Headline / July 2019
Over the past two centuries, the world has seen creative entrepreneurs harness the great power of technology as they helped transform the global economy and create wealth.
Billionaires have been until now been at the forefront of using technological advancements for the greater good of humanity. What may seem as a broad generalization is supported by a report titled “Billionaires Insights 2018” published by Swiss investment bank UBS and PricewaterhouseCoopers.
“Just a few entrepreneurs have changed how we live. Whether inventors, executives, business owners or investors, their innovations have brought major benefits to society. As these innovations have been widely adopted, so the entrepreneurs have reaped great financial rewards,” the report said.
It added that over the past 40 years, nearly 80 percent of the 40 main breakthrough innovations “have been driven by people who are billionaires today. Approximately 70 percent are technology related and 80 percent of the companies behind them are based in the Americas, with 20 percent in APAC [Asia Pacific].”
Although Indonesian entrepreneurs may not be at the forefront of world-changing innovations, like Steve Jobs with Apple, which changed the way people communicate, interact and entertain themselves, it is evident that creative businessmen with restless entrepreneurial spirits, who adopt innovations and technological advancements, reap great financial rewards in Southeast Asia’s largest economy.
Included in GlobeAsia’s annual list of Indonesia’s 150 richest people, are many business behemoths whose founders were creative in the use of the great power of technology. For example, it was Indomie, the instant-noodle brand introduced into the Indonesian market by Sudono Salim’s Indofood in 1969, that brought his family fortune. Until today, the family patriarch Anthoni Salim, son of Sudono, remains in the top five in GlobeAsia’s rich list.
Defying the Myth?
Many Indonesian entrepreneurs have passed their business on to the next generation, who are facing fresh challenges. With the global economy on the brink of a new era, driven by a shift to more modern businesses that utilize what are considered the world’s most impactful recent technological advancements, such as the internet and artificial intelligence, young business leaders must think hard about ways to maintain their relevance and sustain their family businesses.
In Indonesia, family businesses – which the textbook says are among the oldest types of commercial activity – cannot escape the challenge of the great power of technology that has already disrupted many older industries. Seeming to occur in the blink of an eye, digital disruption has shaken up, among others, brick-and-mortar retailers, banks, hotels, transportation and even media companies operating in Indonesia. Given the great challenges ahead, as the Internet of Things, combined with the implementation of artificial intelligence, change the way businesses are run, the old saying: “the grandfather builds the business; the father makes it a success; and the grandchildren wreck it” still holds true.
Most of Indonesia’s family businesses are relatively young compared with their peers in the West, given the country’s only recent emergence as a powerhouse economy. Indonesia’s $1 trillion economy is currently the world’s 16th largest. Bloomberg, in a Jan. 8 report, quoted a note from Standard Chartered stating that Indonesia may break into the top five in 2030, as emerging markets shake up the world’s gross domestic product rankings.
Despite its economy also having been affected by the global economic slowdown, Indonesia still offers opportunities to those willing to steel their nerves and ride out the storm of short-term uncertainty. Several global consulting companies, including McKinsey, have predicted that more people will join the middle class. The country will also enjoy a demographic bonus of a young population until 2030, which means the consumer market is predicted to grow quickly.
Coupled with the rapid penetration of the internet through mobile phones, it means there will be more customers with greater connectivity. This has proliferated the growth of e-commerce companies, ride-hailing platforms and financial technology firms.
Edmund Koh, president of UBS Asia Pacific, said the number of ultra-high-net-worth individuals in Indonesia has been increasing as they capitalize on growing opportunities in the country, particularly in natural resources, consumer goods and the financial sector. Despite technology being a significant factor in wealth creation, he believes these sectors would still see increasingly more people enter the ranks of the ultra-rich.
Technology has proven to be a significant game changer when it comes to accelerating business growth. China is a good example of this. Koh says the Asian economic giant has over the past 10 years seen the creation of some of the world’s largest companies, which resulted in rising living standards and the creation of wealth on an unprecedented scale. The number of billionaires in China has grown from only 16 in 2006 to 324 now.
