Brothers R. Budi and Michael Hartono, who own the Djarum cigarette company and BCA Bank, have topped Forbes magazine’s list of Indonesia’s 50 richest men for the 10th year in a row. While others just humming when reading the list, we decided to round up the list of the richest people in Indonesia to refresh your memory as well as to give those wanting to start a business the right motivation. So hang in there, and use these individuals’ achievements as positive reinforcements to keep going.
1. Robert Budi Hartono
Ranked first on the list are the Hartono brothers, who according to Forbes have continued to distance themselves from the pack for ten years in a row. R. Budi Hartono (net worth $17.4B) and his brother, Michael (whose fortune is listed separately), are the richest people in Indonesia.
His fortune is not magical. In 1950, Mr. Oei Wie Gwan bought a small business in the field named Djarum clove gramophon, a bankrupt Indonesian cigarette company. In 1951 it changed its name to Djarum. Oei began marketing cigarettes under the brand "Djarum" which turned out to be successful in the market. After a fire nearly gutted the company in 1963 (Oei died shortly afterwards), Djarum back up and modernize their equipment in the factory. Then Budi Hartono starts from there. Together with his brother, Michael Hartono, at the age of 22, Robert inherited one of the leading cigarette company today, Djarum. Before that time, Djarum's factory burned down and suffered an unstable condition. But in the hands of the two Hartono brothers, Djarum could grow into giants. Budi Hartono also owns more than 25% of publicly-traded Bank Central Asia, his most valuable asset.
2. Michael Bambang Hartono
Budi Hartono’s older brother, Michael, is ranked on number 2. Just like his brother, Michael Hartono also owns more than 25% of publicly-traded Bank Central Asia, his most valuable asset alongside Djarum and other business that he develops with his brother. His total fortune, net worth $16.7B, also ranked as #75 world richest.
3. Sri Prakash Lohia
With the net worth $7B today, Sri made much of his fortune producing a basic component used to make plastic bottles. He and his father immigrated to Indonesia, where they co-founded Indorama as a maker of spun yarn in 1976. It is now a petrochemicals powerhouse making a range of industrial products, including polyethene, polypropylene and medical gloves. Lohia remains chairman but lives in London and has handed reins largely to son Amit, who runs the business on a daily basis. The company is expanding in Africa where it has a factory in Nigeria that produces fertilizer.
4. Chairul Tanjung
Chairul Tanjung as known as “Anak Singkong”, already live up and down before he became a tycoon with $3.8B net worth. His parents were A.G. Tanjung and Halimah. He was born into a very rich family because his father is a reporter and established a magazine company. His father fortune isn’t last forever. In the new order era, his father's business got shut down by the government for helping the old order era. His family economy turns 180 degrees where their big house and cars were sold to cover debt and for a living, they must live in a tiny apartment. His parents wanted their children to be successful so they worked for a company.
Chairul knows how to be successful. He worked with Akio Morita to establish the business. He bought Bank Karman and changed its name to Bank Mega. He expanded his business interests into insurance and securities. Chairul is now involved in the television business; he founded Trans TV and acquired TV 7 from the Kompas-Gramedia Group. Chairul owns property projects such as Bandung Super Mall, Batam Indah Propertindo, Para Bali Propertindo, and Mega Indah Propertindo. In 2012, he bought a minority share of Garuda Indonesia. His group also controls the Wendy's franchise in Indonesia and owns the Versace, Mango and Jimmy Choo franchises. His business keeps growing.
5. Dato Sri Tahir
With $3.4B net worth, Tahir became #5 billionaire. He, who goes by one name, is founder of Mayapada Group, a company with interests in banking, a hospital chain and most prominently, real estate. Tahir owns the recently completed Strait Trading Building in Singapore as well as the Goodway Hotel in Batam. As an active philanthropist, Tahir has donated millions to combat the worldwide refugee crisis and to promote education for Indonesians. He also co-owns the licensee that publishes Forbes Indonesia. He is son-in-law of tycoon Mochtar Riady, after married with his wife Rosy Riady.
