What kind of wealthy people are Indonesia’s super-rich?

In Indonesia, which boasts the largest economy in Southeast Asia, a small fraction of the wealthy population has amassed extraordinary fortunes, leading unique lifestyles and exerting significant influence on society. This article provides a detailed look—based on local information—into the daily lives of Indonesia’s wealthy, their influence on the economy and society, their education and healthcare environments, methods of wealth accumulation, profiles of prominent affluent individuals, and the deepening economic disparity.

 

 

 

Lifestyle of Indonesia’s Wealthy

Mansions and Quiet Environments in Luxury Residential Areas

The lives of Indonesia’s wealthy are surrounded by glamour—mansions, luxury apartments, and chauffeur-driven high-end cars. In the capital city of Jakarta, luxury residential areas are scattered throughout. Notable ones include the historic upscale district of Menteng in Central Jakarta and Pondok Indah in South Jakarta, both lined with the residences of the affluent.

In the Menteng area, a two-bedroom luxury condominium can be purchased starting from approximately 400 million rupiah (about 4 million yen), while standalone mansions start from around 40 billion rupiah (approximately 400 million yen). Well-preserved colonial-era mansions from the Dutch era can even be priced at over 327.5 billion rupiah (about 3.3 billion yen). These residences are located along leafy, green-lined roads, protected by high walls and security guards, maintaining a peaceful environment despite being located in the heart of the city.

Transportation from Supercars to Private Jets

The transportation means of the wealthy are also exceptional. For daily commuting, they use luxury SUVs or limousines with bulletproof features, accompanied by personal drivers and servants.

Even on Jakarta’s roads, known for severe traffic congestion, it’s not uncommon to spot Lamborghinis or Ferraris, a sign of the large number of wealthy individuals in the city.

Moreover, for international travel whether for business or vacation, many ultra-rich individuals use private jets. As of 2023, Indonesia has 52 business jets, and some tycoons even own several private jets.

Luxury travel within and outside the country is also popular, such as island hopping on yachts or staying at luxury resorts in Bali or taking long vacations in Europe and the United States—these are just part of the everyday lives of the affluent.

The “Crazy Rich” Trend on Social Media and the Truly Wealthy

In Indonesia, a new generation of wealthy individuals flaunting their flashy lifestyles on social media has become known as “Crazy Rich.”
They openly enjoy luxurious living surrounded by high-end brands, mansions, and sports cars. For example, a young millionaire might post on social media about receiving a luxury car as a birthday gift from their parents.

On the other hand, traditional wealthy families tend to live more modestly and avoid drawing attention.

These “truly rich” individuals may spend less lavishly on a daily basis, but when it comes to children’s education, home maintenance, or family vacations, they do not hesitate to spend billions of rupiah annually.

In fact, it has been reported that even those who avoid flamboyance still spend tens of billions of rupiah (equivalent to tens of millions of yen) every year on school fees for their children, house renovations, and comfortable family holidays.
In other words, even if they appear restrained on the surface, their lifestyle is supported by a level of wealth beyond the imagination of the average person.

Influence on Indonesia’s Economy and Society

From Banks to Food—Wealthy Families Dominating Key Industries

Indonesia’s wealthy elite hold tremendous influence over the national economy. They control the core of key industries such as banking, tobacco, food, petrochemicals, mining, real estate, and media, steering the direction of economic activity.

In fact, it is often said that “30,000 wealthy individuals control Indonesia’s economy,” a reflection of the extreme concentration of wealth among a small elite.

For example, Indonesia’s wealthiest individuals, the Hartono brothers, own companies such as Djarum, a clove cigarette manufacturer, and BCA (Bank Central Asia), the largest private bank. Their business empire is often likened to a giant octopus with arms that reach across and move the entire national economy.

Other notable conglomerates dominating different industries include the Widjaja family (Sinarmas Group), known for palm oil and paper pulp, and the Salim family, which runs Indofood (instant noodles) and Indomaret (retail chain). These business groups exert massive control over various sectors.