According to some estimates, this number is expected to double within the next five years, as a new cohort of young entrepreneurs, driven by technological advancements and changing business models, gain the capacity to seize opportunities and capitalize on rapid expansion in various sectors. These entrepreneurs are poised to become the world’s next crop of billionaires. Silicon Valley is no longer the only place associated with technological innovation, as Shenzhen in China has positioned itself as the new home of a booming tech industry. Koh sees Indonesia following in China’s footsteps over the next 10 to 15 years.
Even though there are no specific reports singling out how Indonesian family businesses are performing today, multinational professional services group PwC released its “Family Business Survey 2018: Indonesia Report,” which may offer a glimpse of how key decision makers in such businesses think about the key issues of the day.
The survey revealed that “growth among Indonesian family businesses over the past 12 months has increased compared with those answering in 2016.” The survey is part of a global market survey among key decision makers in family businesses within several of PwC’s key territories, including Indonesia.
It adds that “key challenges for Indonesian family businesses in the next two years are access to the right skills and capabilities, the need to innovate to keep ahead, the economic environment and competition. In terms of important personal and business goals, the maintenance of the best talent [via recruitment and retention] for the business is crucial [89 percent cite this]. Innovation and profitability are also key.”
Interestingly, the report also shows that 35 percent of Indonesian family businesses expect to change their business model over the next two years, compared with 20 percent globally. It also says 81 percent of respondents indicated that they would bring in professional expertise from outside the family, as those in control of 63 percent of Indonesian family businesses feel they will have made significant steps in terms of digital capabilities in the next two years.
Meanwhile, 46 percent of businesses feel vulnerable to digital disruption. This is more than twice as many as in 2016, and higher than the 30 percent citing this globally.
As understanding digitalization is seen by many as necessary to survive today’s competition, some new entrepreneurs have taken the lead. Those coming from the old billionaire families also rushed to embrace the Fourth Industrial Revolution.
Techpreneurs such as Nadiem Makarim, founder of ride-hailing service Go-Jek, and William Tanuwijaya, founder of e-commerce platform Tokopedia, have been new faces in GlobeAsia’s rich list since last year.
Some young business leaders profiled in this edition, who took over the leadership from their parents, said embracing Industry 4.0 and digitalization of their traditional manufacturing businesses are key priorities.
Anindya Bakrie, who recently took over the reins at PT Bakrie & Brothers, a company his grandfather founded 77 years ago, said he seeks to raise the group’s value by elevating it from mere resilience in crisis to excellence in the digital age.
Arif Patrick Rachmat, president director and chief executive of the Triputra Agro Group, also supports this trend, having implemented technology to make the company prosper despite tough competition and declining palm oil prices. He said the group has been working with United States-based artificial intelligence startup Canotic and IBM Research, the American information technology giant’s research division, to develop technology used in oil palm plantations.
This allows workers at the company’s plantations in remote parts of Sumatra to use smartphones to take photos of the fruit bunches on each palm tree, which are then sent to the group’s head office in Jakarta, where artificial intelligence can accurately predict the size of the upcoming harvest, while also monitoring the production process in real time.
To Arif, innovation can, at the very least, help reduce operational costs and improve business performance. “I believe digital technology can play an important role in our business, even in a centuries-old sector such as palm oil farming. It is not a cheap investment, but we must take a long-term view,” he said.
Arif Rachmat was also a seed investor in Indonesian startup Go-Jek before it became Indonesia’s first unicorn company, and now its first “decacorn.” The group also made a sizable investment in the startup Ruangguru.com, an innovative learning application with hundreds of thousands of clients, and Anterinaja.com, an e-logistics company.
This is a growing trend in Indonesia, where many companies report good results from scaling up their businesses to tap the potential in consumer goods, property and financial services. As the country’s middle class continues to expand, it translates into more disposable income, which in turn, provides the incentive for businesses to introduce new products and services in a bid to capitalize on these opportunities.
