AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.00 Decreased By ▼ -0.99 (-0.77%)
BOP 6.68 Increased By ▲ 0.08 (1.21%)
CNERGY 4.49 Decreased By ▼ -0.11 (-2.39%)
DCL 8.60 Increased By ▲ 0.12 (1.42%)
DFML 41.30 Decreased By ▼ -0.18 (-0.43%)
DGKC 86.71 Increased By ▲ 0.13 (0.15%)
FCCL 32.16 Increased By ▲ 0.02 (0.06%)
FFBL 64.70 Decreased By ▼ -0.72 (-1.1%)
FFL 10.29 Increased By ▲ 0.04 (0.39%)
HUBC 109.51 Decreased By ▼ -0.98 (-0.89%)
HUMNL 14.90 Increased By ▲ 0.15 (1.02%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.40 Increased By ▲ 0.28 (3.93%)
MLCF 41.39 Decreased By ▼ -0.26 (-0.62%)
NBP 60.60 Increased By ▲ 0.51 (0.85%)
OGDC 190.00 Decreased By ▼ -4.69 (-2.41%)
PAEL 27.81 Decreased By ▼ -0.14 (-0.5%)
PIBTL 7.75 Decreased By ▼ -0.25 (-3.13%)
PPL 149.75 Decreased By ▼ -1.42 (-0.94%)
PRL 26.73 Decreased By ▼ -0.15 (-0.56%)
PTC 16.18 Increased By ▲ 0.18 (1.13%)
SEARL 86.02 Increased By ▲ 7.82 (10%)
TELE 7.72 Increased By ▲ 0.33 (4.47%)
TOMCL 35.58 Decreased By ▼ -0.09 (-0.25%)
TPLP 8.14 Increased By ▲ 0.23 (2.91%)
TREET 16.51 Increased By ▲ 0.62 (3.9%)
TRG 53.35 Increased By ▲ 0.59 (1.12%)
UNITY 26.28 Decreased By ▼ -0.27 (-1.02%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,884 Decreased By -36.4 (-0.37%)
BR30 30,600 Decreased By -151.5 (-0.49%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)

Indonesia's 50 richest people increased their wealth by about $7 billion this year as growth in Southeast Asia's biggest economy recovered and the stock market raced ahead, according to a Forbes list released on Thursday. The business magazine said the combined net worth of the top 50 rose to $99 billion.
Heading the list were Budi and Michael Hartono, whose joint wealth was put at $17.1 billion. The brothers' wealth was partly boosted by the rising value of their shares in PT Bank Central Asia Tbk, Indonesia's biggest bank by market capitalisation, Forbes said.
Despite its growing middle class, inequality in Indonesia is increasing faster than in most of its East Asian neighbours, the World Bank said in a report last year. Indonesia's wealthiest 1 percent control 49.3 percent of its wealth, Credit Suisse said in a November report, which placed Indonesia among countries with the most unequal distribution of wealth in the world.
The eighth richest Indonesian man on the Forbes list, Tahir, the founder of the Mayapada Group, said the increased wealth may also be due to a tax amnesty aimed at pushing the rich to repatriate offshore wealth, or register it with authorities. "We're registering all our properties in Indonesia and Singapore," said Tahir, who goes by one name and is estimated by Forbes to be worth $3.1 billion.
Indonesia's economy is expected to grow 5 percent this year, the central bank estimates, up from 4.8 percent in 2015. Many of the tycoons are of Chinese descent, even though they only make up just over 1 percent of Indonesia's 250 million people, according to the latest census data. Their control of trade and business has in the past caused resentment.
Indonesia's stock market has risen 13 percent this year, one of the best performers in the region. Tobacco tycoon Susilo Wonowidjojo also recorded higher net worth due to the rising value of his family's cigarette company PT Gudang Garam Tbk. Hary Tanoesoedibjo, who runs a media-to-property empire, was 29th on the list with his wealth estimated at $1.15 billion.
The tycoon is one of the few with established links to US President-elect Donald Trump. Trump has a partnership with Tanoesoedibjo, who controls the MNC Group conglomerate, to manage hotels on the Indonesian island of Bali and in the West Java city of Bogor. The richest Indonesians saw their combined wealth drop by $9 billion in 2015 due to lower commodity prices and a weaker rupiah currency.

Copyright Reuters, 2016

Comments

Comments are closed.