What is Michael Hartono’s Net Worth?
|Net Worth:||$20 Billion|
|Date of Birth:||October 2, 1939|
|Country of Origin:||Indonesia|
Michael Hartono is a Chinese Indonesian businessman and billionaire heir. Kretek (clove cigarette) is owned by Michael and his brother Robert Budi, who inherited it from their father Oei Wie Gwan after he died in 1963.
Michael Hartono’s net worth is estimated to be around $20 billion in 2022.
Michael Bambang Hartono was born in Kudus, Central Java, on October 2, 1939.
His father, Oei Wie Gwan, had bought Djarum Grammophon 1951, a small Kretek cigarette factory, and renamed it simply Djarum.
The factory, however, burned down in 1963, and Oie Wie died soon after, leaving Michael and his younger brother Robert Budi Hartono to inherit the business.
Michael Hartono Career
Under the leadership of the two brothers, the cigarette company developed, exporting for the first time in 1972 and launching new brands. With a 19 percent market share in 2012, the cigarette brand is now one of Indonesia’s most popular.
As the cigarette business grew, the company began branching out into other sectors, launching the Polytron electronics brand in 1975. Palm oil, papermaking, and communication towers were among the group’s other ventures.
In 2002, the brothers under the Mauritius-registered entity FarIndo Investments in a combination with Farallon Capital acquired 51.15 percent of Bank Central Asia, defeating rival bidders despite making a cheaper offer.
Aside from the aforementioned enterprises, the Djarum group also owns Grand Indonesia, Hotel Indonesia, and BCA Tower, among other shopping malls and structures in Jakarta.
His company is also involved in internet initiatives, including Blibli.com, an e-commerce website, and Kaskus, one of Indonesia’s largest online communities.
Michael Hartono has a net worth of $20 billion as of 2022.
- He and his brother Robert Budi own the Djarum Group, which includes shopping malls, Grand Indonesia, Hotel Indonesia, and BCA Tower.
Michael Hartono is an Indonesian business magnate who has amassed a fortune through a variety of ventures.
Even though the Hartono brothers inherited Djarum, Indonesia’s largest private bank, from their father, the majority of their fortune comes from Bank Central Asia.