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NEWS UPDATES Asean Affairs     20 October  2011

Number of wealthy rises in Indonesia

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Indonesia’s wealthy population surged by almost a fifth year-on-year in August, a rate at three times the projected economic growth.

According to data from the Deposit Insurance Corporation (LPS), bank accounts with more than Rp 1 billion ($113,000) in deposits in the country increased by 19.5 percent in August from the same period a year earlier.

There were a total of 266,050 such accounts with Rp 1,424.3 trillion at Indonesia’s 120 commercial lenders in August, compared with 222,600 accounts valued at Rp 1,182.9 trillion in August 2010.

According to the Certified Wealth Management Association, a wealthy individual is defined as a bank customer who has at least Rp 1 billion in savings.

Jahja Setiaatmadja, the president director of Bank Central Asia, said the number of wealthy should continue to grow in line with the country’s improving GDP per capita.

“Now that we have passed $3,000 income per capita [per year], wealth acceleration should go at a faster rate,” he said.
Maikel Sajangbati, president director of investment consultant company MaeSa Consulting Indonesia, echoed Jahja’s comments.

“If the economy grows by 6.5 percent this year, the wealthy could see their fortune go up by triple [the economic growth],” Maikel said. The government expects the economy to grow 6.5 percent this year after expanding 6.1 percent in 2010.

He said the economic woes of Europe and the United States had yet to have a significant negative impact on Indonesia’s rich individuals other than making them more protective of their wealth. However, he said he was disappointed the wealthy were not increasing their investments.

“In terms of lifestyle nothing has changed, but these people are becoming more critical and hesitant in their investment decisions,” Maikel said.

These bank accounts comprise about 57 percent of the Rp 2,492.51 trillion in total deposits in Indonesia as of August.

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