6. Mochtar Riady
Born in East Java, Riady opened a bicycle shop at age 22 and went on to build a successful banking career until the 1997 financial crisis. Mochtar Riady is the founder of $7.5 billion (revenue) Lippo Group, now run by sons James and Stephen. Now Mochtar still seating as a Chairman of Lippo Group, and his net worth $2.8B. Today Lippo Group's interests include real estate, retail, healthcare, media and education.
Riady's son Stephen runs Singapore property outfit OUE, which owns the iconic U.S. Bank Tower in downtown Los Angeles. Grandson John, who heads Lippo's e-commerce venture MatahariMall, is also overseeing a digital banking drive through their Bank Nobu.
7. Prajogo Pangestu
As a son of a rubber trader, Prajogo Pangestu got his start in the timber business in the late 1970s. He owns and founded Barito Pacific Group which engages in forestry, petrochemicals, property, plantation, oil and gas, coal and gold mining, as well as geothermal. With Barito, now his fortune worth $2.9B. His company PT Barito Pacific Timber went public in 1993 and changed its name to Barito Pacific after cutting back on its timber business in 2007. In 2007 Barito Pacific acquired 70% of petrochemical firm Chandra Asri, which also trades on the Indonesia Stock Exchange. In 2011 Chandra Asri merged with Tri Polyta Indonesia and became the country's largest integrated petrochemical producer. Chandra Asri Petrochemical teamed with French tire manufacturer Michelin in 2015 to develop a synthetic rubber plant in Indonesia.
8. Murdaya Poo
Poo once earned a living selling newspaper before became a billionaire. His Central Cipta Murdaya Group owns a palm oil plantation and a plywood manufacturer and has stakes in engineering and IT companies. When we look further from some of his business decisions, Murdaya Poo must have a really great business sense.
However, his cooperation with his wife Hartati Murdaya became another business secret. Because his wife had great business sense and skill, he did not hesitate to work with him starting from a small contractor company in 1972. He also did not hesitate to put his wife in an important position, because he recognized his wife's talent, and his wife proved by recruiting managers from South Korea to their factory right after the closure of many factories in the country in the late '80s. Murdaya Poo was also registered as a legislative member of the People's Legislative Assembly from 2004 to 2009, and he was well versed in PDIP, a political party that enabled him to reach a position as a member of the legislature.
9. Peter Sondakh
With $1.9B net worth, the owner of Rajawali Corporation ranked in number 9. This entrepreneur has achieved success in several types of business that he did. Peter Sondakh was born in Manado on July 23, 1953. Peter Sondakh is now 63 years old. In his age that is no longer young Peter Sondakh has kept his high position and wealth abound. This, of course, he achieved not in the blink of an eye as if it were turning the palm of the hand.
Start from the investment firm, later on, the group began building 5-star hotels in Indonesia in 1990, in 2009 it launched the St. Regis Hotel and Resort in Bali. In 2001 the group created Velo Networks, an Internet service provider. Other assets include palm oil company PT Eagle High Plantation and the Four Seasons hotel in Jakarta. The group also owns TV network Rajawali Televisi.
Recently, Peter always linked with ex-PM of Malaysia, Najib Razak. His relationship with Najib is not because they both were born on the same date (23 July 1953), more than that. Peter seeks to strengthen his closeness with Najib through Tan Sri's honorary title in Malaysia in 2009 after former Najib received the title "I Mappadulung Daeng Mattimung Karaeng Sandrobone Sultan Abdul Jalil" for his indulgence in 2005.
10. Theodore Rachmat
Theodore Rachmat started his career at carmaker Astra International in 1969. Now his net worth $1.7B after owns a minority stake in listed coal company Adaro Energy, where he is Vice President Commissioner and he also has investments in the palm oil and rubber industries.