The Forbes list of the top 40 richest businessmen sees a downturn in fortunes for Indonesia's wealthiest.
Year on year Indonesia's wealthiest men saw a sharp downturn in their on-paper fortunes, with their combined wealth falling from $40 billion to $21 billion. Fourteen men or families lost at least half of their fortunes, including ex-billionaires Aburizal Bakrie and Eka Tjipta Widjaja, while only two of the 40 added to their fortunes, but Forbes suggests this was due to improved detective work on their part rather than any appreciation of assets or business success.
The three new-comers to the list, Low Tuck Kwong (Bayan Resources), and Garibaldi Thohir and Theodore Rachmat (Adaro Energy) are all involved in the coal industry. 
Interesting list, although it’s totally questionable. I know some people in the list are richer.
So the forbes is quoting them as only this rich?
That ABu had his assets shrink from 5.4 billion to 850 million? I thought he neve had 8 million the other 842 million were all stolen from the Indonesians or Indonesian government because he was actually near bankruptcy.
Must be magical.
GM was once the largest company by in terms of market cap in the US. Citibank not so long ago was the largest bank in the world.
I love this guy!
29. Jusuf Kalla ($185 million)
I hope entrepreneurship in Indonesia will skyrocket in 2009.
forbes list is baised on estimates of shares held in listed entities. Huge unlisted companies like CARGILL, Porshe do not have shares sold in stock market and therefore the owners are not on world’s rich list. similarly, there must be some individiuals in indonesia who do not own shares in listed companies but are financialy more viable than those above. correct me if i am wrong.
Yeah you are damn right.. There are plenty.
I suppose someone will also say that this guy who is the son of a rich banker was told to downplay the tune so that Indonesia could borrow more money from International Financial Instutute.
It does not seemed to bother any others when in the case of Suharto and his cronies were blown out of proportion and these people lie,
No: 9, 13, 15 and 29 were not blown into similar proportion.
Aburizal Bakri…. this country and this man…. ‘gak tahu malu’!!!!! I can’t work out how to say it in English… but ‘muka tebal banget!”
Surprising.with I can’t work out how to say it in English
Ya gimana sih muka tebal banget, did you know that he’s got a beautiful wife?
Mungkin mana tahu sukanya muka yang tebal. Biar nggak sakit kalau digigit.
[...] stark von der auch Indonesien erfassenden Finanzkrise betroffen gewesen, was auch zu einem erheblichen persönlichen Vermögensverlust für Aburizal Bakrie geführt hat. Jedoch scheint sich die Bakrie-Gruppe auf einen Vergleich mit den Lapindo-Opfern [...]
It seems that some people that were on an early incarnation of a “rich list” that found its way into a Riady publication, the “GlogeAsia” do not even appear on this current incarnation.
Has their wealth disappeared in the financial carnage that has enveloped the world’s financial markets or was it never there to start with?
Poor Bakrie! Whatever shall he do??
In the TOP 20 there’s someone who own one huge company who always late in paying the salary, one huge company who has a lot of tiny “stupid” debts to supplier… hm… I wonder why…
He is one person so far who felt that after his freefall a free ride will lead him.
Well I guess he has led, he failed again. He is trying for another free ride to be RI 1 like someone joted his contention.
one huge company who has a lot of tiny “stupid” debts to supplier
I came across a company in fertilizer business owned by someone related to Suharto who were fond of evading payments to supplier.
Yeah this is the typical business likes of a so call nationalist. He had even play philantropist and owns a University.
Argh.. how i wish i’m in the one of the richest list
wish u all happy new year 2009..
One thing I wish to point out, Money doesn’t buy happiness.
Money doesn’t buy happiness
Yes but not to a lot of people in majority thinks that each and every one of them that became rich, especially the Chinese, were all money stolen or corrupted.
This is the only easy way out for them to be scapegoat even if the business is legit that the government knew all along.
Al they need is to get someone from the government office to be tied to them that will just change the whole scenario.
Those children are the innocent ones that become subjugated to such atrocities displayed on them so far.
Nothing will change their attitude unless the government is ready to rapidly find a remedy before the situation will continue to get worse.
From day 1 before the May 98 riot until today, it has been going on and nothing seemed to have change at all especially seeing the views of bloggers will tell that majority of the educated still felt that way. What more to those undereducated who were taking things for granted and felt very much at ease in accepting being exploited in someway, by the clerics and politcal elites.
So even with that much money they have or inherited from their parents, would they be happy?
