Bakrie ‘Biggest Loser,’ Despite Indonesia’s Rich Getting Richer

Jakarta Globe, November 24, 2011

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Controversial businessman and politician Aburizal Bakrie and his family is “the biggest loser” in this year’s list of Indonesia’s richest people published by Forbes magazine.

The Bakrie family’s wealth dropped an estimated 57 percent, or $1.2 billion, despite the fortunes of Indonesia’s 40 most wealthy individuals or families increasing 19 percent.

The magazine said the growth in wealth, up to $85.1 billion, was due in part to the growth of Indonesia’s gross domestic product and the rising stock market.

The top three were named as:

1) R. Budi & Michael Hartono, the owners of Djarum Group, with a net worth of $14 billion

2) Susilo Wonowidjojo, president of Gudang Garam, with a net worth of $10 billion

3) Eka Tjipta Widjaja, the patriarch of the Sinar Mas Group, with a net worth of $8 billion

Forbes noted that the top three added $7.5 billion to their combined wealth and were now worth “a staggering $32.5 billion, representing 38 percent of the list’s total wealth.”

Rounding out the list were:

4) Low Tuck Kwong, owner of Bayan Resources, with a net worth of $3.7 billion

5) Anthoni Salim, Indofood’s president director and chief executive office, with a net worth of $3.6 billion

6) Sukanto Tanoto, diversified, with a net worth of $2.8 billion

7) Martua Sitorus, chief operating officer of Wilmar International Ltd., the world’s biggest palm-oil trader, with a net worth $2.7 billion

8) Peter Sondakh, investment, with a net worth of $2.6 billion

9) Putera Sampoerna, head of the Sampoerna family, with a net worth of $2.4 billion

10) Achmad “Met” Hamami, who owns Indonesia’s Caterpillar distributor, with a net worth of $2.2 billion

The magazine said five coal tycoons associated with Adaro Energy, including Bakrie, slipped in the rankings. “The person who effectively bailed them out, Samin Tan, is one of five

newcomers.”

Also gone were “Arifin and Hilmi Panigoro, who lost nearly half their fortune as shares of their MedcoEnergi fell.”

Related Article:

Family spokesman says debt payments shrink Bakrie’s wealth