered. Presidential candidate in 2004; now country's coordinating minister for people's welfare.

#7 Eddy William Katuari & family
Age 55
Net Worth $1.0 billion

Son of Johannes Ferdinand Katuari, who cofounded Wings group as laundry detergent maker in 1948. Wings is now huge privately held company that sells range of consumer goods like toothpaste, shampoo and skin care. Eddy took Wings' helm when father died in 2004. Also invests in real estate and chemical plants.

#8 Trihatma Haliman
Age 54
Net Worth $900 million

Took over privately held Agung Podomoro in 1986 when it was fledgling real estate developer and built it into one of country's largest. Has built thousands of apartments. Now involved in 15 projects in Jakarta and has moved beyond residential into retail and commercial. May try to go public.

#9 Arifin Panigoro
Age 61
Net Worth $815 million

Founded oil company Medco Energi Internasional in 1980. Took it public in 1994 and used proceeds to buy small drilling company in South Sumatra. Big break: turned out to have enormous reserves. Brief political career. Brother Hilmi runs Medco Energi and holds Arifin's shares in trust.

#10 Liem Sioe Liong & family
Age 91
Net Worth $800 million

Salim clan head also goes by Soedono Salim. With sons Anthoni and Andree built Salim Group into vast empire in food, shipping and cement. Public stakes in Bank Central Asia and First Pacific, where Anthoni is chairman. Known as "Uncle Liem" at offices.

#11 Mochtar Riady & family
Age 76
Net Worth $570 million

Son of immigrant shopkeepers from Fujian, China. Bought a stake in ailing bank that catered to Fujianese immigrants and turned the investment into $2 billion (sales) finance, property and retail empire. Also controls group that owns the license to publish Indonesian edition of FORBES. Enjoys reading about nanotech.

#12 Peter Sondakh
Age 54
Net Worth $530 million

Owns bulk of privately held Rajawali Group. Established in 1984, now has 20,000 employees and diverse holdings in telecom, consumer goods and transportation. Owns large Indonesian hotel chain, which operates under Sheraton and Novotel names, and 50% of 4 department stores.

#13 Prajogo Pangestu
Age 55
Net Worth $510 million

Timber baron before 1997 financial crisis. Started in late 1970s at Djajanti timber group and formed listed Barito Pacific. His log operations are much smaller today, but he still has wealth built up in Tri Polyta Indonesia Tbk, Indonesia's largest polypropylene producer.

#14 Martua Sitorus
Age 46
Net Worth $475 million

Palm oil king. In 1991 cofounded, with nephew of Malaysian tycoon Robert Kuok, Wilmar International, one of Asia's largest palm oil producers that owns trees, refines oil and trades. Plans to launch palm oil biofuel plant in 2007. Listed on Singapore exchange in August, now a $2 billion market cap.

#15 Paulus Tumewu
Age 54
Net Worth $440 million

Founder and chairman of listed Ramayana, which offers quality goods at affordable prices. Recent rumor quelled: desire to sell controlling stake to foreign investors. Started clothing store in 1978; now has everything from food to toys.

#16 Murdaya Poo and Siti Hartati Cakra
Age 65/60
Net Worth $430 million

Husband-and-wife team made first fortune as supplier and contractor for state-owned electricity company. Founded Central Cipta Murdaya Group, also known as Berca Group, in 1990. Today the privately held conglomerate is in timber and makes Nike sneakers.

#17 Husein Djojonegoro & family
Age 57
Net Worth $360 million

Runs privately held ABC consumer-goods group. Founded in central Java in 1948 by his late father and uncle, who began with herbal wine and got into food, toothpaste, batteries. Now over 100 products.

#18 Chairul Tanjung
Age 44
Net Worth $310 million

Chairman and founder of privately held Para Group, which has holdings in financial services, broadcasting, property and energy. Para's roots trace to 1984, when Tanjung started as a shoe manufacturer while at University of Indonesia.

#19 Hadi Surya
Age 70
Net Worth $305 million

Heads Berlian Laju Tanker, which has grown into one of the country's largest shipping lines; its fleet currently has more than 50 vessels. Was the first shipper to be listed in Indonesia in 1990. Still largest shareholder, with 36% stake.

#20 Tan Kian
Age 48
Net Worth $300 million

Property baron. Through privately held Dua Mutiara, co-owns a Marriott and 2 Ritz-Carlton hotels in Jakarta and is building $250 million Pacific Place, a talked-about commercial, retail and hotel project. Known to believe in feng shui; makes sure his office faces east.

#21 Sjamsul Nursalim
Age 64
Net Worth $295 million

Set up Gajah Tunggal in 1951 as small maker of bicycle tires and got into motorcycle, car tires. Now claims it's among world's top automobile tire producers, with $740 million in sales. In mining, too.