In this context, innovation might not necessarily mean inventing something new, as it can also involve a new way of doing business. For example, Bank Central Asia, Indonesia’s largest private lender controlled by the Djarum Group, pioneered an innovative mobile phone payment system. This was one of the key drivers that saw the company’s share price soar, while its fundamentals remained solid.
It was also the lender’s soaring stock price that was, in part, responsible for the Hartono family, which owns the Djarum Group, maintaining its position at the top of the list of Indonesia’s wealthiest people over the past five years. The Djarum Group also invested in Go-Jek.
Many other conglomerates have investments in startup companies. The Lippo Group has, among many others, interests in Southeast Asian ride-hailing firm Grab and Indonesian digital payment system OVO. The Emtek Group, meanwhile, has investments in e-commerce platform Bukalapak, among others.
Only time will tell whether Indonesian family businesses can beat the competition and become global players in the modern era.
|RANK||NAME, AGE||GROUP||BUSINESS||NETWORTH 2018||NETWORTH 2019|
|1||Robert Hartono, 78 and Michael Hartono, 79||Djarum Group||Cigarettes, banking, industry, utilities, telecommunications||$21 B||$32 B|
|2||Teguh Ganda Widjaya, 75 and family||Sinar Mas Group||Palm plantations, pulp and paper, property, finance, energy||$13.9 B||$13 B|
|3||Susilo Wonowidjojo, 62||Gudang Garam||Cigarettes, plantations||$11 B||$12 B|
|4||Anthoni Salim, 70||First Pacific||Food, investment||$11.5 B||$11 B|
|5||Sri Prakash Lohia, 70||Indorama||Textiles, garment||$4.5 B||$6.5 B|
|6||Chairul Tanjung, 57||CT Corp||Media, banking, retail||$4.6 B||$4.7 B|
|7||Theodore P Rachmat, 70||Triputra Group, Adaro||Mining, agribusiness, manufacturing, service||$4.5 B||$4.6 B|
|8||Dato’ Sri Tahir, 67||Mayapada Banking Group||Duty-free retailing, banking, property||$2.15 B||$4.5 B|
|9||Putera Sampoerna, 69||Sampoerna Strategic||Plantations, agribusiness||$4.3 B||$4.2 B|
|10||Prajogo Pangestu, 69||Barito Pacific Group||Petrochemicals||$1.38 B||$2.9 B|
|11||Sukanto Tanoto, 69||Royal Golden Eagle||Plantations, energy, pulp||$2.7 B||$2.8 B|
|12||Jogi Hendra Atmadja, 73||Mayora Group||Processed foods, property, financial||$1.25 B||$2.5 B|
|13||Dato Low Tuck Kwong, 70||Bayan Resources||Mining, plantations||$1.45 B||$2.4 B|
|14||Mochtar Riady, 90||Lippo Group||Property, retail, healthcare, technology, investments, media||$2 B||$2.3 B|
|15||Eddy William Katuari, 67||Wings Group||Consumer goods, plantation, property||$2.1 B||$2.2 B|
|16||Aburizal Bakrie, 71||Bakrie Group||Investment, industry, media||$2.05 B||$2.1 B|
|17||Edwin Soeryadjaya, 69||Saratoga||Investments, mining, airline||$2 B||$2.1 B|
|18||Sjamsul Nursalim, 76||Gajah Tunggal Group||Tires, retail, property||$2 B||$2.05 B|
