Michael Bambang Hartono

Michael Bambang Hartono
Born	(1939-10-02) October 2, 1939 Kudus, Central Java, Indonesia
Occupation	Businessman
Known for	Owner of Djarum, Bank Central Asia; Indonesia's wealthiest family member

Michael Bambang Hartono (born 2 October 1939) is an Indonesian billionaire businessman and heir.

Together with his brother Robert Budi, Michael owns the clove cigarette manufacturer Djarum, a company they inherited from their father Oei Wie Gwan following his passing in 1963. The siblings transformed the enterprise into a vast conglomerate encompassing Bank Central Asia, electronics, plantations, and various real estate assets, establishing themselves as Indonesia’s wealthiest family. As of December 2024, Michael's net worth was estimated at $25.1 billion.

Early life

Born on 2 October 1939 in Kudus, Central Java, Michael Hartono’s father, Oei Wie Gwan, acquired a small kretek factory named Djarum Gramophon in April 1951, which was later rebranded as Djarum. After the factory was destroyed by fire in 1963 and shortly before Oei Wie’s death, the business passed to Michael and his younger brother Robert Budi Hartono.

Following his high school graduation in Kudus, Michael enrolled in economics and business courses at Diponegoro University in 1959. However, he soon returned home to oversee the family enterprise after their father’s demise.

Career

Under the leadership of the two brothers, the cigarette company broadened its reach, initiating exports in 1972 and introducing new product lines. By 2012, Djarum commanded a 19% share of Indonesia’s kretek market. As the tobacco business flourished, the conglomerate diversified its operations by launching electronics brand Polytron in 1975 and expanding into palm oil plantations, paper manufacturing, and telecommunications infrastructure.

The brothers ventured into banking through Haga Bank and Hagakita Bank before acquiring a controlling interest in Bank Central Asia (BCA) in 2002 via FarIndo Investments—registered in Mauritius—and partnered with Farallon Capital. Despite submitting a lower bid than competitors, they secured a 51.15% stake. Initially owning less than 10%, Djarum progressively increased its holding to 92.18% by 2006 after divesting Haga and Hagakita Banks to Rabobank. A significant acquisition of shares worth Rp 3.45 trillion from UBS in 2010 solidified their majority control over BCA.

In 2016, ownership of these shares was transferred to the Indonesian holding company PT Dwimuria Investama Andalan during a tax amnesty program. By September 2017, Michael and Robert collectively possessed a 54.94% stake in BCA.

Beyond finance and manufacturing sectors, the Djarum group also manages prominent properties in Jakarta such as Grand Indonesia, Hotel Indonesia, and BCA Tower.

Forbes ranked Michael Hartono’s net worth at $25.1 billion as of December 2024, placing him as the world’s 76th wealthiest individual. He and his brother maintained their status as Indonesia’s richest family for nine straight years through 2017.

The conglomerate has also made significant investments in digital businesses, including ownership of e-commerce platform Blibli.com and Kaskus, one of Indonesia’s largest online communities.

Personal life

Michael resides in Kudus, Indonesia, with his wife Widowati Hartono. They have four children together.

Bridge

An enthusiastic bridge player, Bambang regards the game as valuable training for decision-making and risk assessment. Introduced to bridge by his uncle during Indonesia’s Japanese occupation period, he has become a prominent advocate for the sport. Serving as president of the South East Asia Bridge Federation, he was honored by the World Bridge Federation in 2017 for his efforts to include bridge as an event at the Asian Games.

At the 2018 Asian Games, he represented Indonesia in bridge and earned a bronze medal in the Supermixed team category, becoming the oldest Indonesian athlete to win an Asian Games medal. He was also the senior-most member of Indonesia’s athletic delegation. Bambang has competed internationally on numerous occasions, securing bronze medals with Indonesian teams at events such as the 2008 World Bridge Games in Beijing, the 2009 World Team Championships in São Paulo, and the 2010 World Series Championships held in Philadelphia.