Indonesia to Have 151,000 Millionaires by 2020

Research institute Credit Suisse released its 2015 Global Wealth Report, in which it projects that Indonesia would have 151,000 millionaires by 2020. This projected number is an increase of 54 percent from today’s 98,000 people.

The increase, the report says, will happen simultaneously with the increase of Indonesians’ average wealth by more than three times in US dollars and five times in rupiah.

Credit Suisse categorized millionaires as people with a net worth of over US$1 million. If we use the rupiah, these people would be considered billionaires as a million UD dollar is roughly worth Rp14 billion.

For this year, Credit Suisse said that there are 987 Indonesian individuals with net worth exceeding US$50 million (Rp. 700 trillion), an 8.9 percent increase from last year. This places Indonesia at the 19th spot of the world’s top 20 countries with the most number of wealthy individuals.

Credit Suisse claimed that the number of Indonesia’s dollar millionaires has increased by five times since the year 2000, which reflects rising inequality, seeing how the country’s rich and middle class is only 4.4 percent of the 250-million population.

Meanwhile, Forbes placed Budi and Michael Hartono as Indonesia’s richest individuals. The Djarum Group bosses have a combined asset worth of US$15.4 billion or around Rp212.8 trillion. Coming at number two is Susilo Wonowidjojo—also a tobacco tycoon; owner of PT Gudang Garam Tbk—with US$5.5 billion (Rp. 76 trillion). The third spot is currently secured by Salim Group owner Anthoni Salim with a net worth of US$5.4 billion (Rp74.6 trillion).