Presently, even the chinese in china are wary of chinese business men.
They seem to have no moral inclination in pursuit of profit.
They seem to have no moral inclination in pursuit of profit.
You are right about this, but are you referring to all?
It happens everywhere around the globe.
What about Abu Rizal Bakrie, What about Yusril? What about Armin Nasution?
Nah! only refering to some. but it gives a bad name to all as always.
Bakrie brothers are of middle eastern or indian heritage, so no surprises here. These guys have been conning the malay types for generations.
VG, right to the point.
These guys have been conning the malay types for generations.
I really hope that Indonesians alike could learn a much sought after lesson with the compliments of Aburizal Bakrie Inc.
In many a case being complacent and gullible without introspecting, due to lack of education, trickery promise by political elites to reform and change the Indonesian’s democracy that never realize or came true.
By the time when it comes, it is already way too late for them. But then cursing and swearing at them will no render any value at the expense of the dignity and pride of Indonesia and Indonesians alike.
I’ve been thinking of this article lately and there is so many magazines that made articles like this. I think :
What if we just make the poorest men list? Care people will help them in no time.
And there comes out another idea. if people help those peoples in the poorest men list, then they won’t be the poorest anymore.
There comes out another idea. What if we just make the poorest men list once a month? people will have desires to help another, there will be lot of charity. and maybe suddenly subconsciously we decreases poverty.
There comes out another idea. the donations must be a thing that can increase their productivity.
There comes out another idea. people have to donate with no intermediaries at all. Just to prevent corruption.
Can be a good idea, but i doubt if the poorest men list will sell.
Imagine Meryl streep and barbara streisand were once on the most beautiful women list and we can come to the conclusion that all these lists are nothing but con jobs. Its main purpose is to make money for the syndicates. That is why there is endless list of everything that is best, including biggest banks and insurance companies (some are now bankrupt and had to be bailed out) just months after the list were printed.
It’s a pity these people don’t give back some of the money from the people they stole it from.
give back some of the money from the people they stole it from.
And who did these business people stole from? So how do you define the word business and businessmen?
It is easy to make remarks about others stealing from someone, say for example Soeharto was accused of siphoning billions, from the Government coffer, or from some Yayasan, to his own account. A media was sued and they lost the case. Nothing so far was achieved by those so called investigators preparing to reveal his account.
Most Indonesians were still in the dark side of political knowledge of running a massive country like Indonesia with hundreds of thousands of soldiers to feed and being underpaid. How did they survive?
Why Kostrad and RPKAD were so tight with these guys from the top? Why is the TNI well kept by Soeharto?
Does anyone knows that?
So before a person who can’t back up with solid proof, I suggest you refrain from making such comments based on your own knowledge. Is these discriminative? Are you fair.
Take for example I had named a few earlier in some of these blogs.
1. Yusril Ihza Mahendra.
2. Aburizal Bakrie.
3. Yusuf Kalla.
4. BJ Habibie.
These people were proven by the Indonesians that they were the greatest corruptors of all time, disgraced and dismiss from official posts.
the only one regret the Indonesians have is that there has never been a proper justice leash to send these people to the gallow or facing the firing squad.
I can prove you 100 times over and over again without you having a chance to rebutt when I say they were corrupt.
I had someone that worked with one of Indonesia’s Officials that had worked closely with BJ’s cronies to understand his corruption with IPTN.
How did the Bakrie that fall so badly resume so quickly rising from 2 billion to 5.4 in 2 years. Whatever hapenned to him later does not co-relates his former involvements.
dragonwall… “And who did these business people stole from? So how do you define the word business and businessmen? where did I mention business or businessmen? what I’m trying to say is these corrupt sombong millionaires living in million dollar homes with three or four Mercedes in the drive, and out in the street are poor Indonesians begging for money, It makes me really angry at the injustice of it all, especially when I see the poor having to live from hand to mouth like this, the Indonesian people deserve better than having to live in the slums and beg for a living.
May I ask how long have you been living in Indonesia? How much do you know about Indonesians?
where did I mention business or businessmen?
You said “It’s a pity these people don’t give back some of the money from the people they stole it from. weren’t you replying to those who were in business or are you pointing to those government officials. The word “these people” and “corrupt sombong millionaires” simply applies to those businessmen especially the Chinese ain’t that not right?.
If you were to say the government officials then say those government officials, but I guess not.
what I’m trying to say is these corrupt sombong millionaires living in million dollar homes with three or four Mercedes in the drive,
Honestly speaking you say sombong meaning either you are nowhere near them to detest their presence. WTF has that got to do with you when they are rich with ten mercedes in their driveway?
