"Hartono and his brother Robert Budi Hartono grew their inherited family business into a conglomerate based in Central Java's Kudus regency, operating in banking, palm oil plantations, properties, electronics, telecommunications, and an e-commerce platform. Their flagship company PT Djarum produced dozens of domestic and international brands, primarily kretek, or clove cigarettes, including Djarum Black, Djarum Super and L.A. Lights."
"Their net worth was more than $43.8 billion, making the Hartono brothers the wealthiest in Indonesia. Michael Hartono had about $25.1 billion in December 2024, making him the 76th richest person in the world, according to Forbes."
"In 2004, they won the right to redevelop Hotel Indonesia, a historic site in the heart of Jakarta. They transformed the property into a shopping mall, office, luxury hotel and apartment complex called Grand Indonesia. Through its parent company, PT Dwimuria Investama Andalan, better known as the Djarum Group, the company has diversified into non‑tobacco businesses, including banking, technology and food."
Michael Bambang Hartono, Indonesia's wealthiest individual with a net worth exceeding $43.8 billion, passed away at age 86 in a Singapore hospital. He and his brother Robert Budi Hartono transformed their inherited family business into a diversified conglomerate operating across banking, palm oil, real estate, electronics, telecommunications, and e-commerce. Their flagship company PT Djarum produces major cigarette brands including Djarum Black and Djarum Super. The brothers hold controlling stakes in Bank Central Asia, Indonesia's largest private bank with annual revenue of $3.43 billion. In 2004, they redeveloped Jakarta's historic Hotel Indonesia into the Grand Indonesia complex. Hartono had previously suffered from chronic obstructive pulmonary disease and a heart attack.
#indonesian-business-tycoon #djarum-cigarette-company #bank-central-asia #conglomerate-diversification #wealth-and-legacy
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