It turns out that this is the origin of Jokowi's wealth, few people know

Jakarta, CNBC Indonesia – President Joko Widodo (Jokowi) will soon retire and officially step down as President of the Republic of Indonesia. This figure, widely known as a furniture entrepreneur, will be replaced in October this year by President-elect Prabowo Subianto.

So how did his career path, career and businessman from Solo become the number one person in Indonesia?

It is known that Jokowi started working at the PT Kraft Aceh paper company after graduating from university in 1985. However, his tenure at the company only lasted two years.

According to Jokowi, what made him unbearable was the work culture. Work orders were carried out with a rigor that he could no longer accept.

“The orders are very authoritarian, even though the show is going quite well. It makes me feel at home,” Jokowi said, as Alberthiene Endah explains in Jokowi: Leading the City, Touching Jakarta (2012).

Finally, in 1987, Jokowi returned home. With the savings from his salary, he also wanted to try his hand at business. The wood or furniture industry then became the choice.

However, to start all this requires significant capital. Meanwhile, Jokowi's money is insufficient. Like it or not, he must become an employee again.

Fortunately, he was invited to work by his brother, the owner of a logging company named Miyono. Miyono's business begins with furniture, parquet flooring and various household needs.

Even though he worked with his brothers, Jokowi did not benefit from any privileges. He was forced to saw, shave wood, paint, including transporting goods in containers.

After a year, Jokowi started working in an office. He was then in charge of design, marketing and human resources management.

“Everyone enjoyed it. I learned a lot,” Jokowi said.

Until finally courage emerged from Jokowi. After gaining experience and bank capital of IDR 30 million, he founded his own company on February 21, 1988. His name was CV Rakabu, standing in a small kiosk in the Kadipiro area, Solo.

That year, Indonesia was still considered an Asian tiger. Economic growth was rapid at that time. This image makes Jokowi believe that his entrepreneurial moves are not wrong.

In the early years, there were only three employees. Together with Jokowi, they all work in the production sector. It is not uncommon for Jokowi to take his work home until sawdust is spread all over the house.

The process is not simple, the same goes for marketing the products. At that time, Rakabu was a small player and no one knew him. Jokowi was forced to “pick up the ball.”

He visited every house under construction to offer furniture. Some succeeded, but many failed. However, his efforts gradually bore fruit.

This success means that his workshop is never without the sound of saws. Having enough capital, Jokowi dared to expand to Jakarta in 1990. In the capital, he received the largest order since the creation of Rakabu. The total order reached IDR 60 million.

He rushed to Solo and did everything. Unfortunately, after the goods were finished and sent, the customer ran away. The Rp 60 million washed up. Jokowi was deceived.

As his mother, Sudjiatmi, recalls, this fraud affair made Jokowi very depressed. Because the company he started from scratch was forced to go bankrupt because of his stupidity. Until he had to find himself unemployed and doing odd jobs for months.

“Jokowi often comes home with a gloomy face. Always klemprak-klemprak (not enthusiastic),” said Sudjiatmi in I Am Sujiatmi, Jokowi's Mother (2014) by Fransisca Ria Susanti & Kristin.

To prevent Jokowi from collapsing, Sudjiatmi withdrew all his savings and borrowed IDR 30 million in business capital from the bank. From there, Rakabu's business grew.

The demand for furniture begins to increase. This time he didn't want to repeat the same mistake. Before starting production, he receives a deposit in advance.

At the same time, Jokowi also received capital from the National Gas Company (PGN) in the amount of IDR 500 million. This capital is what makes Jokowi actively develop and dare to export. Factories and employees are also starting to develop.

Since 1991, Jokowi has often traveled back and forth between Solo-Jakarta-Singapore to sell Rakabu furniture. From Singapore, Jokowi often receives orders for dozens of containers containing wooden products. This was the beginning of Jokowi's success.

Between 1994 and 1996, Jokowi's furniture production exploded. In total, he owns 8 factories with hundreds of employees. In practice, Jokowi's wealth has increased. He can now buy his own house in Solo, after being a tenant for years.

During the crisis period of 1997-1998 and the destruction of businesses, Rakabu became even more successful. It is known that at that time, Rakabu began to penetrate the markets of Australia, America, the Middle East and of course Asia. Since then, Jokowi has begun to feel the sweetness of entrepreneurial struggle.

Thanks to this, it is not surprising that Jokowi, the businessman who is now president, has a lot of wealth. He is recorded as owning numerous lands, vehicles and other assets. Based on LHKPN 2023, his entire wealth is recorded at IDR 95.8 billion.

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