Uber-Rich Nest in Indonesia

Uber-Rich Nest in Indonesia

Economic and regulatory trends favor wealth expansion in Indonesia. Strong gains on the Jakarta Stock Exchange this year—recent volatility aside—have boosted private fortunes. Tax amnesty policies are also enfranchising previously-unrecorded assets. The 50 wealthiest Indonesians may now control about $99 billion. The richest names are Budi and Michael Hartono. The brothers made their core fortune in clove cigarettes; some readers may recognize the Djarum brand. Meanwhile, at the other end of spectrum, the country has seen marked improvement in its poverty headcount ratio. The percent of the population living below the national poverty level has collapsed by 40% over the past 15 years and stands at about 11%. For comparison, the same figure in the Philippines lingers at 25%.

Learn more at Reuters.

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