PANDEMIC HEADWINDS

In Southeast Asia’s worst-hit country, over half of its 50 richest saw their wealth decline.

- NAAZNEEN KARMALI

As Indonesia’s COVID-19 cases crossed the half-million mark—the biggest outbreak among Southeast Asian countries—the country slipped into its first recession since the 1997 Asian financial crisis. The economy contracted 5.3% and 3.5% (year-on-year) in the second and third quarters, respectively. The benchmark stock index fell more than 10% in the past 12 months. Consequently, over half of the nation’s 50 richest saw their fortunes decline from a year ago. Despite these downdrafts, the collective wealth of Indonesia’s super-wealthy was down only 1.2% from last year’s list to $133 billion.

R. Budi and Michael Hartono, who were among the minority that saw an uptick in their fortunes, are now worth $38.8 billion. They remain at No. 1, a spot they have held for a dozen years. The Widjaja family of the Sinar Mas conglomerate added $2.3 billion, the most in dollar terms, to retain their status as the country’s second-richest. A weak petrochemicals market impacted Prajogo Pangestu’s wealth, which declined 21% to $6 billion, though he remains at No. 3 for the second year.

The pandemic, a challenge for many, provided a boost to a few. Media tycoon Eddy Kusnadi Sariaatmadja saw his wealth, which he shares with his family, jump nearly 80% to $1.4 billion—the biggest gain in percentage terms this year. Shares of his company, Elang Mahkota Teknologi (Emtek), soared as those housebound used more of its e-commerce and streaming services.