The net worth of Indonesia's 40 richest individuals declined significantly due to falling stock prices, commodity prices, and the weakening rupiah currency. Total wealth fell from $40 billion to $21 billion, and the number of billionaires dropped from 11 to 7. Sukanto Tanoto reclaimed the top spot despite a $2.7 billion drop in his net worth. Several individuals lost over half their wealth.

1. Indonesia's 40 Richest
Suzanne N am, 12.04.08, 05:00 PM EST
Forbes Magazine dated December 22, 2008
The net worth of our wealthiest Indonesians has taken a beating.
FORBES ASIA closes out our annual coverage of Asia 's wealthiest tycoons on a low
note. The total worth for all 480 tycoons fell to $779 billion, from $940 billion, despite
the fact that we added an additional list of 40 Richest. Fortunes in Indonesia have
collapsed with the global economy, pushed down by a dismal stock market, off 54%
since last year; plunging commodity prices; and a weak rupiah, which lost nearly a
quarter of its value in the past year.
The central bank established more stringent currency controls in N ovember to limit
speculation after the rupiah hit a decade low. N o surprise then that the nation's 40
Richest and their families are now worth a total of $21 billion, down from $40 billion.
Fourteen have lost more than half of their fortunes, including former billionaires
Aburizal Bakrie and Eka Tjipta Widjaja. There are only 7 billionaires, down from 11 in
2007. Two of the 40 added to their fortunes, but the gains had more to do with
information gathering than appreciation of assets.
The list's three newcomers all took coal companies public this year. Low Tuck Kwong
listed pt Bayan Resources. Garibaldi Thohir and Theodore Rachmat are both directors
of coal producer Adaro Energy, which listed in July in Indonesia 's largest IPO to date.
Adaro had been at the center of a legal fight between two other rich listers, Edwin
Soeryadjaya and Sukanto Tanoto, who lost control of the company after defaulting on a
loan. Still Tanoto reclaims the N o. 1 rank, despite a $2.7 billion drop in net worth.
Tobacco executive Rachman Halim died in July. The fortune, which was shared with
his five siblings, is now listed under the family's name, Wonowidjojo. Three members
of last year's list failed to make the cut, despite the fact that the minimum net worth
fell to $55 million from $120 million.
Net worths were calculated using N ov. 28 stock prices and exchange rates. Privately
held companies were valued by comparing them with similar publicly traded
companies. This ranking, unlike the Forbes Billionaires list, includes family fortunes
like the one belonging to Anthoni Salim and his family as well as individual ones like
that of Martua Sitorus.

2. Additional reporting by Maha Atal, Keren Blankfeld Schultz, Caroline Chen, Tina
Chopra and Lan Anh N guyen.
Indonesia 's 40 Richest
12.10.08, 11:00 PM EST
RA N K NAME NET WORTH ($MIL) AGE
1 Sukanto Tanoto 2,000 58
2 R. Budi Hartono 1,720 67
3 Michael Hartono 1,680 69
4 Putera Sampoerna 1,500 60
5 Martua Sitorus 1,300 48
6 Peter Sondakh 1,050 56
7 Eddy William Katuari 1,040 57
8 Eka Tjipta Widjaja 950 85
9 Aburizal Bakrie 850 62
10 Murdaya Poo 825 67
11 Anthoni Salim 690 59
12 Wonowidjojo family 640 N A
13 Chairul Tanjung 625 46
14 Trihatma Haliman 470 56
15 Arifin Panigoro 430 63
16 Sjamsul Nursalim 425 67
17 Mochtar Riady 420 79
18 Harjo Sutanto 340 82
19 Husein Djojonegoro 300 59
20 Soegiharto Sosrodjojo 275 78
21 Aksa Mahmud 260 63
22 Hary Tanoesoedibjo 240 43
23 Garibaldi Thohir 216 43
24 Theodore Rachmat 215 N A
25 Low Tuck Kwong 214 60
26 Edwin Soeryadjaya 210 59
27 Prajogo Pangestu 200 57
28 Paulus Tumewu 190 56
29 Jusuf Kalla 185 66
30 Tan Kian 175 51
31 Sutanto Djuhar 165 79
32 Kartini Muljadi 130 78

3. 33 Soegiarto Adikoesoemo 120 70
34 Alim Markus 115 57
35 George & Sjakon Tahija 110 N A
36 Kris Wiluan 105 60
37 Jakob Oetama 80 77
38 Hadi Surya 70 72
39 Eka Tjandranegara 60 62
40 Ciputra 55 77