|19||Peter Sondakh, 68||Rajawali Group||Energy, plantations, investment||$1.8 B||$1.9 B|
|20||Eddy Sariaatmadja, 68 and Fofo Sariaatmadja, 56||Elang Mahkota Technology Group||TV, technology||$1.8 B||$1.85 B|
|21||Jakob Oetama, 88 and Lilik Oetama||Kompas Gramedia Group||Print media, TV, hotels, book stores||$1.65 B||$1.8 B|
|22||Djoko Susanto, 70||Sumber Alfaria Trijaya||E-commerce, retail, mini-marts||$1.4 B||$1.7 B|
|23||Haryanto Adikoesoemo, 73||AKR Corporindo||Oil trading, distribution, chemicals||$1.5 B||$1.65 B|
|24||Martua Sitorus, 60||GANDA Group||Plantations, food, property||$1.7 B||$1.6 B|
|25||Winarko Sulistyo, 73||Fajar Surya Wisesa||Pulp and paper||$1 B||$1.5 B|
|26||Handojo Santosa, 56||Japfa Comfeed Group||Animal feed, property||$1.4 B||$1.5 B|
|27||Boenjamin Setiawan, 86 and family||Kalbe Farma||Pharmaceuticals, cosmetics||$840 M||$1.5 B|
|28||Ciputra, 87||Ciputra Group||Property, energy||$1.4 B||$1.45 B|
|29||Donald Sihombing, 63||Totalindo Eka Persada||Construction, property||$1.4 B|
|30||The Nin King, 88||Argo Manunggal Group||Property, industry, textiles||$ 1.5 B||$1.4 B|
|31||Murdaya Poo, 78 and Siti Hartati Murdaya, 73||Central Cipta Murdaya||Property, manufacturing, energy, IT||$1.4 B||$1.4 B|
|32||Suryadi Darmadi, 69||Duta Palma Nusantara Group||Palm oil plantations, property||$1.3 B||$1.4 B|
|33||Alexander Tedja 75 and Melinda Tedja, 75||Pakuwon Group||Malls, property||$870 M||$1.4 B|
|34||Kartini Muljadi, 91||Tempo Group||Pharmaceuticals, cosmetics||$1.35 B||$1.4 B|
|35||Hartadi Angkosubroto, 66 and Husodo Angkosubroto, 64||Gunung Sewu Group||Agrobusiness, property, life insurance||$1.35 B||$1.3 B|
|36||Aksa Mahmud, 73||Bosowa Corporation||Cement, infrastructure, trading, energy||$1.8 B||$1.3 B|
|37||Hary Tanoesoedibjo, 54||MNC Group||Media, finance, property, infrastructure||$1.8 B||$1.3 B|
|38||Wiwoho Basuki Tjokronegoro, 80||Teladan Group||Investment, Plantation, energy||$1.5 B||$1.2 B|
|39||Benjamin Jiaravanon, 46||Charoen Pokphand Indonesia||Animal feed, shrimp production||$1.6 B||$1.2 B|
|40||Mu’min Ali Gunawan, 80||Panin Group||Banking, insurance, property||$1.3 B||$1.2 B|
|41||Ciliandra Fangiono, 43||First Resources||Palm plantations||$1.15 B||$1.2 B|
|42||Garibaldi Thohir, 54||TNT Group, Adaro Group||Energy, mining, multi-finance||$1.45 B||$1.05 B|
|43||Rusdi Kirana, 56||Lion Air Group||Airlines||$1.2 B||$1.1 B|
|44||Kuncoro Wibowo, 64||Ace Hardware||Housewares, equipment||$900 M||$1.1 B|
|45||Husain Djojonegoro, 69||ABC, Orang Tua Group||Consumer goods||$1.2 B||$1.1 B|
|46||Bachtiar Karim, 62||Musim Mas||Plantations, chemicals||$630 M||$985 M|
|47||Agus Lasmono Sudwikatmono, 47||Indika Energy||Coal mining, construction, energy||$1.6 B||$965 M|
|48||Lim Hariyanto Wijaya Sarwono, 90||Harita Group||Mining, plantations||$1.5 B||$950 M|
|49||Tomy Winata, 61||Artha Graha Network||Banking, hotels, agribusiness||$930 M||$940 M|
