Brothers R. Budi and Michael Hartono held on to the top position for more than a decade, even as their combined fortune shrank by $6.5 billion to $43.8 billion, marking the largest decline in dollar terms this year, according to U.S. magazine Forbes.
Shares of Bank Central Asia, their main holding, fell 15% from a year ago amid investor worries over the effects of monetary and fiscal policy uncertainty on the banking sector.
Petrochemicals and energy tycoon Prajogo Pangestu stayed in second place after lifting his net worth by 23% to $39.8 billion.
He raised more than $140 million in July through the IPO of Chandra Daya Investasi, an infrastructure unit.
The Widjaja family posted the biggest dollar gain, adding $9.4 billion and moving up one place to third with $28.3 billion.
Shares of their infrastructure and energy flagship Dian Swastatika Sentosa more than doubled from a year earlier, supported by its expansion into renewable energy.
In June, the company opened Indonesia’s largest solar panel plant, with annual capacity of up to 1 gigawatt through a joint venture.
Coal billionaire Low Tuck Kwong, last year’s third-richest individual, slipped to fourth as his wealth declined by $2.1 billion to $24.9 billion.
Shares of his coal producer Bayan Resources weakened after net profit fell 16% to $534 million in the nine months to September, hurt by softer coal prices and higher operating costs.
In the fifth place is Anthoni Salim and his family with a $13.6 billion net worth. Salim heads the Salim Group, with investments in food, retail, banking, telecom and energy.
He is also the CEO of Indofood, one of the world’s largest makers of instant noodles, famous for its brand Indomie.
Surging demand for data centers sent shares of DCI Indonesia soaring, lifting its two cofounders, Otto Toto Sugiri and Marina Budiman, into the top ten for the first time.
They recorded the largest percentage gains this year, ranking sixth with $11.3 billion and eighth with $8.2 billion, respectively. The third cofounder, Han Arming Hanafia, jumped 38 places to 12th with a net worth of $5.3 billion.
Two tycoons rejoined the list, including media magnate Eddy Kusnadi Sariaatmadja. Shares of his company Elang Mahkota Teknologi, better known as Emtek, nearly tripled from a year ago.
New to the rankings is Hartati Murdaya, president director of investment holding firm Central Cipta Murdaya, who took the place of her late husband Murdaya Poo, who died in April at the age of 84.
Those dropping off the list include Kuncoro Wibowo, after shares of his hardware retailer Aspirasi Hidup Indonesia plunged more than 40% amid declining profits.
Overall, wealth rose for half of those on the list. The minimum net worth required to make the list fell to $920 million, from $1.05 billion last year.
Comments are closed.