Ties with Politics—The Oligarchic Dimension

These wealthy individuals also maintain strong ties with politics and are often referred to as “oligarchs.”
To protect their economic interests, they do not hesitate to wield influence over the political sphere.

For instance, during recent debates over extending the presidential term limit, it was noted that the preferences of wealthy elites—who have greatly benefited from the current administration—may have played a role.
One study suggested that “Indonesia’s oligarchs wish to maintain their material benefits by supporting a long-term regime for the incumbent president,” raising concerns over lobbying activities and financial contributions used to influence favorable policies.

As a result, some critics argue that “Indonesia’s democracy is being hijacked by economic elites,” highlighting fears that political decisions are increasingly shaped by the interests of the super-rich.

Investment and Social Contributions—Driving Economic Growth

On the other hand, there are also positive aspects to the influence of the wealthy.

They implement large-scale investment projects and play a vital role in driving economic growth through real estate development, infrastructure improvement, and investments in startups.

Additionally, an increasing number of wealthy individuals are engaging in social contribution activities, such as establishing educational foundations, providing medical aid, and donating to cultural initiatives.
While such activities also serve to respond to growing public calls for wealth redistribution, it is clear that the impact of the wealthy on society is highly multifaceted.

 

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Education, Healthcare, and Living Environments of Indonesia’s Wealthy

From an Early Age—World-Class Education Is the Norm

When it comes to education, Indonesia’s wealthy elite enjoy an entirely different environment than the general population.
It is common for their children to attend international schools or top-tier private institutions from an early age and receive an education aligned with global standards.

Elite schools such as the Jakarta Intercultural School (JIS) and the British School Jakarta (BSJ) are located in Jakarta, where annual tuition fees can reach hundreds of millions of rupiah (tens of thousands of dollars).
For example, JIS costs around 500 million rupiah (~USD 30,000–35,000) per year, while BSJ costs approximately 300 million rupiah (~USD 20,000).

These schools offer vast campuses with state-of-the-art facilities, well-rounded programs in sports and the arts, and strong academic foundations.
Wealthy parents spare no expense on education, often sending their children abroad to prestigious schools in Europe, the U.S., Australia, or Singapore.
Such educational choices are seen as an “investment” in maintaining social status and ensuring smooth inheritance of family assets in the future.

Top-Tier Medical Care—Charter Flights to Singapore

In terms of healthcare, the wealthy seek the highest quality medical services.

While Indonesia does have upscale private hospitals like Siloam and MediPar, many affluent individuals prefer overseas treatment when it comes to critical procedures or detailed health checkups.

Advanced medical institutions in Singapore, Malaysia, and Thailand are especially popular, and for many of the wealthy, getting medical care abroad has become the standard.
President Joko Widodo once noted that Indonesians spend around USD 7 billion (~JPY 770 billion) annually on overseas medical treatment, prompting the government to start projects like building international hospitals in Bali.

Some wealthy individuals even have personal specialists on standby and will fly to Singapore via private jet if needed.
Additionally, there is access to luxury retirement homes and in-home medical care, ensuring lifetime access to premium health and caregiving services.

Exclusive Living Environments with Privacy and Security

Housing is another area where Indonesia’s wealthy enjoy distinct advantages.

They typically reside in premium neighborhoods or gated communities in urban centers, where 24-hour security and full privacy are guaranteed.

Areas such as Menteng, Pondok Indah, and the Sudirman Central Business District (SCBD) are home to luxury residences equipped with private pools, gyms, and theaters.
Even in regional cities, exclusive neighborhoods exist—such as Darmo Permai in Surabaya or the highlands of Bandung—designed specifically for affluent families.

Many also own villas in Bali or on Bangka Island, and travel there on weekends or holidays via private jet, enjoying a lifestyle that truly exists in a different world.

 

 

 

Asset Formation and Investment Trends of Indonesia’s Wealthy

The Rise of Conglomerate Tycoons and Wealth Built Through “Connections”

How do Indonesia’s wealthy accumulate vast fortunes and manage to maintain and grow them?
Tracing their roots reveals two distinct categories: traditional conglomerate tycoons and the newly emerging wealthy class.

