Prabowo Targets Indonesia's 9 Dragons to Tighten State Control
Updated
Updated · South China Morning Post · Aug 5
Prabowo Targets Indonesia's 9 Dragons to Tighten State Control
1 articles · Updated · South China Morning Post · Aug 5
Summary
Analysts say Prabowo is moving against Indonesia’s loosely defined “9 Dragons” tycoon class, a powerful circle of ultra-rich conglomerate families spanning banking, property, mining and consumer goods.
The push fits a two-pronged state-capitalist strategy: warning against wealth flowing overseas while centralising key exports and pressing private capital into state-backed projects.
Prabowo has not publicly named the group, but researchers say his rhetoric and policy moves amount to a clear attempt to bring the old business elite under firmer government control.
That effort has limits because the tycoons remain deeply embedded in Indonesia’s economy, even as Prabowo still needs their money to fund flagship programmes.
Is Indonesia's new export monopoly truly about saving billions, or merely a ruthless wealth transfer to the president's new inner circle?
With the June 2026 export controls active, will Prabowo's high-stakes gamble to corner the 'Nine Dragons' trigger a devastating economic exodus?
How will Jakarta's aggressive resource nationalism disrupt global supply chains as foreign investors begin fleeing the newly centralized commodity regime?