|50||Eka Tjandranegara, 72||Mulia Group||Property, industry, textiles||$650 M||$930 M|
|51||Arifin Panigoro, 73 and Hilmi Panigoro, 63||Medco International||Energy, manufacturing||$1.3 B||$920 M|
|52||Gunawan Jusuf, 65||Sugar Group Companies||Sugar, bio-energy||$965 M||$900 M|
|53||Jan Darmadi, 78||Jan Darmadi Group||Property, chemicals, plantations||$740 M||$860 M|
|54||Jusuf Kalla, 77 and family||Kalla Group||Trading, heavy industry, shipping,energy||$900 M||$850 M|
|55||Paulus Tumewu, 67||Ramayana Group||Retail, property||$610 M||$850 M|
|56||Hashim Djojohadikusumo, 65||Arsari Group||Investment, energy||$915 M||$820 M|
|57||Danny Nugroho, 44||Capital Group||Financial Service||$810 M|
|58||Sugianto Kusuma, 68||Agung Sedayu, Bank Artha Graha||Property, banking||$970 M||$800 M|
|59||Osbert Lyman, 69||Lyman Group||Property, plantations||$760 M||$750 M|
|60||Johan Lensa, 69||J Resources||Property, mining||$955 M||$750 M|
|67||John Chuang, 69||Ceres Indonesia, Petra Food||Agribusiness, energy, investments||$655 M||$725 M|
|62||Soegiharto Sosrodjoyo, 85||Rekso Group||Beverages, property||$610 M||$710 M|
|63||Kiki Barki, 79||Harum Energy Group||Mining, plantations||$1.5 B||$700 M|
|64||Arini Subianto, 48||Persada Capital Group||Coal, investment, book stores||$980 M||$700 M|
|65||Mucki Tan, 60||Rodamas Group||Infrastructure, energy, construction||$645 M||$685 M|
|66||Purnomo Prawiro, 81||Blue Bird Group||Transportation||$520 M||$680 M|
|67||Harjo Sutanto, 79||Wings Group||Consumer goods||$630 M||$675 M|
|68||Tan Tjai Kie, 66||Gunung Garuda Steel||Steel production, mining||$300 M||$670 M|
|69||AHK Hamami, 85||ABM Investment||Heavy equipment, energy, power||$650 M||$665 M|
|70||Subianto Tjandra, 75||Ateja Group||Textiles, property||$630 M||$650 M|
|71||Luntungan Honoris, 70||Modern Group||Property, trading, mining||$910 M||$650 M|
|72||Beny Tjokroseputro,50||Hanson International, Rimo Group||Property, retail,investment||$640 M|
|73||Sofyan Wanandi, 75||Gemala Santini||Automotive parts, batteries||$610 M||$635 M|
|74||Mohammad Reza Chalid, 59||Global Energy Resources||Oil trading, distribution, chemicals||$650 M||$630 M|
|75||Sutanto Djuhar, 90||First Pacific||Investments, property||$630 M||$625 M|
|76||Abdul Rasyid, 61||Citra Borneo Indah||Timber, palm oil||$600 M||$620 M|
|77||Benny Suherman, 72||Studio 21 Group||Cinema chain||$610 M||$615 M|
|78||Alim Markus, 68||Maspion Group||Homeware||$560 M||$610 M|
|79||Hutomo Mandala Putra, 55||Humpuss||Investment, shipping, property||$670 M||$600 M|
|80||Trihatma K Haliman, 67||Agung Podomoro Group||Property, chemicals, plantations||$605 M||$590 M|
|81||Surya Dharma Paloh, 69||Media Indonesia||Media, hotels, catering, energy||$575 M||$585 M|
|82||Tan Kian, 62||Dua Mutiara||Textiles, hotels, property||$600 M||$565 M|
|83||Rudy Suliawan, 68||Karang Mas Sejahtera||Hotels, property, energy||$500 M||$545 M|
