News on Indonesia Today

Forbes magazine has released the world billionaires list. Out of 1,210 billionaires listed in this year list which is the biggest list so far, 14 are from Indonesia.

Below are list of the top ten richest men in Indonesia which sadly none of them are really Indonesian but one, the last one.

Michael Hartono

Number 1 and 2 – Budi Hartono and Michael Hartono

These two brothers, inherited clove cigarette maker Djarum from their father but these days get bulk of their fortune from Bank Central Asia, country’s largest private bank, which returned to ranks of Forbes Asia’s Fabulous 50 list last year.

Budi Hartono

They also have palm oil interests as they picked up 65,000 hectares of land in West Kalimantan in 2008. Together they also own Grand Indonesia, a luxury shopping mall, office building and hotel complex in the center of Jakarta.

Their Djarum, banned in the US since 2009 along with other clove cigarettes, has launched Dos Hermanos, a premium cigar blending Brazilian and Indonesian tobaccos.

Number 3 – Low Tuck Kwong

Low Tuck Kwong

Stock price of his coal mining outfit Bayan Resources has tripled since its 2008 listing in Indonesia. Company recently inked $270 million deal to acquire a controlling stake in an Australian miner. Born in Singapore, Low Tuck Kwong worked for his father’s construction company in his twenties. He then moved to Indonesia in 1972 seeking better prospects. Hit jackpot with move into coal mining, buying his first mine in 1997, five years after becoming an Indonesian citizen. Also has stakes in Singapore-listed Manhattan Resources and Singapore HealthPartners. Animal lover has a zoo in Borneo with dozens of animals including gibbons, sun bears, peacocks and orangutans.

Number 4 – Martua Sitorus

Martua Sitorus

Martua Sitorus is the Chief operating officer of Wilmar International, one of world’s largest palm oil producers. Increased export tax and price controls in China caused 2010 net profit to drop 30%. He continued his empire expansion by buying Sucrogen, Australia’s largest sugar firm. Former economics student traded shrimp as a teenager, and then switched to palm oil. He bought his first plantation in 1994 and later cofounded agribusiness Wilmar International with nephew of Malaysia’s richest man, Robert Kuok. Wilmar then merged with the senior Kuok’s plantation and agribusiness group in 2007. He still holds 10% of company’s shares.

Number 5 – Peter Sondakh

Peter Sondakh

His Rajawali Corp. sold stake in cementmaker Semen Gresik for $1.1 billion this year; had previously cashed out stakes in tobacco firm Bentoel International and cellphone firm Excelcomindo Pratama. Used some of the cash to acquire 46 percent of PT Nusantara Infrastructure, toll road operator, in November. Rumored to be planning backdoor listing of plantation business through newly acquired Eatertainment International. Said to be looking for coal, gold investments. Also has investments in hotels; picked up Surfers Paradise in Queensland last year. His Rajawali Foundation at Harvard University put out major study recommending reforms for Indonesian

Number 6 – Sri Prakash Lohia

Sri Prakash Lohia

Native Indian now Indonesian citizen, is one of three brothers whose fortune spans India, Thailand and Indonesia through numerous public and private companies involved in textiles, plastics Controls Indorama Synthetics, Indonesia’s largest polyester manufacturer. Chairman of Indorama Ventures, which brother Aloke, also a billionaire, runs from his base in Thailand. Brother Om Prakash, who lives in New Delhi, has his own polyester fibers and yarns business in India. Resident of Singapore, also has home in London, where his wife’s brother, steel billionaire Lakshmi Mittal, lives.

Number 7 – Kiki Barki

Kiki Barki

Coal industry veteran makes debut, thanks to public offering of his Harum Energy in October. Retains majority stake of firm run by son Lawrence who is president commissioner. Big supporter of increased China-Indonesia trade, visits China often. Also has stake in listed Australian miner Cockatoo Coal. Hobbies are reading, swimming and jogging.

Number 8 – Sukanto Tanoto

Sukanto Tanoto

His conglomerate RGE (Royal Golden Eagle) has $10 billion in assets; owns papermaker April and palm oil firm Asian Agri. Has operations in China, Brazil. Member of the Asia executive advisory board of Wharton and member of the Insead International Council. One of his subsidiaries, Sateri International, kicked off trading at Hongkong Stock Exchange in December last year. Eldest of 7 boys dropped out of school at age 17 to help support his family. Says he taught himself English by translating Readers’ Digest, Life and Newsweek.

Number 9 – Edwin Soeryadjaya

Edwin Soeryadjaya

US-educated son of a former billionaire who founded automotive group Astra but eventually lost control and much of his wealth. He began working to restore family’s fortune, setting up investment firm Saratoga Investama Sedaya in 1998. Today, through his private equity firm Saratoga Capital, holds big chunk in coal miner Adaro Energy, where he’s one of 5 cofounders. He took his firm’s cell tower company Tower Bersama Infrastructure public in October.

Number 10 – Garibaldi Thohir

Garibaldi Thohir

Named for the famous Italian war hero, the newly minted billionaire joins the list thanks to a 30% boost in the stock of his Adaro mining empire. He started out in coal mining in 1992 and later founded PT Wom Finance, now one of Indonesia’s largest publicly listed finance groups. His Adaro Energy is the country’s second largest thermal coal producer and operates the largest single coal mine, producing “envirocoal” with low carbon and sulfur content.

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