Many of today’s top wealthy individuals are traditional business tycoons who built their fortunes through business success.
During the Suharto era (1960s to 1990s), Chinese-Indonesian entrepreneurs with close ties to the regime were granted monopolistic privileges in various industries, allowing them to build vast business empires within a single generation.

For example, Liem Sioe Liong (Salim Group), who secured exclusive rights in the flour industry, and the Hartono brothers, who benefited from the clove cigarette trade, are considered victors of the so-called “connection economy.”
Although some conglomerates declined after the 1998 Asian financial crisis and Suharto’s resignation, many survived by diversifying their businesses and continue to dominate Indonesia’s wealth rankings.

The Rise of the Emerging Wealthy – Riding the Resource Boom and Tech Wave

In contrast, Indonesia’s recent economic growth and capital market development have paved the way for a new class of wealthy individuals.
Particularly, the rise in commodity prices and the expansion of digital sectors have fueled rapid wealth accumulation.

For instance, Low Tuck Kwong, founder of coal mining company Bayan Resources, significantly increased his net worth in a short time thanks to soaring coal prices. By 2024, he ranked as the second richest person in the country, with assets valued at approximately JPY 3.85 trillion.

Tech entrepreneurs have also gained attention as the new generation of wealthy elites.
Founders like Nadiem Makarim of ride-hailing service Gojek, and Achmad Zaky of e-commerce platform Bukalapak, have created unicorn startups and are now seen as prominent figures in Indonesia’s new wave of wealth.
Although their fortunes don’t yet match those of the traditional conglomerates, there is strong anticipation for their continued growth.

Conservative Yet Global – The Sophisticated Asset Management of the Wealthy

When it comes to maintaining and managing wealth, both traditional and emerging groups share a common strategy: diversified and conservative investment.
They build balanced portfolios across domestic and international real estate, stocks, bonds, and private businesses to spread risk.

The truly wealthy tend to avoid excessive spending, aiming instead for stable, long-term capital growth.
They actively invest in prime urban real estate, properties in global cities like Singapore and London, as well as in unlisted companies and startups.

Moreover, some ultra-wealthy individuals are accelerating efforts to establish family offices (private wealth management firms) in places like Singapore to protect and manage their wealth internationally.
In response to Indonesia’s tightening tax regulations, many have transferred assets and purchased luxury properties abroad—especially in Singapore.

In this way, Indonesia’s affluent are developing highly globalized and sophisticated asset management schemes.

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Introduction to Prominent Wealthy Individuals in Indonesia

Indonesia is home to a diverse range of wealthy individuals. Below are representative examples categorized based on their backgrounds and how they accumulated their wealth:

Traditional Conglomerate Families

These are business dynasties that rose to prominence during the Suharto regime, primarily among ethnic Chinese conglomerates. A prime example is the Hartono brothers—Robert Budi Hartono and Michael Hartono. They own the clove cigarette maker Djarum and Bank Central Asia (BCA), Indonesia’s largest private bank. For years, they have topped Indonesia’s richest lists. As of 2024, each brother is estimated to have assets exceeding USD 20 billion, and combined, their wealth rivals a significant percentage of Indonesia’s GDP.

Other notable Chinese-Indonesian conglomerate families include:

• The Salim family (famous for Indomie instant noodles, operating in food and distribution)

• The Widjaja family (Sinar Mas Group, involved in pulp, paper, and real estate)

• The Riady family (Lippo Group, with holdings in banking and real estate)

Due to their business empires’ vast scale, these old-money tycoons wield considerable influence across the nation.

Emerging Wealthy Individuals

These are self-made entrepreneurs or individuals who leveraged post-Suharto reforms and the commodities boom. A standout figure is Chairul Tanjung, who did not inherit a conglomerate but built CT Corp, a business empire spanning banking and media. Today, he ranks among Indonesia’s wealthiest.

Another example is Low Tuck Kwong, the so-called “Coal King,” who built a coal mining empire and significantly grew his fortune by riding the surge in demand from China and India. His net worth has recently surpassed some of the traditional tycoons.

