Michael Hartono Dies at 86, Here's the Fortune He Left Behind
Jakarta, VIVA – Sad news has come from the Indonesian business world. The renowned conglomerate, Michael Bambang Hartono, passed away at the age of 86 in Singapore on Thursday, 19 March 2026.
Michael was known as a key figure behind the success of the Djarum Group alongside his brother, Robert Budi Hartono. The two have long occupied the top positions on the list of Indonesia’s richest individuals and among the world’s conglomerates.
According to the Forbes Asia list, the total wealth of the Hartono brothers amounts to approximately US$43.8 billion or around Rp741.4 trillion (estimated exchange rate of Rp16,930 per US dollar). This wealth makes the owners of the Djarum Group the richest family in Indonesia.
Based on Forbes’ real-time data on Friday, 20 March 2026, Michael Hartono’s net worth reaches US$11.2 billion or approximately Rp319.9 trillion. This solidifies the Djarum boss at 149th place as the world’s richest person.
The family’s main source of wealth comes from ownership in Djarum, Indonesia’s largest clove cigarette company, founded by their father, Oei Wie Gwan, in 1950. The company has grown rapidly and become one of the dominant players in the national tobacco industry.
In addition to Djarum, the Hartono family also derives much of their wealth from shareholdings in PT Bank Central Asia Tbk (BCA), Indonesia’s largest private bank by market capitalisation. The acquisition of BCA shares occurred after the 1997-1998 Asian economic crisis, when the Salim family lost control of the bank.
Not only that, the Hartono business empire also spans various other sectors, from premium property in Jakarta to electronics through the Polytron brand. Indeed, Polytron has ventured into the electric vehicle business by launching two electric car models in 2025.
Outside the business world, Michael was also active in philanthropic activities through the Djarum Foundation, which focuses on education, sports, and the environment. He was also known as a professional bridge athlete and played a role in promoting the sport’s inclusion in the 2018 Asian Games, where his team won a bronze medal.
The body of the Djarum boss will be laid to rest at the Grand Heaven Pluit Funeral Home in Jakarta until 21 March 2026. Subsequently, Michael Bambang Hartono will be buried at the Godo Cemetery in Rembang on 25 March 2026.