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Close to 100,000 Super Rich Indonesians By 2015: Report
Lydia Tomkiw | September 02, 2011

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8:47am Sep 3, 2011

it is a good news for Indonesia, since the most important things is HOW MANY the riches in Indonesia, not HOW MUCH the "assets" owned by an Individual. WHP

8:19am Sep 3, 2011

Where does the line start to get my cut of corruption?

7:16pm Sep 2, 2011

That's amazing considering Indonesia is still left out without a modern public mass transit system. And corruption is gaining a momentum making ordinary people more vulnerable to end up in poverty. Why because basic necessities will be more expensive...

2:09pm Sep 2, 2011

I have no doubt that even a higher number of Indonesians will be USD millionaires in the next 5-10 years. I wouldn't be surprised as well if half of them are either p*lit*ci*ns, g*v *ffici*ls or c*v*l s*rv*nts (both ex and active). I have lost hope in this country. The sad part, I am not the only one.

1:23pm Sep 2, 2011

sadly the majority if not all the wealth has been made through corruption and at the expense of the common people of Indonesia, many of whom don't have enough money for the basic necessities of life.

The number of high net worth individuals (HNWI) in Indonesia is expected to triple within the next five years on the back of the nation’s strong economic growth, according to a research report.

HNWI, at an estimated 33,000 for 2010, is projected to reach close to 100,000 in 2015, CLSA and Julius Baer said in their Wealth Report for Asia released on Friday.

Wealth of HNWI in Indonesia will grow at approximately 21 percent without currency gains, or about 30 percent annually taking into account rupiah appreciation, the report said.

The estimated growth rate would be the fastest among 10 Asian locations, which includes China, Hong Kong, India, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand, according to CLSA, a broker, and Julius Baer, a Swiss bank.

“The forces for wealth creation appear extremely favorable for Asia over the coming years,” the report said. “These economies are growing faster than any other region in the world.”

Indonesia, home to the largest economy in Southeast Asia with a population of around 240 million people, has been benefiting from an increase in domestic spending that is helping to boost average annual per capita income from last year’s $3,000 rate.

The government forecasts the economy growing 6.7 percent in 2012, after an estimated 6.5 percent this year. Gross domestic product rose 6.1 percent in 2010 to $700 billion from a year before.

In Indonesia, just 0.02 percent of the adult population, or one of every 5,000 persons, is estimated to be in the HNWI bracket, the report said. In China that ratio is 0.05 percent, or one in 2,000 persons.

Cumulative Indonesian wealth of HNWI was about $129 billion in 2010, and that could rise to $487 billion by 2015, according to the report.

“Wealth levels are still very low but will see robust growth,” the report said.

The average wealth level in Indonesia is $18,000, compared to $287,000 in Hong Kong, which is the highest among the 10 places in the survey.

In five years the rupiah could appreciate at close to 6 percent annually, and in dollar terms, that means the Indonesian economy might grow at 23.5 percent per year, according to CLSA and Julius Baer.

In the year to Aug. 26, the rupiah has gained 5 percent against the dollar to 8,523.

“Wealth will be boosted by expected robust returns on key assets,” the report said. “We believe that Indonesian property values could rise 11 percent per annum in local currency terms, while we project the stock market to provide returns close to 15 percent per annum, matching earnings growth.”

Indonesia has 21 billionaires, according to Globe Asia, an affiliated publication of the Jakarta Globe.