The Business Empire of Michael Bambang Hartono, the Conglomerate Behind Djarum and BCA Who Passed Away...
The Business Empire of Michael Bambang Hartono, the Conglomerate Behind Djarum and BCA Who Passed Away at the Age of 77 Years
Sad news has come from one of Indonesia’s national entrepreneurs.
Michael Bambang Hartono, the conglomerate behind Djarum and BCA, is reported to have passed away in Singapore on Thursday (19/3/2026).
He was one of the most influential figures in Indonesia’s conglomerate landscape.
It began with the kretek cigarette industry, which gradually developed into a cross-sector business group, including banking, electronics, property, and the digital economy.
His wealth value, which continued to fluctuate following market movements, consistently placed him among the richest people in Indonesia and the world.
The Figure of Bambang Hartono
Michael Bambang Hartono was born in Kudus, Central Java, on 2 October 1939. He inherited the family business after his father, Oei Wie Gwan, passed away in 1963.
Business expansion began alongside the growth of the cigarette industry.
Djarum recorded its first export in 1972, while also expanding its product portfolio and strengthening its distribution network.
The Business Empire of Bambang Hartono
As the scale of the business increased, the Hartono family expanded investments into various industrial sectors.
In addition, the business group also ventured into plantations, paper, and telecommunications infrastructure.
This diversification also included the premium property sector in Jakarta.
Investments in the Banking Sector
One of the important milestones in Michael Bambang Hartono’s business journey was the Hartono family’s entry into the banking sector through investments in PT Bank Central Asia Tbk (BBCA).
Through investment consortia and ownership restructuring, the Hartono family gradually increased control over the bank until becoming the majority shareholder.
This ownership was then placed under the family’s investment company.
Entering the digital transformation era, the Hartono family business group also expanded investments into the technology and e-commerce sectors.
One of its strategic steps was the listing of Global Digital Niaga, the parent company of the e-commerce platform Blibli, in an initial public offering (IPO) in 2022, which successfully raised around $510 million.
Michael Bambang Hartono’s Wealth Amount
Based on Forbes’ real-time net worth data as of 19 March 2026, Michael Bambang Hartono’s wealth is recorded at around $17.5 billion. Assuming an exchange rate of Rp16,995 per US dollar, this value is equivalent to approximately Rp297 trillion.
Meanwhile, in the annual list of Indonesia’s richest people, the Hartono brothers consistently occupy the top positions.
In the Forbes 2025 list, their combined wealth reached around $43.8 billion.