6 Indonesian Crazy Rich Individuals Who Own Hospital Businesses

Hospital businesses in Indonesia have become a favoured investment for the super-rich, commonly known as the crazy rich. At least six such tycoons control hospital operations in the country, with some of their ventures already listed on the Indonesia Stock Exchange (BEI). This allows the public not only to receive treatment there but also to hold shares in them. There are at least 11 hospital-related stocks listed on the exchange. Here is the list of crazy rich individuals who dominate hospital issuers in Indonesia: 1. Dato’ Sri Tahir Born in Surabaya on 26 March 1952, this man is the owner of the Mayapada Group, which operates in various sectors from banking to healthcare, namely Mayapada Hospital. He is the controlling shareholder of PT Sejahteraraya Anugrahjaya Tbk (SRAJ), the operator of Mayapada Hospital. Mayapada Hospital is one of the best private hospitals, founded by the Healthcare Group on 1 June 2008 after acquiring Honoris Hospital in the exclusive residential area of Modern Land, Tangerang. As a commitment to providing international-standard healthcare services, Mayapada Hospital collaborates with Singapore’s National Health Care Group. Tahir is ranked as Indonesia’s 14th richest person according to Forbes as of July 2024. 2. Martua Sitorus The daughter of tycoon Martua Sitorus, Jacqueline Sitorus, is the controlling shareholder of PT Murni Sadar Tbk (MTMH). This issuer manages Murni Sadar Hospitals, which owns a total of six hospitals—five Murni Teguh hospitals and one maternity and children’s hospital, Rosiva—with a total capacity of 858 beds. Martua himself is a wealthy magnate from the palm oil plantation business, who has expanded his business tentacles into various sectors, including hospitals. 3. Boenjamin Setiawan Family Indonesia’s richest conglomerate with a hospital business network is the late Boenjamin Setiawan, born on 23 September 1933 in Tegal, Central Java, and passed away on 4 April 2023. He founded Mitra Keluarga Hospital, which first opened in 1989. Known affectionately as Dr Boen, this man also controls PT Mitra Keluarga Tbk (MIKA), which operates 25 hospitals. Additionally, this pharmacology doctorate holder founded the pharmaceutical company PT Kalbe Farma Tbk (KLBF) in 1966 together with his five siblings. 4. Eddy Kusnadi Sariaatmadja Tycoon Eddy Kusnadi Sariaatmadja is the owner of PT Elang Mahkota Teknologi Tbk (EMTK), which controls the operator of RS Omni, PT Sarana Meditama Metropolitan Tbk (SAME). The Omni Hospital operator has eight hospitals with a capacity of 1,454 beds, of which six are EMC hospitals and two are GRHA hospitals. 5. Mochtar Riady The father-in-law of Dato’ Sri Tahir also owns a hospital business. Mochtar Riady is the founder of the Lippo Group, with several companies operating in various fields, including healthcare. Mochtar conducts his hospital business under the Siloam Group banner, which has become a public company, PT Siloam International Hospitals Tbk (SILO). When first establishing the hospital, he partnered with Gleneagles, a Singapore-based hospital network, to build Gleneagles Hospital. However, after Gleneagles ended the partnership, Mochtar continued the hospital business by renaming it Siloam Hospital. To this day, Siloam Hospitals continue to grow and are spread across Indonesia. 6. The Ning King Family Hungkang Sutedja, son of tycoon The Ning King, is the ultimate beneficial owner of PT Kedoya Adyaraya Tbk (RSGK). This issuer owns a total of two hospitals: GRHA Kedoya and GRHA MM2100. RSGK is part of the SAME group. The Ning King himself is an Indonesian tycoon with many companies in the textile, steel industry, property, mining, energy, and agriculture sectors under the Agro Manunggal banner. His name was once listed in Forbes’ 50 richest Indonesians in 2017 with a net worth of US$450 million, equivalent to Rp6.5 trillion.