This story is part of Forbes\’ coverage of Indonesia’s Richest 2021. See the full list here.
Following a 2% contraction in 2020, Indonesia’s economy is expected to grow nearly 4% this year, fueled partly by rising commodity exports. With the emergence of the Omicron variant, the nation, which was battered by Covid-19 earlier this year, is going all out to prevent a third wave with strictures on international arrivals as well as Christmas and new year holiday restrictions. The benchmark stock market index rose over 19% since we last measured fortunes, helping to lift the combined net worth of the 50 richest by over 21% to $162 billion, up from $133 billion last year.
Nearly three-fourths of the listees saw their fortunes rise this year, with eight adding $1 billion or more. Brothers R. Budi and Michael Hartono retained the top spot with a net worth of $42.6 billion. They were the biggest dollar gainers this year, adding $3.8 billion, thanks mainly to rising shares of Bank Central Asia as investors piled into bank stocks.
The Widjaja family of the Sinar Mas conglomerate was among seven on the list who saw their wealth decline this year due to lower sales and profits in the group’s paper business. Despite their fortune falling $2.2 billion to $9.7 billion, the Widjajas remained at No. 2. Anthoni Salim, whose diversified Salim Group runs businesses from food to telecom, reclaimed his position as Indonesia’s third richest after a four-year gap. Salim’s net worth got a 44% boost to $8.5 billion, as his investments in rising stars such as Emtek and data center operator DCI Indonesia paid off.
Salim wasn’t the only beneficiary of the January IPO of DCI Indonesia. The company produced three of the four new members to the list this year: DCI’s cofounders, Otto Toto Sugiri, Marina Budiman and Han Arming Hanafia made their debut amid the company’s soaring shares. The fourth newcomer is John Kusuma, who has a valuable stake in Bank Aladin Syariah, which has a presence in the digital sphere.
The most notable digital banking beneficiary is Jerry Ng, this year’s biggest gainer in percentage terms. His wealth was up more than fivefold amid Bank Jago’s digital expansion, propelling him to No. 12 with $3.2 billion.
A rise in coal prices fueled the fortunes of six listers from that sector, including Kiki Barki, the sole returnee this year. Barki, the founder of coal miner Harum Energy, is back after a seven-year gap at No. 27 with $1.6 billion. Five from last year didn’t make the cut-off for this year’s list, which was $695 million, up from $475 million in 2020.
Full Coverage of Indonesia’s Richest 2021:
Editing assistance and reporting by Anuradha Raghunathan. Additional reporting by Pudji Lestari, Marella Putri, Yessar Rosendar, Elisa Valenta, Yue Wang and Ardian Wibisono.
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, annual reports and analysts. The ranking lists both individual and family fortunes, including those shared among relatives. Private companies were valued based on similar companies that are publicly traded. Public fortunes were calculated based on stock prices and exchange rates as of Nov. 26, 2021, and adjustments may have been made for some stocks that are thinly traded or have a low public float. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any listees in light of new information.