#22 George and Sjakon Tahija
Age 48/53
Net Worth $265 million

Sons of Julius Tahija, who built diverse group from financial services to mining and died in 2002. Through family holding company listed Pearl Energy on Singapore stock exchange at 45 cents a share in April 2005. Nine months later sold 48% stake for $1.24 a share

#23 Edwin Soeryadjaya
Age 57
Net Worth $230 million

Cofounder, two-thirds owner of growing investment firm Saratoga Investama Sedaya. Second son of William Soeryadjaya, who started automaker Astra International but sold it in 1992 to pay off debts of brother who is now a treasurer of Indonesia's Golkar political party. Plans to build power plants.

#24 Kartini Muljadi and Dian Paramita Tamzil
Age NA
Net Worth $225 million

Muljadi, a former judge, took over drugmaker Tempo Scan Pacific in 1982 with sister-in-law Tamzil. In 1994 launched public offering. Muljadi, now retired, still does legal consulting. Tamzil is Tempo Scan president commissioner and Muljadi's son Handojo, 42, is president director.

#25 Harjo Sutanto & family
Age NA
Net Worth $220 million

Founded Wings group in 1948 with Johannes Ferdinand Katuari, father of Eddy William Katuari (No. 7). With family, estimated to own 25% of the consumer-goods group and manages distribution.

#26 Soegiharto Sosrodjojo
Age 72
Net Worth $215 million

In 1970s took helm of Sosro Group with 3 brothers. Built largely on Teh Botol Sosro, ready-to-drink bottled tea that competes head-to-head with Coke. Grandson now heads company.

#27 Tan Siong Kie
Age 90
Net Worth $200 million

Established privately held Rodamas Group in 1960 to distribute electronic components, air conditioners and industrial chemicals. Now in banking, food and seasoning. Lives in Singapore.

#28 Aksa Mahmud
Age 61
Net Worth $195 million

Thirty years ago a Mitsubishi dealer in South Sulawesi, in eastern Indonesia. Now his privately held Bosowa Investama is in energy, infrastructure. A brother-in-law to Indonesia's Vice President Jusuf Kalla (No. 36).

#29 Soetjipto Nagaria
Age 66
Net Worth $150 million

Made fortune turning a large swamp in North Jakarta into one of the city's most sought-after residential neighborhoods. After stint as real estate broker, founded Summarecon Agung developer in 1975; listed in 1990.

#30 Ciputra & family
Age 74
Net Worth $145 million

Uses one name. Majority-owner and head of Ciputra, a major, listed real estate group. Founded in 1981, caught big break building houses around Jakarta's airport. Now has real estate in Jakarta, Surabaya and Hanoi. Orphaned at age 12.

#31 Kris Wiluan
Age 56
Net Worth $140 million

Began supplying pipes for construction in Singapore and nearby Batam Island in the 1970s. Established factory land on Batam in 1979; well-positioned when it became industrial hub. Later launched tubing maker for oil and gas companies. Now also in tourism, transportation, property.

#32 Sutanto Djuhar & family
Age 77
Net Worth $135 million

Former business partner of Liem Sioe Liong (No. 10) of secretive Salim Group. Born in Indonesia, but Chinese name is Liem Oen Kian. Along with son Tedy sits on board of First Pacific; together own a 10% stake.

#33 Husein Sutjiadi
Age 52
Net Worth $120 million

Started as cocoa trader and moved into production and exportation when he bought 26% stake in Davomas from founding Hendrawan family in 1990. Took company public 4 years later. Influences company strategy, but no executive post or board seat.

#34 Boenjamin Setiawan & family
Age 73
Net Worth $115 million

Cofounded Kalbe Farma in a garage in 1966; today chairman. In December 2005 merged Kalbe with Enseval Putera Megatrading and Dankos Labs to form largest listed drug company in Southeast Asia, with revenue of $600 million. Has Ph.D. in pharmacology.

#35 Tomy Winata
Age 48
Net Worth $110 million

Hefty stakes in listed Artha Graha Bank and unlisted Agung Sedayu property. In 2003 brought libel suit against local magazine after a story about him. Several journalists were assaulted by protesters in front of magazine offices. In February Indonesia's high court said publication did nothing wrong.

#36 Jusuf Kalla
Age 64
Net Worth $105 million

Took control of privately held Hadji Kalla, his family's trading company in 1967. Expanded into engineering, property, construction and telecom before entering politics in 1999 and passing company helm to brother Achmad. Now Indonesia's vice president and president of its Golkar Party.

