Djoko Susanto Net Worth: Forbes Cut His Fortune Nearly in Half While Alfamart's Profit Kept Growing
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6 min read
Djoko Susanto's net worth was $2.1 billion, per Forbes' Real-Time Billionaires tracker as reported Monday, 18 May 2026, ranking him 30th richest in Indonesia. Five months earlier, Forbes' own annual "Indonesia's 50 Richest 2025" list (10 December 2025) had him at $4.2 billion, 10th in the country. Bloomberg's Billionaires Index Indonesia profile for him, retrieved 17 August 2026, currently shows Rp68.18 trillion, about $4.3 billion, also 10th. The founder of Alfamart, Indonesia's largest convenience store chain, is now the subject of two very different pictures of his own wealth, drawn by two different trackers, in the same rough stretch of 2026.
| Publisher | Date | Figure | Note |
|---|---|---|---|
| Forbes, "Indonesia's 50 Richest 2025" | 10 December 2025 | $4.2 billion | #10 Indonesia, up 12 spots from the prior list |
| Forbes Real-Time Billionaires | reported 18 May 2026 | $2.1 billion | #30 Indonesia |
| Bloomberg Billionaires Index Indonesia | retrieved 17 August 2026 | ~$4.3 billion (Rp68.18 trillion) | #10 Indonesia |
The two Forbes figures are a legitimate single-tracker before-and-after: same publisher, five months apart, roughly halved. The Bloomberg figure is not compared to either Forbes number as a change over time here, since it comes from a different tracker with its own methodology and no fixed snapshot date was found attached to it, only that it was live and current on the retrieval date above. Taken together, Forbes and Bloomberg currently disagree on Djoko Susanto's wealth by roughly double, one of the widest gaps this series has found for a fortune anchored in a single, actively traded public stock.
A majority stake in one listed retailer, plus a cluster of smaller, mostly private bets built on top of it.
Djoko Susanto controls PT Sumber Alfaria Trijaya Tbk (AMRT), the entity behind Alfamart's more than 22,000 stores in Indonesia and roughly 2,000 more in the Philippines, through his holding company PT Sigmantara Alfindo. Sigmantara Alfindo holds about 50.19% of AMRT, roughly 20.83 billion shares, per IDX Channel's 2025 reporting on his stock holdings, up from a 53.19% figure some older 2023 sources still cite; the more recent disclosure is used here.
Beyond AMRT, the same holding company owns a majority of PT Trimitra Trans Persada Tbk (ticker BLOG), a logistics business that listed on the IDX in July 2025, and Djoko Susanto separately built PT Midi Utama Indonesia Tbk (Alfamidi, ticker MIDI), a second, smaller convenience chain, in 2007. AMRT itself bought 70% of the company holding the Lawson convenience store license in Indonesia for Rp200.46 billion, under an agreement signed 14 May 2025. Neither MIDI nor BLOG appears in NetWort's curated ticker list yet, so they are named here without a link.
Sumber Alfaria Trijaya (AMRT) is present in NetWort's screener and linked directly here.
Two things happened at once, and they point in opposite directions.
AMRT's own share price fell roughly 22.5% year to date through mid-April 2026, trading in a Rp1,370 to Rp2,020 range. On 13 May 2026, MSCI announced it was removing AMRT from the MSCI Indonesia Standard Index and moving it into the MSCI Small Cap Index, effective at the close of trading on 29 May 2026, alongside five other Indonesian stocks. The stock corrected further into that change, trading around Rp1,415 in mid-May.
At the same time, the underlying business kept growing. PT Sumber Alfaria Trijaya reported net profit attributable to owners of Rp2.02 trillion for the first half of 2026, up 7.5% year on year from Rp1.88 trillion, on revenue of Rp67.95 trillion, up 6.49%, according to results reported 6 August 2026. By 7 August 2026, AMRT had recovered somewhat, closing at Rp1,420, up 7.17% for the week and 2.16% for the month.
That combination, a fortune that Forbes' tracker roughly halved while the company itself reported growing earnings, is the sharper story here than a simple crash. An index reclassification and the foreign-investor flows that followed it appear to have moved the stock, and Forbes' number with it, by more than AMRT's own results did.
Less certain than either single figure suggests. Forbes' own two touchpoints (December 2025 and May 2026) moved by roughly 50%, while AMRT's share price over a comparable stretch moved by something closer to 22 to 30%, a gap that public information does not fully explain. Some of it is likely how each tracker treats Djoko Susanto's private holdings alongside his AMRT stake, since Sigmantara Alfindo's stakes in Trimitra Trans Persada, in Alfamidi, and its reported roughly $30 to $40 million investment in Bank Aladin Syariah in 2022 (figures vary by outlet) carry no daily price at all.
Three things.
A fortune can look like it crashed on a tracker's page without the underlying business crashing at all. Djoko Susanto's Forbes figure roughly halved in five months while Alfamart's own reported profit grew. An index downgrade and the trading that follows it can move a net worth estimate faster than a company's results do.
A single publisher's own numbers, tracked over time, are the safest comparison to make. Forbes' December-to-May move is a legitimate before-and-after. Its gap against Bloomberg's separate, undated figure is disagreement to report, not a trend to describe, the same distinction NetWort applied to Dewi Kam's Forbes-only figures.
Most of this fortune sits in one stock most Indonesians walk past every week without thinking about it. NetWort's Sumber Alfaria Trijaya (AMRT) page shows the live, sourced price behind that stake. The holding company wrapped around it is the part no tracker prices daily, and that gap is worth remembering any time a single headline number gets attached to a retail fortune like this one.