The collective wealth of Indonesia's top 50 richest fell 9 percent to $92 billion from a year earlier. (ID Photo/David Gita Roza)

Indonesia's Richest Get $9b Hit on Commodity, Currency Doldrums: Forbes

BY :REUTERS

DECEMBER 03, 2015

Jakarta.  Indonesia's richest tycoons have seen their wealth drop by $9 billion this year due to a continued fall in commodity prices and weaker currency, according to a Forbes list released on Thursday.

The collective wealth of Indonesia's top 50 richest fell 9 percent to $92 billion from a year earlier, the business magazine said. Six tycoons lost their billionaire status, including Edwin Soeryadjaya and Sukanto Tanoto.

Soeryadjaya owns a stake in Saratoga Investama Sedaya, which has interests in commodities such as coal and oil and whose stock has dropped 26 percent so far this year. Tanoto owns Asian Agri, one of Indonesia's biggest palm oil producers.

Southeast Asia's biggest economy grew slightly faster in the third quarter thanks to higher government spending, but not enough to show a real turnaround has started. The rupiah has slid around 10 percent this year, making it Asia's second-worst performing emerging market currency.

"It was a challenging year for the Indonesian economy, and the declines across the board of the wealthiest in the country reflected that reality," Forbes said in a statement.

Despite the decline in overall wealth, Indonesia's tobacco tycoons remained at the top of the rich list. Budi and Michael Hartono, who control cigarette maker Djarum Group, were the wealthiest with a net worth of $15.4 billion, while Susilo Wonowidjojo of Gudang Garam was on no. 2 with $5.5 billion.

Third on the list was Anthoni Salim of the Salim Group, which has assets including instant noodle maker Indofood Sukses Makmur.

Reuters

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