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From tobacco to banking, how Indonesia’s Hartono brothers amassed a US$48 billion fortune

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Elisa Valenta

Elisa Valenta

Published Fri, Feb 9, 2024 · 06:00 PM
    • Michael Bambang Hartono (above) is one of the wealthiest people in Indonesia. He and his brother Robert Budi Hartono are the owners of Djarum Group, which produces roughly a sixth of the cigarettes manufactured in the country.
    • Michael Bambang Hartono (above) is one of the wealthiest people in Indonesia. He and his brother Robert Budi Hartono are the owners of Djarum Group, which produces roughly a sixth of the cigarettes manufactured in the country. PHOTO: BLOOMBERG

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    [JAKARTA] In Indonesia, there is the rich and the insanely super-rich. Tycoon siblings Michael Bambang Hartono, 84, and Robert Budi Hartono, 82, certainly fall into the latter category, with a staggering combined net worth of US$48 billion and counting.

    The octogenarian brothers have, for many years, featured prominently at the top of Forbes’ annual list of the wealthiest people in South-east Asia’s largest economy.

    They are the owners of Indonesia’s Djarum Group, which produces roughly a sixth of the cigarettes manufactured in the country and is now run by Robert’s 51-year-old son Victor Hartono.

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