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#137 Tan Siok Tjien $10.0B

Random fact: Gudang Garam means "salt warehouse" in the Indonesian language.

Overview

Tan controls Gudang Garam, a cigarette manufacturer with about one-fifth of the Indonesian tobacco market. Founded by her late husband, Surya Wonowidjojo, the Kediri, Indonesia-based company produces clove cigarettes, known as kreteks. It employed almost 36,000 workers and reported revenue of $5.7 billion in 2016.

As of July 26, 2017:
Last change -$37.3M (-0.4%)
YTD change +$1.78B (+21.5%)
Industry Consumer
Biggest asset GGRM IJ Equity
Citizenship Indonesia
Age 0
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Tan Siok Tjien's net worth of $10.0B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
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Misc. liabilities
Confidence rating:

The majority of Tan's fortune is derived from her 76 percent stake in Gudang Garam, which had a 20.8 percent share of Indonesia's tobacco market at the end of 2016, according to the company's 2016 annual report.

She inherited her wealth from her late husband, Surya Wonowidjojo. Shares are held through Indonesian holding companies Suryaduta Investama and Suryamitra Kusuma, according to the 2016 annual report.

Before its IPO in 1990, the matriarch owned more than 31 percent of the company and was its biggest individual shareholder, according to the offering prospectus.

Tan was last listed as an individual shareholder in Gudang Garam's annual report in 1999, before the bulk of the family's shares were transferred to holding companies. She was the biggest individual shareholder at the time.

As matriarch, Tan is credited with all shares held by the family's holding companies. Unless there's a will that stipulates otherwise, non-Muslims in Indonesia are subject to the country's civil law, under which the matriarch would receive a bigger inheritance than her children, according to Frans H. Winarta, founding partner of Frans Winarta & Partners in Jakarta.

Heru Budiman, a Jakarta-based director and corporate secretary at Gudang Garam who oversees investor relations, didn't return calls or reply to e-mails for comment.

Biography

Birthdate:
Family: Widowed, 5 children

Tan and her children inherited Gudang Garam after her husband Surya Wonowidjojo died in 1985. Surya, an immigrant from China's Fujian province, started Gudang Garam in 1958, making hand-rolled cigarettes from tobacco and clove spice native to Indonesia. The cigarettes are known as kretek for the crackling sound made by the burning scented spice. As sales increased, the family built more factories and introduced machine-produced kretek about two decades later, turning Gudang Garam into the country's biggest cigarette maker.

Tan's eldest son, Rachman Halim, became a director of the company in 1971 and took the helm in 1983. The cigarette maker began trading on the Indonesia stock exchange in 1990. As competition rose, Gudang Garam lost its position as the country's biggest cigarette maker by sales in 2006 to Hanjaya Mandala Sampoerna, which had been acquired by Philip Morris International a year earlier.

Rachman died at Mount Elizabeth Hospital in Singapore in 2008. Tan's younger son, Susilo Wonowidjojo, is currently president director of Gudang Garam. Her daughter Juni Setiawati Wonowidjojo is president commissioner.

Milestones
  • 1958 Surya Wonowidjojo sets up Gudang Garam in Kediri town in East Java.
  • 1979 Introduces machine-produced clove cigarettes.
  • 1983 Eldest son, Rachman Halim, becomes president director of Gudang Garam.
  • 1985 Husband and founder of Gudang Garam dies.
  • 1990 Gudang Garam begins trading on the Indonesia stock exchange.
  • 2002 Starts producing low-tar, low-nicotine kretek.
  • 2006 Loses position as Indonesia's biggest cigarette maker to HM Sampoerna.
  • 2008 Son Rachman dies at a Singapore hospital age 60.
  • 2009 Daughter Juni Setiawati becomes president commissioner.
  • 2009 Son Susilo Wonowidjojo becomes president director of Gudang Garam.