Five Indonesians shine on ‘Forbes’ billionaire list

Lilian Budianto, THE JAKARTA POST, JAKARTA | Fri, 03/13/2009 10:43 am 

Everybody is affected by the present global financial crisis. But not Indonesians Michael Hartono and brother R. Budi Hartono, owners of the country’s second-largest cigarette company, who made it into the annual list of billionaires, as published by Forbes magazine. 

Though the wealth of the Hartono brothers was trimmed from US$2 billion in 2008 to $1.7 billion in 2009 due to the global financial crisis, they jumped to 430th position on the 2009 Forbes World’s Billionaires list from 605 last year. 

Forbes magazine released the names of the world’s 793 richest people on Wednesday, five of whom were Indonesian businessmen. Topping the list was computer czar and Microsoft Corporation founder Bill Gates, followed by property and casualty insurance company Berkshire Hathaway chairman Warren Buffett, both from the United States. 

Besides owning clove cigarette company PT Djarum, Michael, 69, and Budi, 68, also own shares in Indonesia’s largest bank — Bank Central Asia (BCA) — and the Grand Indonesia luxury shopping mall, office building and hotel complex. 

The brothers have surpassed Singapore-based tycoon Sukanto Tanoto, 59, ranked 450th on the list with $1.6 billion in wealth. 

Forbes listed Sukanto, owner of paper, construction and palm oil industries under the Raja Garuda Mas Group, as the richest man in Indonesia in 2008, with $3.8 billion in wealth. 

“The cigarette business has shown greater resilience since the 1998 economic crisis, and the trend has continued to date. It can rely much on domestic consumption, at a time when the export-driven sector, such as commodities, has slowed down as global demand shrinks,” said University of Indonesia economist Berly Martawardaya. 

Forbes also listed Martua Sitorus, 49, owner of palm oil company Wilmar International Group, in 522nd place with $1.4 billion in wealth. The next Indonesian on the list is the 701st-ranked Peter Sondakh, 57, with $1 billion in interests in the telecommunications, retail and hotel businesses. 

“It’s a great thing that we still have Indonesian businessmen in the list, despite the crisis,” said M.S. Hidayat, chairman of the Indonesian Chambers of Commerce and Industry (Kadin). 

This year, the world’s billionaires have an average net worth of $3 billion, down 23 percent in 12 months. The world now has 793 billionaires, down from 1,125 a year ago, Forbes reported. 

Bill Gates lost $18 billion, but regained his title as the world’s richest man, even as the world’s richest are also a lot poorer, Forbes said. 

Forbes world's richest 

Rank    Name                         Citizenship    Net worth

                                                                      ($billion)

1     William Gates III                              US      40.0
2     Warren Buffett                                 US      37.0
3     Carlos Slim Helu & family           Mexico      35.0
4     Lawrence Ellison                             US      22.5
5     Ingvar Kamprad  & family           Sweden      22
...
430    Michael Hartono                   Indonesia       1.7
430    R. Budi Hartono                    Indonesia       1.7
450    Sukanto Tanoto                    Indonesia       1.6
522    Martua Sitorus                      Indonesia       1.4
701    Peter Sondakh                     Indonesia       1

Source: Forbes