Setiawan Family Net Worth: Forbes Says $3.6 Billion While Kalbe Farma Stock Drops 37%
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6 min read
The Setiawan family's net worth was $3.6 billion, per Forbes' "Indonesia's 50 Richest 2025" list, published 10 December 2025, ranking the family behind Kalbe Farma and hospital chain Mitra Keluarga Karyasehat 22nd nationally, down from 13th in 2023 and 8th in 2022 on the same publisher's own list. In the roughly nine months since that list came out, Kalbe Farma (KLBF) shares have fallen from about Rp1,160 to Rp735, close to 37%, even as the company's own 2025 profit rose 13%. No updated 2026 figure for the family has been published by Forbes or any other named tracker.
Forbes has tracked this fortune under two names. While founder Boenjamin Setiawan was alive, Forbes listed him personally: $4.8 billion, 8th in Indonesia, as of its December 2022 list. After his death on 4 April 2023 at age 89, Forbes' "Indonesia's 50 Richest" list, published 6 December 2023, carried the fortune forward as a family listing at $4.3 billion, 13th nationally. Its most recent list, "Indonesia's 50 Richest 2025," published 10 December 2025, put the Setiawan family 22nd at $3.6 billion.
| Date | Publisher | Figure | Rank in Indonesia |
|---|---|---|---|
| December 2022 | Forbes (Boenjamin Setiawan, individually) | $4.8 billion | 8th |
| 6 December 2023 | Forbes, "Indonesia's 50 Richest" | $4.3 billion | 13th |
| 10 December 2025 | Forbes, "Indonesia's 50 Richest 2025" | $3.6 billion | 22nd |
All three figures come from Forbes, so the decline is a legitimate single-tracker before-and-after, not a comparison across trackers. No dated Bloomberg Billionaires Index figure naming the Setiawan family was found despite several searches, and no 2026 Forbes Real-Time Net Worth figure for the family has surfaced either, consistent with this series' standing finding that Bloomberg prices only a handful of Indonesians by name.
Boenjamin Setiawan founded Kalbe Farma in a garage in 1966 with several siblings; it is now Indonesia's largest pharmaceutical company. Kalbe's own FY2025 financial statement, filed with the Indonesia Stock Exchange on 30 March 2026 and reported the same week by Bisnis.com and Kontan, showed revenue of Rp35.32 trillion, up 8.26% year on year, and net profit of Rp3.66 trillion, up 13.09%.
The family controls Kalbe through six holding companies rather than one, per IDX shareholder disclosures reported by Indopremier: PT Gira Sole Prima (about 10.3%), PT Santa Seha Sanadi (9.71%), PT Diptanala Bahana (9.49%), PT Lucasta Murni Cemerlang (9.47%), PT Ladang Ira Panen (9.21%) and PT Bina Arta Charisma (8.61%). This article does not sum those stakes into its own dollar figure; Forbes' $3.6 billion already accounts for the structure in its own methodology.
Separately, the family controls Mitra Keluarga Karyasehat (MIKA), a chain of 30 hospitals, 21 under the Mitra Keluarga brand and 9 under the Kasih brand, concentrated around Jakarta and Surabaya. Per a company investor presentation cited by Investing.com, first-half 2025 revenue rose 4.5% year on year to Rp2,563.46 billion. Both KLBF and MIKA are present in NetWort's curated ticker universe.
Kalbe's stock has moved more than its profit has. Shares traded around Rp1,160 to Rp1,190 in mid-December 2025, per CNBC Indonesia, close to when Forbes compiled its list. By 11 September 2026, per Investing.com, the stock had fallen to Rp735, near the bottom of a 52-week range of Rp630 to Rp1,345, a decline of roughly 37% even though FY2025 net profit rose 13%.
Two dated developments sit alongside that gap. At a public expose event on 11 September 2026, Kalbe director Kartika Setiabudi said, per reporting from Antara, Katadata and IDX Channel, that free float in subsidiary Enseval Putera Megatrading (EPMT) stands at just 7.51%, short of the Indonesia Stock Exchange's 15% minimum, and that the company is weighing whether to raise public ownership or delist the subsidiary. Separately, Kalbe itself has guided that margin pressure, driven by rupiah volatility and higher raw-material costs, will continue through the end of 2026.
Less knowable than it looks. Only Forbes prices this family at all, and its $3.6 billion figure is now roughly nine months old, predating a stock decline of about 37% in the family's primary listed vehicle. If Kalbe's share price alone drove the family's tracked wealth, a fresh estimate today would likely be lower, but no publisher has issued one, and this article will not manufacture a number Forbes has not. The figure is also a family total spread across Boenjamin's heirs and six holding entities, the same structural gap this series has found in the Widjaja, Karim and Riady family listings, not one person's personal share.
A company's profit and its stock price can move in opposite directions for reasons that have nothing to do with the underlying business, in this case a free-float compliance question at a subsidiary and currency-driven margin pressure, rather than a change in what Kalbe actually sells. That gap between rising profit and a falling share price is the same pattern this series found at Susilo Wonowidjojo's Gudang Garam, just moving in the opposite direction on the wealth tracker.
For more on how family structures and succession complicate a single net-worth number elsewhere in this series, see:
If your own portfolio holds Indonesian healthcare or pharmaceutical names, NetWort's asset page for KLBF and asset page for MIKA track daily pricing without waiting for an annual rich list to catch up.