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Indonesia is South East Asia’s largest economy.
According to tradingeconomics.com, the average GDP Annual Growth Rate was 5.28% from 2000 to 2017. This growth rate is fuelled by industries such as manufacturing, construction, mining and quarrying, hospitality and real estate.
While other Asian economies are projected to experience declining GDP growth in the next few years, the World Bank forecasts a 5.3% GDP growth for Indonesia in the 2018-2020 period.
With its consistent GDP growth, it is no surprise that Indonesia is home to some of the wealthiest people in Asia. Their business interests range from paper, palm oil, real estate and airlines, to even noodles and taxis.
Here are some of the wealthiest families and individuals in Indonesia according to Forbes:
1. Sjamsul Nursalim
Sjamsul Nursalim has a fortune built on coal, property and the retail sector.
He is a major shareholder in the retail giant Mitra Adiperkasa Iperkasa, which runs store brands such as Steve Madden.
Topshop and Zara. He also has a stake in the company Gajah Tunggal which manufactures tires for motorcycles and cars.
Nursalim’s tentacles also extend to real estate where he has a stake in property development company, Tuan Sing Holdings.
2. Eddy Katuari and Family
Eddy Katuari is the CEO of Wings, a company that specializes in manufacturing a wide range of household goods.
Today, the company is one of Indonesia’s leading producers of soap, sanitary napkins, laundry detergent and toilet cleaner.
Its Mie Sedaap brand is popular for its noodles that are sold all over the world.
3. Low Tuck Kwong
Low initially worked in the construction industry in Singapore before moving to Indonesia in 1972 seeking greener pastures.
He continued thriving as a building contractor until 1997 when he purchased his first mine. Low is the founder of Bayan Resources, one of Indonesia’s largest coal mining companies.
With a current networth of about $1.5B, he is now popularly known as the ‘King of Coal’. Low also has a stake in the Singapore shipping firm, Manhattan Resources.
4. Peter Sondakh
Peter Sondakh is the brains behind the well-know investment firm, Rajawali Corpora.
In 1990, the company started building 5-star hotels around Indonesia. Some of their most notable investments include the St. Regis Hotel and Resort in Bali and the Four Seasons hotel in Jakarta.
In 2001, the group diversified into the internet services industry by creating Velo Networks. Rajawali Corpora also owns the popular TV network, Rajawali Televisi.
5. R. Budi & Michael Hartono
The Hartono brothers have built most of their fortune from their stake in Bank Central Asia (BCA) acquired during the Asian economic crisis in 1997-1998.
The family owns prime real estate in Jakarta and popular electronics brand, Polytron. They also run the cigarette making company Djarum, popular for the Kretek brand.
Their net worth of $32.3B places them at the top of the list of Indonesia’s wealthy.
6. Prajogo Pangestu
Prajogo Pangestu has been in the timber business since the 1980s.
His company, Barito Pacific, grew rapidly and was listed in 1993. The firm acquired a 70% stake in the listed petrochemical company, Chandra Asri.
A merger between Chandra Asri with Tri Polysta Indonesia in 2011 created Indonesia’s largest petrochemical manufacturer.
In 2015, the company partnered with tire manufacturer Michelin to establish a synthetic rubber plant.
7. Eka Tjipta Widjaja & Family
Eka’s company, Sinar Mas, has interests in a wide range of industries including financial services, telecom, paper and agribusiness.
The company recently partnered with Spanish company, Cepsa, to establish an oleochemical plant on Riau Island. The palm oil giant, Golden Agri-Resources, is managed by Eka’s sons.