No One Is Safe! IHSG Plunges, Indonesian Tycoons' Fortunes Evaporate
Jakarta, CNBC Indonesia — The wealth of conglomerates is evaporating in line with the sharp correction trend of the Jakarta Composite Index (IHSG). In today’s first trading session, the IHSG closed down 206.81 points, or -3.48%, at a level of 5,734.26. This decline extends the correction trend that has battered the index throughout the year. On a year-to-date (ytd) basis, the IHSG has recorded an accumulated correction of 33.68%. Meanwhile, Indonesia’s conglomerates have collectively recorded a decline in their wealth. Prajogo Pangestu, who long held a spot among the world’s 30 richest people according to Forbes, has now been knocked down to 178th globally. In Indonesia, the petrochemical tycoon holds the top spot with a fortune of US$16.4 billion, a figure that plummeted by 8.23% in the last day. In second place is coal conglomerate Low Tuck Kwong with wealth of US$14.2 billion; Low’s fortune fell by 0.44% in the last day. Third place is occupied by Djarum Group boss Robert Budi Hartono, who recorded a fortune of US$13.8 billion. His wealth has fallen by 7.53% in a single day. Fourth is Salim Group boss Anthoni Salim, who recorded a fortune of US$10.1 billion, down 4.31% from the previous day. Next is Sri Prakash Lohia, the boss of Indorama Group. The Indian national, who has been an Indonesian citizen since 1985, recorded his wealth fall by 0.05% to US$8.6 billion in a day. Following him are Mayapada Group owner Tahir and his family. Their fortune was recorded as plunging 6.21% to US$8.3 billion. In the next position is Indonesia’s ‘Bill Gates’, Otto Toto Sugiri. In contrast to other conglomerates, the owner of DCI Indonesia actually saw his fortune rise by 0.40% to US$7.8 billion. Another DCI Indonesia owner, Marina Budiman, follows Toto. Her wealth also rose by 0.42% to US$5.6 billion. In 9th place is Lim Hariyanto Wijaya Sarwono, the boss of Harita Group. His fortune is now recorded at US$4.2 billion, after a decline of 4.33%. Ranked 10th richest in Indonesia is Sukanto Tanoto with a fortune of US$4.1 billion, remaining stagnant amid this week’s market turmoil. Sukanto is the owner of the Singapore-based Royal Golden Eagle.