October 14, 2025 | 10:41 am
TEMPO.CO, Jakarta - Finance Minister Purbaya Yudhi Sadewa welcomed the National Economic Council (DEN) plan to develop a family office, but stressed that he would not use the state budget to help build it.
“I have heard about the plan for a family office for a long while, but if DEN can build it themselves, then let them,” Purbaya told reporters when met at the Directorate General of Taxes office in Jakarta on Monday, October 13, 2025.
The minister said he would focus on the appropriate and timely use of the state budget to avoid any budget leaks.
The former Chair of the Board of Commissioners of the Indonesia Deposit Insurance Corporation (LPS) said he was not involved in drafting the family office development plan. He does not yet fully understand the concept, so he cannot comment much.
The idea of a family office was raised by DEN Chair Luhut Binsar Pandjaitan in 2024. While still serving as Coordinating Minister for Maritime Affairs and Investment, Luhut assessed that Indonesia had the opportunity to benefit from a family office. A family office is an institution or entity that manages the wealth of individuals, tailoring the needs of wealthy families to targeted, efficient, and sustainable management.
In March 2025, Luhut revealed that DEN was preparing to develop a Special Economic Zone (KEK) for a Financial Center equipped with a family office. According to him, this area will become a gateway for foreign investment funds. Luhut claimed that this strategy has been successfully implemented in Abu Dhabi, Dubai, Hong Kong, and Singapore.
Luhut said that DEN wants the financial center to be a comfortable place to live and work. “One of the locations we are considering is Bali, which is already known as a work heaven for global investors and will be one of the candidates for the Indonesia Financial Center (IFC),” said Luhut via his Instagram account @luhut.pandjaitan on Friday, March 21, 2025.
Editor’s Choice: Indonesia Finalizing Family Office, Aims for Pre-October Launch
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