Cigarette Kings Reign Supreme On Wealth-X's Indonesian Rich List

SINGAPORE, July 31, 2014 /PRNewswire/ -- In the wake of Indonesia's hotly contested presidential election, Wealth-X today released a list of the country's richest billionaires. The Hartono brothers, Michael and Robert, lead the list with US$9.7 billion each in assets, mostly derived from their clove cigarette company, Djarum, and Bank Central Asia, the country's largest private bank.

Michael, 75, and Robert, 73, took over the family business after their father's death in 1963. As chairman and CEO respectively, they transformed Djarum into Indonesia's third largest kretek (clove) cigarette maker, which also has a growing international presence including in the United States where it holds 70% of the kretek market.

Both brothers are avid philanthropists and are involved in the Djarum Foundation, which supports Indonesian culture, sport, education, social and environmental conservation causes. The charitable organisation donated US$1.5 million to the Diponegoro University's School of Economics in Central Java for its infrastructural upgrade project.

Also appearing on the list is Susila Wonowidjojo, president director of Gudang Garam, another high-profile Indonesian clove cigarette maker. Winowidjojo, 58, has amassed an estimated personal fortune of US$4.6 billion.

Below are Wealth-X's top 5 billionaires in Indonesia:

Rank

Name

Net Worth
(in US$ billion)

Primary Company

Industry

1

Michael Hartono

9.7

Djarum

Tobacco/Banking

2

Robert Hartono

9.7

Djarum

Tobacco/Banking

3

Anthoni Salim

5.9

First Pacific

Diversified

4

Eka Tjipta Widjaja

5.4

Sinar Mas

Diversified

5

Susilo Wonowidjojo

4.6

Gudang Garam

Diversified

The combined wealth of the five tycoons on the Wealth-X list is US$35.3 billion, accounting for 75% of the total wealth of the country's 23 billionaires, according to the Wealth-X and UBS Billionaire Census 2013.

Indonesia ranks seventh among countries in Asia in terms of number of billionaires, behind China (157), India (103), Hong Kong (75), Japan (33), Singapore (27), and Taiwan (25). In Wealth-X's global ranking of billionaire populations, Indonesia is in 20th spot, ahead of its Southeast Asian neighbours including the Philippines (13) Malaysia (10) and Thailand (10).

About Wealth-X
 

Wealth-X is the definitive source of intelligence on the ultra wealthy with the world's largest collection of curated research on ultra high net worth (UHNW) individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 13 offices on five continents. (www.wealthx.com)
 

SOURCE Wealth-X



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