|84||Sudhamek, 63||Garuda Food||Consumer goods||$600 M||$520 M|
|85||Henry Pribadi, 72||Napan Group||Agribusiness, electronics, property, trading||$500 M||$515 M|
|86||Amirsjah Risjad, 52||Risjadson Group||Investment, plantations, energy||$515 M||$510 M|
|87||Nadiem Makarim, 35||Gojek Group||Technology||$100 M||$505 M|
|88||Ginawan Tjondro, 65||CNI Group||Multi-level marketing||$510 M||$500 M|
|89||Stefanus Lo, 51 and family||Frank & Co||Jewelry, property||$465 M||$485 M|
|90||Jimmy Masrin, 58||Lautan Luas Group||Chemicals, paper, trading||$490 M||$485 M|
|91||Rosan Roeslani, 51||Recapital||Investments, private equity||$460 M||$480 M|
|92||Juliah Sukamdani , 85 and family||Sahid Group||Property, hotels, industry||$450 M||$475 M|
|93||Hendro Gondokusumo, 70||Intiland||Property, retail, healthcare, technology, investments, media||$456 M||$475 M|
|94||Soetjipto Nagaria, 79||Summarecon||Property, energy||$305 M||$470 M|
|95||Kris Taenar Wiluan, 71||Citra Mas Group||Energy, manufacturing||$445 M||$465 M|
|96||George Tahija, 61 and Sjakon Tahija, 66||Austindo Nusantara Jaya||Agribusiness, insurance, renewable energy||$550 M||$460 M|
|97||Iwan Budi Brasali, 73 and Aldo Brasali, 53||Brasali Group||Property, energy||$420 M||$455 M|
|98||Heru Hidayat, 47||Inti Agri Resources||Fish breeder, energy||$440 M||$420 M|
|99||Widarto, 75||Sungai Budi Group||Plantations, agribusiness||$435 M||$415 M|
|100||Yos Sutomo, 89||Sumber Mas||Timber, property||$405 M||$410 M|
|101||Rudolph Merukh, 54 and Lucky Merukh, 55||Merukh Enterprises||Mining concessions||$400 M||$405 M|
|102||Jahja Santoso, 75||Sanbe Farma||Pharmaceuticals||$395 M||$405 M|
|103||Desi Sulistio Hidayat, 88 and family||Sido Muncul||Herbal medicine||$905 M||$400 M|
|104||Sabana Prawirawidjaja, 78||Ultrajaya Group||Food beverage business||$390 M||$395 M|
|105||Tatang Hermawan, 69||Fuju Palapa Textiles, Bank Parahyangan||Textiles, property, hotels||$375 M||$385 M|
|106||Muljadi Budiman, 65||Honda Prospect Motor||Automotive distribution, multi-finance||$370 M||$375 M|
|107||Iwan Lukminto, 44||Sritex Group||Textiles, garment, property||$365 M||$370 M|
|108||Johnny Widjaja, 87||Sintesa Group||Property, chemicals, plantations||$360 M||$370 M|
|109||Djoenaedi Joesoef, 88||Konimex||Pharmaceuticals, cosmetics||$355 M||$360 M|
|110||Didi Dawis, 74||Ling Brothers||Trading, property||$350 M||$355 M|
|111||Boyke Gozali, 71||Mitra Adi Perkasa, Indonesia Paradise Property||Retail, property||$350 M||$350 M|
|112||Sandiaga Uno, 51||Saratoga, Recapital||Private equity, investment||$300 M||$350 M|
|113||William Tanuwijaya, 37||Tokopedia||Technology, e-market place, financial payment||$130 M||$345 M|
|114||Chandra Lie, 56 and Hendry Lie, 54||Sriwijaya Air||Airline||$320 M||$335 M|
|115||Ilham Habibie, 55 and Thareq Habibie, 53||Ilthabi Rekatama||Plantations, airline, industry, investment||$250 M||$330 M|