#37 Soedarpo Sastrosatomo & family
Age 86
Net Worth $100 million

Shipping agent in 1953 for Indonesian line owned by U.S. Steel. Eleven years later launched own line by buying and merging five firms. Today his Samudera Indonesia is the country's largest carrier. Not all has worked out: his chemical distributor went belly-up in late 1990s.

#38 Alim Markus & family
Age 55
Net Worth $95 million

His father and uncle founded Maspion Group in 1962 with eight people making aluminum kitchenware. Now privately held company has 30,000 employees and makes plasticware, glassware and electrical appliances. Took reins after father died in 2003.

#39 Jakob Oetama
Age 75
Net Worth $90 million

Launched daily Indonesian newspaper Kompas in 1965 with best friend P.K. Ojong, who died in 1980. Built Kompas into country's top daily. Still owns it, now under Kompas-Gramedia group. Also runs hotel chain and bookstores.

#40 Tjandra Kusuma
Age NA
Net Worth $80 million

With son Eka Tjandranegara started Mulia Group in 1980. Has major stakes in 2 listed companies: Mulia Land boasts it is Jakarta's largest commercial property owner, Mulia Industrindo makes ceramics and glass.

Source : http://www.forbes.com/2008/12/10/richest-indonesian-billionaires-biz-indonesiarichest08-cz_sn_1210ndonesia_land.html

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why there is no recession in the world's leading Muslim economy By Terry Lacey

Following the election of US President-elect Barack Obama there is likely to be a slow recovery in confidence in the United States financial and banking system. A recession is unavoidable in the US and EU, but with only a downturn in developing countries. This crisis of confidence in the Western banking and financial system comes during the dying days of the most unpopular American presidency in living memory. Financial mismanagement and weak regulatory frameworks have devastated the US economy, making the rich richer and the poor poorer. Two million Americans may lose their homes. Millions in the US and Europe will lose their jobs.

Yet the devastating legacy of the Bush presidency leaves open great opportunities for Indonesia, the Muslim world and the developing countries of the South.

Indonesia can play a key role in leading the Muslim world toward economic recovery, and help minimize the impact of global recession.

First, by managing its national economy to maintain growth, demand, imports and exports. The nominal Gross Domestic Product for 2009 is projected at $547 billion. Indonesia is already in the top 20 economies of the world.

Indonesia is currently overtaking Belgium and Sweden. It will soon overtake Turkey, the Netherlands and Austria as it enormous size, resources and population come into play. It is a strong candidate to join the top 10 economies in the world within two decades.

Second, by mobilizing investment for oil, gas, energy projects, biofuels, infrastructure (roads, railways, ports), manufacturing and retailing sectors. It needs over $40 billion for electricity alone, to finance an additional 40,000 MWe of power by 2025. Indonesia will become a nuclear power, and plans four power stations. Total foreign investment needed overall during the next 15 years exceeds $100 billion.

Investment is still coming from the US and EU (including Eastern Europe) but increasingly from the BRICs (Brazil, Russia, India and China), and also from Asia-Pacific Economic Cooperation countries like Canada, Japan, Korea, Taiwan, and from Association of Southeast Asian Nations member states (including Brunei, Malaysia, Philippines, Singapore, Thailand). Investment is also coming in greater volume from the Gulf Arab states, Israel and South Africa.

Third, Indonesia can help lead Muslim economies by using its economic size and prestige as a member of the United Nations Security Council to join Brazil, Russia, India, China and Southern countries to bring about changes in policies and in the balance of power in world organizations dealing with trade, finance and development, especially the World Bank, the International Monetary Fund (IMF) and World Trade Organization (WTO).

Indonesia has major reservations about the IMF following its own experience in 1998. German Finance Minister Peer Steinbrueck said that the world should not slip into creating a shadow world economic government run by an inner IMF council. Indonesia is also tired of being kept on the fringes in the WTO.

Asia and Southern countries want a new deal. Muslim countries collectively represent an increasingly important source of capital, while Western liquidity has partly dried up. Muslim economies represent important investment sources as well as investment destinations. The collective size of Muslim economies represents significant demand for Western goods and services, relatively unaffected by the recession in the West.

Indonesia can still deploy export credits, sovereign funds, Islamic finance and other non-traditional financial sources, such as environmental funds and carbon credits. Despite the global downturn Indonesia is still pulling in some bank finance.

A $140 million syndicated loan for Excelcomindo for telecommunications expansion was announced recently. Low-cost airline Lion Air is buying 12 Boeing 737 planes even though the required local cash contribution for the last four has risen to 30 percent. Lion Air will use its own cash to carry on expanding. St. Miguel Corp. of the Philippines is competing with a US-led consortium to clinch a $1.3 billion coal supply deal, to buy PT Bumi Resources from Bakri Brothers. There is money here and money coming in.

