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Suharto's family shoots up to 9th on list of Asia's richest

Reuters - February 7, 1997

Canberra – The family of Indonesian President Suharto jumped to ninth on an annual ranking of Asia's richest people published yesterday – up from 93rd last year – with a combined wealth estimated at US$6.3 billion (S$8.9 billion).

Brunei's Sultan Hassanal Bolkiah, worth an estimated US$30 billion and whose tiny Borneo sultanate sits on massive oil reserves, again topped the list of Asia's 100 wealthiest families, published in the national daily newspaper, The Australian.

The paper did not list wealth estimates for last year.

Suharto's sons Sigit Harjojudanto, Bambang Trihadmodjo and Hutomo Mandala "Tommy" Putra and daughters Siti Hardiyanti "Tutut" Rukmana, Siti Hedijanti Herijadi and Siti Hutami Endang Adyningsih have extensive and diverse domestic and international business interests.

The newspaper did not explain the Suharto family's jump up the list and the reporter could not be immediately contacted.

The family's empires include telecommunications, transport, power, oil, chemicals, property development and retail. Tutut, Siti Hedijanti, Bambang and Tommy are also candidates for the ruling Golkar Party in elections due in May.

The list was compiled using a range of sources including company reports, statements to stock exchanges, broker studies and news articles.

Also, Hongkong property tycoons occupied several of the top spots.

The colony's Kwok family – Raymond, Thomas and Walter – with US$13.5 billion in wealth moved into second place on the list from third last year.

The Kwoks are in property and development through their Sun Hung Kai Properties company.

Japanese hotel and railroad tycoon Yoshiaki Tsutsumi and his family, ranked third with US$11.5 billion, down from second last year.

In fourth and fifth places were Hongkong's Henderson Land chief Lee Shau-kee, with US$11 billion (fifth last year), and Taiwanese insurance magnate Tsai Wan-lin and family with US$8.5 billion (fourth last year).

Another Hongkong property tycoon, Li Ka-shing, rated by Forbes magazine as one of the world's richest people, ranked number six, with about US$8 billion.