|116||Henry Onggo, 86||Ratu Sayang Group||Property, energy||$310 M||$315 M|
|117||Harry Susilo, 78||Sekar Group||Food, mining and property||$305 M||$310 M|
|118||Oesman Sapta Odang, 70||OSO Group||Investments, retail||$355 M||$300 M|
|119||Siswono Yudohusodo, 78||Bangun Cipta Sarana||Construction, livestock breeding||$300 M||$305 M|
|120||Karmaka Surjaudaja, 86||OCBC NISP||Banking, property||$300 M||$295 M|
|121||Harry Sanusi, 53||Kino Group||Consumer goods||$235 M||$290 M|
|122||Elizabeth Sindoro, 62||Dan Liris, Paramount Group||Textiles, property||$270 M||$280 M|
|123||Kaharudin Ongko, 83||Ongko Group||Property, manufacturing, energy, IT||$270 M||$275 M|
|124||Pontjo Sutowo, 69||Nugra Sentana Group||Hotels, property, energy||$265 M||$270 M|
|125||Johanes B. Kotjo, 74||Apac Group, Black Gold Natural Resources||Textiles, energy||$260 M||$265 M|
|126||Rachmat Gobel, 58||Gobel International||Electronics, investment||$260 M||$260 M|
|127||Budi Purnomo Hadisurjo, 83||Optik Melawai||Hospitality, retail, food and beverage||$250 M||$255 M|
|128||Bambang Trihatmodjo, 65||Asriland||Property, energy||$250 M||$255 M|
|129||Anton Setiawan, 74||Tunas Group||Automotive distribution, multi-finance||$255 M||$250 M|
|130||Sendi Bingei, 91||Sumatra Tobacco Trading||Tobacco, food||$252 M||$250 M|
|131||Sri Sultan Hamengkubuwono X, 75||Sultan of Yogyakarta||Property, energy||$250 M||$245 M|
|132||Stanley S. Atmadja, 64||Asco Automotive||Multi-finance, agriculture||$235 M||$245 M|
|133||Glenn Sugita,40||Northstar Capital||Private equity||$240 M|
|134||Samin Tan, 58||Borneo Lumbung Energy and Metal||Mining, plantations||$230 M||$235 M|
|135||Mardjoeki Atmadiredja, 76||Surya Toto Indonesia||Sanitary ware||$220 M||$235 M|
|136||Patrick Walujo, 36||Northstar Capital||Private Equity||$200 M||$230 M|
|137||Ricardo Gelael, 60||Fast Food Indonesia||KFC franchise, supermarkets||$185 M||$225 M|
|138||G. Lukman Pudjiadi, 64||Jayakarta Group||Property, hotels||$200 M||$220 M|
|139||Siti Hardijanti Rukmana, 72||Citra Lamtoro Gung Persada||Toll roads, investment, property||$205 M||$210 M|
|140||Ferry Unardi, 31||Traveloka||Tourism e-market place||$145 M||$210 M|
|141||Milly, 55 and family||Mahkota Group||Plantation||$200 M|
|142||Feriyadi Hartadinata ,47||Hartadinata Abadi||Gold jewelry maker||$197 M|
|143||Iskandar Widyadi, 83||Bank Jasa Jakarta||Banking, property||$185 M||$195 M|
|144||Shindo Sumidomo, 64||Siantar Top||Food, property||$185 M||$195 M|
|145||Anna Bambang Surjo Sunindar, 68||Kirana Tanker||Shipping||$180 M||$185 M|
|146||Rudy Unjoto, 72||Daliatex Kusuma||Textiles||$180 M||$183 M|
|147||A Tong, 76||Roda Vivatex||Textiles||$160 M||$175 M|
|148||Batihalim Stefanus, 55||Nojorono Tobacco||Cigarettes||$155 M||$170 M|
|149||Mintarjo Halim, 65||Sandratex||Textiles||$150 M||$160 M|
|150||Jacobus Busono, 80||Pura Group||Printing, energy||$152 M||$160 M|
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