beyondbrics

Another year and a few more Indonesians became billionaires. The collective wealth of the richest three Indonesians, who made their fortunes on tobacco, banking and palm oil, has jumped to $32.5bn, Forbes magazine said Thursday.

The latest ranking of the wealthiest Indonesians included four more billionaires, taking the total to 26. The collective holdings of the richest 40 individuals climbed 19 per cent to $85bn.

The rising prosperity reflects the resilience of the Indonesian economy and stock market market, which analysts at Fitch said this week is among the best positioned in Asia to withstand the global financial crisis. Growth this year is expected to exceed 6.5 per cent.

“Despite volatility around much of the world, Indonesia’s economy is expanding and its stock market is making gains, helping to boost the combined wealth,” Forbes said in a statement.

Brothers R. Budi and Michael Hartono, whose holding in Bank Central Asia rose 20 per cent, topped the list with a net worth of $14 billion, up $3 billion from a year ago.

Susilo Wonowidjojo, who makes the popular clove cigarettes Gudan Garam, ranked second at $10.5 billion, an increase of $2.5 billion. Property and palm oil tycoon Eka Tjipta Widjaja, 88, was the oldest on the rich list, at $8bn.

The prominent Bakrie family, which ran into debt problems this year after teaming up with London financier Nat Rothschild, slipped below $1bn to $890m, down from $2,2bn two years ago. The coal tycoon who bailed them out in exchange for half their holdings in Bumi Plc, Samin Tan, joined the Forbes list for the first time at $940m.

Another notable newcomer was Achmad Hamami, entering at $2.2 billion, due to the success as Caterpillar’s Indonesian distributor.

For anyone else looking to join the Forbes club, keep in mind the bar for admission was raised slightly this year. You need not apply for membership unless your net worth is $630 million, up 40 per cent from last year.

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