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Two More Indonesian Billionaires Join Forbes’ List of the World’s Wealthiest
Jakarta Globe | March 11, 2010

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Seven Indonesia tycoons made it onto Forbes magazine’s annual list of the world’s billionaires, up from five last year. They range from the Hartono brothers, with their combined $3.5 billion Djarum cigarette fortune, to 47-year-old Chairul Tanjung, a new entrant whose diversified interests are worth a cool billion dollars.

Forbes said that the fortunes of the world’s super-rich had recovered from 2009, when the global financial crisis gave their bottom lines a beating. There are now 1,011 billionaires, compared with 793 last year and 1,125 in 2008.

Their combined wealth swelled 50 percent to $3.6 trillion from $2.4 trillion last year.

The number of billionaires in the Asia-Pacific region grew by 80 percent to 234 and their net worth almost doubled to $729 billion. Forbes said this was a result of the region’s “swelling stock markets and several large public offerings during the past year.”

Michael, 70, and Budi Hartono, 69, head the Indonesian contingent at No. 258. As well as cigarettes, Forbes said they derived a their wealth from a controlling stake in PT Bank Central Asia as well as shopping malls and hotels.

Palm oil tycoon Martua Sitorus is the second richest of the locals, coming in at No. 316 in the world, just ahead of movie mogul Steven Spielberg. Martua, who lives in Singapore, is worth $3 billion.

Next is Peter Sondakh at No. 437, with $2.2 billion. The 58-year-old Surabaya resident’s fortune comes from telecoms, retail, hotels and a sizable holding in cement maker PT Semen Gresik.

Sixty-year-old Sukanto Tanoto, the self-made chief of conglomerate RGE Group — which owns paper maker Asia Pacific Resources International Holdings and palm oil company PT Asian Agri — comes in at No. 536.

Last but not least are the new billionaires. At No. 828 is Low Tuck Kwong, 61, worth $1.2 billion thanks to his coal company, PT Bayan Resources. Chairul, backed by his Para Group conglomerate, comes in at No. 937.