Other prominent new-generation billionaires include:

• Prajogo Pangestu (oil and gas magnate; topped Forbes Indonesia’s 2024 list)

• Agung Sedayu (real estate developer)

These individuals typically made their fortunes in sectors different from the old conglomerates, representing the diversification of Indonesia’s rich.

Tech Entrepreneurs

With the rise of the internet and digital technologies, a new wave of wealthy individuals has emerged in Indonesia. Since the late 2010s, the country has seen the rise of unicorn startups (valued at over USD 1 billion), whose founders have joined the ranks of the ultra-rich.

Key figures include:

• Nadiem Makarim – Founder of ride-hailing and payment platform Gojek, which later became a multi-billion-dollar company.

• William Tanuwijaya – Co-founder of Tokopedia, an e-commerce giant.

• Achmad Zaky – Founder of Bukalapak, another unicorn startup.

Although their net worths are still in the range of hundreds of millions to a few billion dollars—less than traditional tycoons—their youth and innovation make them highly influential figures.

Other notable tech entrepreneurs include:

• Ferry Unardi (Founder of Traveloka, an online travel booking platform)

• Italo Hardi (Fintech entrepreneur)

These individuals symbolize the growing importance of the digital economy in Indonesia.

Chinese-Indonesian Tycoons (Overseas Chinese Elite)

The ethnic Chinese community in Indonesia has long been a pillar of commerce and industry. Many of the aforementioned conglomerates are owned by Chinese-Indonesian families. A particularly notable tycoon is Sukanto Tanoto (Chinese name: Oei Hong Leong), head of the RGE Group, a massive enterprise involved in paper and palm oil.

Mochtar Riady, founder of the Lippo Group, is another major figure. His descendants continue to run expansive operations across banking, real estate, and healthcare.

Chinese-Indonesian tycoons tend to operate globally, with networks spanning Singapore, Mainland China, and Hong Kong. They manage their wealth across borders. However, it’s worth noting that during the 1998 riots, many ethnic Chinese wealthy individuals were targeted, making them highly sensitive to political and social dynamics. Nowadays, they actively engage in philanthropy and political reconciliation efforts and are widely recognized as crucial contributors to Indonesia’s economy.

The Scale of Inequality in Indonesian Society

Top 4 Wealthiest Hold Assets Exceeding Those of 100 Million Citizens

In Indonesia, the economic gap between the wealthy and the general population is extremely large, posing a serious social issue. According to the World Inequality Report 2022 (Paris School of Economics and others), the combined wealth of Indonesia’s top 4 richest individuals exceeds the total assets of the bottom 100 million citizens (about one-third of the population), which is an unprecedented level globally.

Furthermore, Indonesia is ranked as the 6th most unequal country in terms of wealth distribution worldwide, where a small number of ultra-rich individuals monopolize the nation’s wealth, while many citizens still live close to the poverty line.

The Reality of Slums and Luxury Residential Areas Side by Side

This disparity appears not only in income but also in assets and living infrastructure. In urban areas, skyscrapers and luxury neighborhoods stand alongside sprawling slums, and it is common to see luxury cars and bajajs (three-wheeled taxis) sharing the same roads — a stark contrast in daily life.

Moreover, most of the country’s land is owned by the wealthy and corporations, concentrating the benefits of infrastructure, education, and healthcare services among them. Meanwhile, rural residents and low-income urban populations own no assets and have access only to poor-quality education and healthcare, which perpetuates the cycle of inequality across generations.

Widening Gap After COVID-19 Due to “K-Shaped Recovery”

According to the World Bank, Indonesia’s Gini coefficient (a measure of income inequality) has risen to around 0.40 at times, remaining at a high level (0 indicates perfect equality; 1 indicates perfect inequality).

Especially due to the COVID-19 pandemic, many lost jobs or saw income reductions, while the wealthy became richer thanks to rising stock prices and asset values. This caused a so-called “K-shaped recovery,” further widening the gap.

