R. Budi Hartono (left) (Antara) - Sri Prakash Lohia (forbes.com)

The list of the world’s richest people is back and features the names of Indonesian tycoons, some of whom managed to accumulate more wealth within the past year.

Tobacco barons R. Budi Hartono and Michael Hartono have once again secured the title of Indonesia's richest people, sitting in 140th and 145th place, respectively, on the Forbes' list of 2,043 billionaires that was published on Monday.

The two brothers, who control tobacco company PT Djarum and Bank Central Asia (BCA), the country’s largest private lender, lead the four Indonesians who made it into the top 500, the other two being Sri Prakash Lohia, the boss of Indorama Corporation, and Chairul Tanjung, the chairman of CT Corporation.

While the 76-year-old Budi’s net worth remained stable at US$9 billion, the 77-year-old Michael raked in an additional fortune of $200 million over the past year, bringing his net worth to $8.9 billion, according to Forbes.

Both Budi and Michael climbed slightly from the 142nd and 146th positions on last year’s list.

News that the Hartono brothers once again reign supreme as Indonesia’s wealthiest tycoons is not surprising, even though many have noted the challenges presently engulfing the tobacco industry with the deliberation of two tobacco-related bills at the House of Representatives and the government’s policy on tobacco import quotas and tariffs.

A recent Bank Mandiri analysis cited data from Tobacco Atlas, which revealed that Indonesians consumed the fourth-largest number of cigarettes after China, Russia and the United States in 2014.

Hartono’s banking business, meanwhile, has enjoyed positive, albeit conservative, growth. Last year, BCA posted Rp 20.61 trillion ($1.55 billion) in net profits, the second-largest profit figure reaped by an Indonesian bank after state-owned Bank Rakyat Indonesia (BRI).

The 64-year-old Lohia, meanwhile, made a significant jump on the list, climbing 73 notches to 288th place from 361st place in 2016. In terms of wealth, he gained an extra $1.2 billion, putting his net worth at $5.4 billion.

Indorama’s origins can be traced back to 1975 with the establishment of the publicly listed spun yarn manufacturer PT Indo-Rama Synthethics by Lohia and his father Mohan Lal Lohia.

The corporation is now a petrochemicals powerhouse with businesses in India, Indonesia, Malaysia, Senegal, Singapore, Sri Lanka, Turkey, the United Arab Emirates, the United Kingdom and Uzbekistan.

Forbes reports that the company is expanding in Africa, where it has a new factory in Nigeria producing fertilizer.

Indorama announced earlier in July 2016 that it had signed agreements with Asmidal, the Algerian national fertilizer company, and Manal Group, the Algerian mining company, to develop an integrated complex of phosphate and fertilizer processing plants in the eastern provinces of Algeria.

The last Indonesian in the top 500 list has not been so lucky.

Chairul Tanjung, self-proclaimed “cassava child,” which offers an insight into his humble beginnings, dropped 62 spots to 359th place after his net worth declined to $4.6 billion from $4.9 billion.

His company has several business arms in the retail, finance, media and leisure sectors.

Gudang Garam’s Susilo Wonowidjojo, Indofood’s Anthoni Salim and Sinarmas’ Eka Tjipta Widjaja did not make the cut this year, even though they occupied higher positions than Lohia and Chairul on Forbes’ list of Indonesia’s 50 richest people issued in December.

“The billionaires list is a ranking of individuals while the Indonesia wealth list includes extended families,” Luisa Kroll, Forbes Media assistant managing editor, told The Jakarta Post.

Meanwhile, US tycoon Bill Gates once again secured the title of the world’s richest man with net worth amounting to $86 billion, up from $75 billion in 2016. (yon/dra)

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