Susilo Wonowidjojo Net Worth: Down 65% From a 2018 Peak, While Gudang Garam's Profit Just Rose 2,440%
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Susilo Wonowidjojo's net worth was $3.2 billion, per Forbes' "Indonesia's 50 Richest 2025" list, published 10 December 2025, ranking the Gudang Garam president director and his family 25th in the country. Seven years earlier, Forbes' December 2018 Indonesia rich list had him at $9.2 billion, the country's second-richest person that year. That is roughly a 65% decline on the same publisher's own tracker, one of the widest single-publisher swings this series has found. It sits alongside something stranger still: in 2026, Gudang Garam's own reported profit has been surging, even as its revenue keeps falling.
| Publisher | Date | Figure | Note |
|---|---|---|---|
| Forbes, Indonesia rich list (annual) | December 2018 | $9.2 billion | #2 nationally |
| Forbes, "Indonesia's 50 Richest 2025" (annual) | 10 December 2025 | $3.2 billion | #25 nationally |
Both figures come from the same publisher's annual list, which makes the roughly 65% drop a legitimate before-and-after rather than a mismatch between two trackers with different methodology. No dated Bloomberg Billionaires Index figure naming Susilo Wonowidjojo specifically turned up in this run's research, so this profile states plainly, per the standing rule in this series, that only one publisher currently prices him.
The fortune sits almost entirely in PT Gudang Garam Tbk (GGRM), the kretek cigarette maker his father Surya founded in 1958, but it does not reach him through a simple, direct shareholding.
| Entity | Stake | What it means |
|---|---|---|
| PT Suryaduta Investama | 69.29% of GGRM | The Wonowidjojo family's holding company and Gudang Garam's controlling shareholder |
| Susilo Wonowidjojo | 19.85% of Suryaduta Investama | His main stake in Gudang Garam runs through this holding company, not a direct GGRM shareholding |
| Susilo Wonowidjojo (direct) | 0.09% of GGRM | A small stake held in his own name, separate from the holding company chain |
He has been Gudang Garam's president director since 2009, when he succeeded his late brother Rachman Halim, with sister Juni Setiawati serving as president commissioner. Because the bulk of his exposure runs through Suryaduta Investama rather than a direct GGRM holding, any tracker pricing his fortune has to make an assumption about that holding company's structure on top of GGRM's own share price, a layer that a simple single-stock fortune does not carry.
Two separate 2026 developments are worth keeping apart, because the sources do not connect them to each other.
First, sentiment: Finance Minister Purbaya Yudhi Sadewa confirmed in late September 2025 that cigarette excise tax (CHT) would not rise in 2026, the first freeze after years of near-annual increases, and tobacco stocks including GGRM rallied on the news, per CNBC Indonesia (26 September 2025) and Kompas (27 September 2025).
Second, and separately, Gudang Garam's own 2026 results:
| Period | Net profit | YoY change | Revenue | YoY change | Source, date |
|---|---|---|---|---|---|
| Q1 2026 | Rp1.54 trillion | +1,373% | Rp20.11 trillion | -12.8% | IDNFinancials, 5 May 2026 |
| H1 2026 | Rp2.98 trillion | +2,440% | Rp41.2 trillion | -7.2% | Databoks, 5 August 2026 |
IDNFinancials, citing Ciptadana Securities Asia, attributed the Q1 jump to operational efficiency rather than the excise freeze: operating expenses fell 34.9% to Rp1.17 trillion, including cuts to employee compensation, and the workforce shrank 23.5% over the period. Gudang Garam said the reduction came through early retirement and expiring contracts rather than layoffs. By August 2026, GGRM shares had touched a 52-week high near Rp21,800, up more than 33% in a month, helped by foreign net buying following the H1 results.
None of these reports draws a direct line from the excise freeze to the profit swing, and this article does not draw one either.
Less knowable than a fortune held in one direct, listed stake. Two separate gaps stack here: the ownership layer between Susilo and GGRM runs through Suryaduta Investama, whose full shareholder list beyond his 19.85% was not disclosed in any source found for this article, and the pricing layer is a listed stock whose 2026 profit has been rising on cost cuts while its revenue keeps shrinking, a combination that raises the question of how durable the current earnings are. That second wrinkle rhymes with what this series found on Djoko Susanto's Alfamart fortune, where Forbes' tracked figure nearly halved even as the underlying retailer's own profit grew, a reminder that a tracked net worth and a company's reported earnings do not always move the same direction, or for the same reason.
A profit number that jumps by four figures in percentage terms is not automatically a growth story. Gudang Garam's 2,440% year-over-year profit gain came alongside a 7.2% revenue decline, meaning the improvement was almost entirely about spending less, not selling more, the same downtrading pressure on cheaper cigarette brands that this series has already flagged in Otto Toto Sugiri's profile of a very different Indonesian sector.
Regulatory decisions, like a single ministry's choice not to raise an excise tax, can move a stock's sentiment in one week and its underlying costs in another, on two different timelines that a headline often blurs together. NetWort's Market Pulse tracks how sentiment and price move together across a trading day, which is exactly the kind of gap a single "profit up 2,440%" headline can otherwise hide from a reader who never checks the revenue line underneath it.