Standard and Poors is holding Indonesian credit ratings stable and its credit rating may even be raised. Singapore could slip into recession but Indonesia will not, and the reason is mostly sheer size plus improved financial and economic management.

Indonesia is in a key position as the largest Muslim country in the world with a population of 230 million and a land area of 1.9 million square kilometers.

The Indonesian Gross Domestic Product was $843.7 billion in terms of purchasing power and $432.9 billion in terms of official exchange rates in 2007. It has fixed foreign investment of $57.6 billion and holds $9 billion of investment in other countries. It has more than 3,500 millionaires holding over $100 million each, of whom 70 percent live in Jakarta.

Its current economic growth is 6.5 percent and may fall below 6 percent in 2009 due to reduced exports. Government will stimulate growth using the national budget which already reached $100 billion in 2008. Government is confident it can hold growth at 6 percent. The World Bank has set aside a $2 billion standby loan for 2009 only to be triggered if growth falls below 5.8 percent.

In 2007 Indonesian exports were $118 billion and imports $86 billion, a trade surplus of $32 billion, and foreign exchange reserves as of this month were $50 billion.

Indonesia has already lost some jobs in sectors like textiles. Some exports to the US and Europe fell in the fourth quarter. The stock market, government bonds and the national currency also fell in value during the global financial crash in the first week of October.

The government launched a securities buy-back program spearheaded by state-owned enterprises and defended the rupiah currency by intervening in the currency market via the Bank of Indonesia. The government also took steps to increase liquidity and focused on getting inflation under control and on maintaining growth.

The government has increased guarantees on personal deposits to 2 billion rupiahs ($190,000), which covers 100 percent of deposits for over 99.7 percent of 81 million bank accounts.

Indonesian banks are strong, with adequate reserves, low non-performing loans and almost no exposure to subprime losses. Only a small group of investors lost money on Lehman-related instruments purchased via international banks.

The Indonesian inflation rate is declining from a high of 12 percent to maybe 9 percent by January with reductions planned to between 9 percent and 7 percent for the rest of 2009. The bank rate is being stabilized at 9.5 percent after six months of consecutive rises. It will be held for a while and then reduced to 7.5 percent in 2009.

Indonesian bonds are recovering from their recent nose-dive and the stock market is stabilizing. Local economists say the stock market was over-valued and more normal values and returns will be restored as part of the local share trading cycle.

The government is now focusing on trying to mobilize its massive $115 billion dollar national budget for 2009, up from $100 billion in 2008, to push projects and overall spending forward and help substitute local demand for declines in exports, with every hope of keeping economic growth for 2009 at between 5.5 and 6.0 percent.

Despite the collapse of the Bank of Indonesia subsidiary Indover Bank in the Netherlands, there is no sovereign default. Indonesian Finance Minister Sri Mulyani Indrawati and the new central bank governor, Boediono, have taken a stand against previous mismanagement.

In contrast to the kid-glove treatment of failed bankers and financial managers in the West, who took imprudent and possibly illegal risks, the Indonesian government is directing the work of its Corruption Eradication Commission and Corruption Court against corrupt central bankers and parliamentarians who took bribes.

The Indonesian government also says it will pursue legally those who misused its name and dragged it into the Indover collapse, by implying there were sovereign guarantees backing Indover borrowing when there were none. It also intends to pursue allegations of short trading and fraudulent practices in the stock exchange.

Indonesia lost 10 years as a result of the 1998 banking crash when it put its fate in the hands of the IMF, which initially failed to understand local strengths and exaggerated local weaknesses. An historical photo shows President Suharto sitting at his desk, signing his own political death-warrant while the IMF representative stood over him, as he signed the IMF agreement.

A lot has changed between the Asian banking crash of 1998 and the Wall Street crash of 2008. The economic balance of power in the world has changed and the balance of global power has shifted to the South and East. British Prime Minister Gordon Brown recognized this when he urged the Gulf states and the G20 to help stabilize the world economy.

In the 1998 bank crash Indonesia had no freedom and no choice. This time in 2008 Indonesia has freedom and is stronger, and can chose to tread its own path. Hopefully its greater strength and determination will inspire Muslim and Southern countries not to panic in the face of recession in the West, but to work together to avoid the spread of recession to the South and to build and strengthen a new world economic order.

Terry Lacey is a development economist who writes from Jakarta, Indonesia, on modernization in the Muslim world, investment and trade relations with the European Union and Islamic banking. This article is published with permission from the author.

Source : http://www.dailystar.com.lb/article.asp?edition_id=1&categ_id=2&article_id=97616

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