As a result, urban areas are witnessing the collapse of the middle class and the increase of a new poor population, raising the risk of social unrest.

Efforts to Address Inequality and Challenges — The Responsibility of the Wealthy

To tackle widening inequality, the Indonesian government has implemented various measures:

• Strengthening taxation on the wealthy and preventing tax evasion

• Cash transfer programs for the poor (such as Bansos)

• Investment in education and healthcare infrastructure

• Raising minimum wages

• Expanding public investment in rural areas

Notably, in 2022, a “Tax Amnesty” program was introduced to encourage ultra-wealthy Indonesians to declare overseas assets, resulting in significant funds being repatriated.

However, many experts believe these policies alone will take time to correct deep-rooted structural inequality. Beyond government action, active social contribution and wealth redistribution by the wealthy themselves will be increasingly necessary.

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Summary

Indonesia’s wealthy elite often attract attention for their extravagant lifestyles and vast assets, but they also drive the national economy and profoundly influence social structures. The sharp contrast between the prosperity enjoyed by a small elite and the harsh realities faced by the majority vividly reflects the light and shadow of Indonesian society. How the government and civil society address this gap and steer sustainable development is attracting attention both domestically and internationally. For those of us living in Japan, understanding the realities of Indonesia’s wealthy and inequality issues provides valuable insights into global economics and social justice.

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Glossary of Terms Used in This Article

Wealthy Class (Rich People)
Individuals or families who are economically very affluent and hold significant assets. In Indonesia, this refers to those owning land, real estate, stocks, companies, and who wield strong influence in politics and the economy.

Conglomerate
A massive corporate group spanning multiple industries. In Indonesia, many conglomerates operate simultaneously in sectors like food, finance, mining, real estate, and media.

Oligarch
A system or person where a small number of economic elites hold strong influence over politics and society. In Indonesia, some wealthy individuals closely connected to political circles are sometimes called oligarchs.

Gated Community
A privately owned residential area enclosed by walls, gates, and security guards. Popular among the wealthy for safety and privacy.

Family Office
A company or organization specializing in managing the wealth of affluent families. They handle tax affairs, investments, real estate management, inheritance planning, and more.

Unicorn Company
A startup valued at over 1 billion USD that is not publicly listed. In Indonesia, companies like Gojek and Tokopedia are examples.

Gini Coefficient
An index measuring income or wealth inequality. The closer to 0, the more equal; the closer to 1, the more unequal. Indonesia maintains relatively high values.

K-Shaped Recovery
An economic phenomenon after a crisis where some groups recover and grow, while others worsen, leading to polarization. Seen in Indonesia’s widening inequality after COVID-19.

Frequently Asked Questions (FAQ)

Q1. Who are the wealthy people in Indonesia?
A. Individuals and families who have succeeded in diverse industries like banking, food, mining, real estate, and technology, possessing assets worth hundreds of billions of yen. They range from traditional conglomerate families to recent entrepreneurs.

Q2. Why is wealth concentration so large in Indonesia?
A. Due to structural factors such as political-economic collusion, disparities in education and healthcare, concentrated land and corporate ownership, with roots tracing back to the privileged economy under the Suharto regime.

Q3. What impact do wealthy people have on society?
A. While they drive economic growth, they also influence politics and may contribute to the entrenchment of inequality and weakening of democratic functions, thus having a significant impact on society both positively and negatively.

Q4. What is the Indonesian government doing to reduce inequality?
A. Measures include strengthening taxation on the wealthy, tax amnesty programs, cash transfers to the poor, and investments in public infrastructure, education, and healthcare. However, addressing inequality is expected to take time.

Q5. Do wealthy Indonesians move their assets overseas?
A. Yes. Some wealthy individuals own real estate in places like Singapore and London or establish family offices abroad to manage assets as a response to tax and political risks.

Q6. What should Japanese businesspeople keep in mind when dealing with Indonesia’s wealthy?
A. Consider social hierarchy and cultural backgrounds, and be flexible in business dealings. Besides English and Chinese, interpersonal skills to build trust are essential.

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