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What is Michael Hartono’s Net Worth?
Michael Bambang Hartono, an Indonesian billionaire, has an estimated net worth of around $22.9 billion, making him one of the wealthiest individuals in Indonesia and placing him among the top billionaires globally. His wealth primarily stems from his substantial holdings in Bank Central Asia (BCA), Indonesia’s largest private bank, and Djarum, a leading clove cigarette manufacturer.
Hartono inherited Djarum, a small cigarette company, from his father in 1963. Under his and his brother Robert Budi Hartono’s leadership, Djarum expanded significantly, becoming one of Indonesia’s largest cigarette manufacturers. The brothers diversified their business interests over the years, venturing into electronics with the creation of Polytron in 1975, and later into banking by acquiring a controlling stake in BCA in 2002 through the FarIndo Investments consortium.
In addition to banking and tobacco, the Hartono brothers have invested in various other sectors, including real estate, telecommunications, and digital ventures. Their real estate portfolio includes significant properties like the Grand Indonesia Shopping Town, one of Southeast Asia’s largest commercial complexes.
They have also made strategic investments in the digital economy, including e-commerce platforms and tech startups, further bolstering their financial standing.
Despite fluctuations in the market, Michael Hartono’s net worth has remained robust. For instance, his net worth was reported to be $22.3 billion in 2022, but it saw a slight decrease to $22.16 billion in 2023.
Nevertheless, his position as one of Indonesia’s top billionaires remains unchallenged, with his wealth continuing to grow through strategic investments and business expansions.
Here’s the breakdown of Michael Hartono’s net worth:
Name: | Michael Hartono |
Net Worth: | $22.9 Billion |
Date of Birth: | October 2, 1939 |
Profession: | Businessperson |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life
Michael Bambang Hartono, born on October 2, 1939, in Kudus, Central Java, Indonesia, hails from a family of Chinese-Indonesian descent. His father, Oei Wie Gwan, laid the foundation for the family’s wealth by purchasing a small kretek (clove cigarette) factory named Djarum Gramophon in 1951, which he later renamed Djarum.
Tragically, in 1963, the factory burned down, and Oei Wie Gwan passed away shortly after, leaving Michael and his younger brother, Robert Budi Hartono, to inherit the business. Michael pursued his education in economics and business at Diponegoro University but returned to Kudus to take over the family business following his father’s death.
Career
Under the leadership of Michael and his brother Robert, Djarum transformed from a small cigarette company into one of Indonesia’s largest kretek manufacturers. The company made its first export in 1972 and continued to grow, capturing a significant market share in Indonesia.
In 1975, the Hartono brothers diversified their business interests by founding Polytron, an electronics brand. Their strategic vision led them to enter the banking sector, acquiring a 51.15% stake in Bank Central Asia (BCA) through the FarIndo Investments consortium in 2002.
By 2010, they controlled a majority of BCA’s shares through a deal with UBS, and in 2016, the shares were transferred to the Indonesian holding company PT Dwimuria Investama Andalan.
The Hartono brothers’ business empire extends beyond tobacco and banking. They have significant investments in real estate, including the Grand Indonesia Shopping Town, one of Southeast Asia’s largest commercial complexes.
They have also ventured into telecommunications with investments in the mobile tech company Smartfren and have a robust digital portfolio that includes e-commerce and digital payments.
Personal Life
Michael Hartono is married to Widowati Hartono, and the couple has four children. Michael is known for his philanthropy, supporting various social causes, including educational scholarships, healthcare initiatives, and disaster relief efforts.
He is also a passionate sports enthusiast, particularly in badminton and bridge. Michael has significantly contributed to the development of badminton in Indonesia and is an accomplished bridge player.
He represented Indonesia in the bridge competition at the 2018 Asian Games, winning a bronze medal and becoming the oldest Indonesian Asian Games medal winner.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