My question is very simple. What if you were among those millionaires with fifteen mercedes in your driveway? Are you going to put a table in front of your house stacked with bundles of cash and make those poor people line up and give them away?
Say whatever you like to admit or deny, but let’s be realistic, I don’t think you will.
and out in the street are poor Indonesians begging for money,
During Soeharto’s era there were not as much, but it is getting worse nowadays. But do you really know something. On the average, those beggars, sometimes are rich though not in their appearance because of “profession”. Have you heard of professional beggars? All over the world, China, Hongkong, Taiwan, Singapore, Malaysia, Thailand, Philippines and europe? I guess you don know.
It makes me really angry at the injustice of it all,
You say you are angry at the injustice meaning they should be brought to the same level as those millionaires? they make up part of the society. One kind of grains to feed a million people and not a million type of grains to feed one person.
It is the government of the particular country that is at fault by not making any kind of program to address the conditions of these people.
There are many to blame, but most of all those that must take the blame are the government officials. The particular department that was suppose to be responsible in forwarding all such allocation and facilities to accomodate them. After the Soeharto era conditon had worsen due to economic downslide as well as currency instability bolster by hyper inflations and price hike on oil coupled with recession and unemployment. Especially with Indonesia’s condition they will need at least 10 to 12 years of vigorous export and productivity to get back on their feet at zero level. This means that their currency must stabilize at around 6,500 to 7,500 with at least 2.5 to 4% growth and interest rate not to exceed 7%. Can they do that? I will give you the answer right now. Even with superb performance by Sri Mulyani, Ekuin and BI they can’t. Why? The rupiahs is on the downslide.
I have read the Indonesiean economy for the past 18 years and the assessments I have made on Indonesia had become realistic up to this very day. Right from the very day Mariam Goeltom cuts the bank rate.
So tell me how much you know of Indonesia’s political involvement in economy super structures?
And one more thing, who are you to be angry at those rich millionaires with five mercedes in the driveway? You can’t stomach their achievements? How about Donald Trump, Warren Buffett, Bill Gates, Li Ka Shing, Steve Jobs, Richard Wynn and so on!
I suppose you are angry at them too right?
especially when I see the poor having to live from hand to mouth like this, the Indonesian people deserve better than having to live in the slums and beg for a living.
Much have been said on “War on Poverty”. So there is no point of repeating unless there is something new.
Give you an example.
I used to live in Edsa crossing in Quezon when we have an office in Manila in the middle of Makati. The slums have been there since Marcos era, and till this very day it is still the same.
Unless a person with the similar quality of China’s ex-Premier Zhu Rongzhi who meant what he says. This country will remain the same.
I would suggest that if you were to use words, you should be more specific.
Hey! Dragie and schmerly are going at it.
* Pulls up chair *
Fish, eh I mean fist, flying soon.
If a person needs to pull up chairs and with fist fishing around, then he shall be deemed unfit to be in this forum.
Make out something concrete and make it more interesting rather than having to try and have putdowns. It just simply don’t work with the Indonesian government. Not the least those corrupt officials.
dragonwall.. FYI I’ve lived in Indonesia for eighteen years and my wife is Javanese so I do know what I’m talking about OK.
“The word “these people” and “corrupt sombong millionaires” simply applies to those businessmen especially the Chinese ain’t that not right” looks like don’t like the Chinese yea? but I was generalising, government officials, army generals, chief of police Etc. how long would you like the list?
“On the average, those beggars, sometimes are rich though not in their appearance because of “profession”. Have you heard of professional beggars” yes I have their all over the world, and I’ve lived all over the world, and the bulk of them are not professionals their genuinely poor people, if you know anything about Indonesia you would have seen the way people with money treat their own poor, that’s what I mean by sombong and if you know anything about Indonesia I don’t need to elaborate.
I don’t mind people being rich but you have to put back and not just keep taking.
Don’t think I’m knocking the rich, I’m all for people who make money by their own efforts, I have to work for a living.
And your right government programs need to be addressed to alleviate poverty and as usual the rich get richer and the poor get poorer.
“And one more thing, who are you to be angry at those rich millionaires with five mercedes in the driveway? You can’t stomach their achievements? How about Donald Trump, Warren Buffett, Bill Gates, Li Ka Shing, Steve Jobs, Richard Wynn and so on!
I suppose you are angry at them too right” Wrong! I think what these people are doing is fantastic.