How Did Michael Hartono Make His Money?

Michael Hartono’s Profile Summary

Company	Djarum Group
Position	Co-owner
Source of wealth	Michael Hartono's wealth primarily originates from his co-ownership of Djarum, a leading Indonesian kretek manufacturer, and significant investments in Bank Central Asia (BCA), Indonesia's largest private bank. His diversified portfolio also includes interests in electronics through Polytron and substantial palm oil plantations.
Also known as	Oei Hwie Siang
Age	85
Education	Diponegoro University, Faculty of Economics and Business
Citizenship	Indonesian
Residence	Indonesian
Family	Married, four children
Website, Social Media	Djarum: www.djarum.com Bank Central Asia (BCA): www.bca.co.id Polytron: www.polytron.co.id

Michael Hartono’s biography

Michael Bambang Hartono, born on October 2, 1939, in Kudus, Central Java, Indonesia, is a prominent Indonesian billionaire businessman. He hails from a Chinese-Indonesian family; his father, Oei Wie Gwan, acquired a small kretek (clove cigarette) factory named Djarum Gramophon in 1951, later renaming it to Djarum. After completing high school in Kudus, Michael pursued higher education at Diponegoro University in 1959, studying in the Faculty of Economics and Business. However, in 1963, the Djarum factory was devastated by a fire, and shortly thereafter, his father passed away, prompting Michael to return to Kudus to manage the family business alongside his younger brother, Robert Budi Hartono.
Under their stewardship, Djarum not only recovered but expanded significantly, becoming one of Indonesia's leading kretek manufacturers. In 1972, the company made its first export, marking its entry into the international market. Diversifying their business interests, the Hartono brothers ventured into the banking sector, acquiring a significant stake in Bank Central Asia (BCA) in the early 2000s, which has since become Indonesia's largest private bank by market capitalization.

Beyond tobacco and banking, Michael Hartono has investments in electronics through the establishment of Polytron, a prominent Indonesian electronics brand, and in the palm oil industry with substantial plantations in West Kalimantan. As of December 2024, his net worth is estimated at $25.1 billion, ranking him among the wealthiest individuals in Indonesia.

In addition to his business endeavors, Michael is an accomplished bridge player, having represented Indonesia in various international competitions, including the 2018 Asian Games, where he became the oldest Indonesian athlete to win a medal.

How did Michael Hartono make money?
Michael Bambang Hartono built his fortune through a combination of strategic business ventures, beginning with his family's kretek (clove cigarette) company, Djarum. After his father, Oei Wie Gwan, passed away in 1963, Michael and his brother, Robert Budi Hartono, took over the struggling business. At the time, Djarum had suffered a devastating fire, leaving it on the brink of collapse. However, the brothers worked tirelessly to rebuild and modernize the company, introducing machinery to improve production efficiency.

By the early 1970s, Djarum had established itself as a leading manufacturer of kretek cigarettes in Indonesia. The company made its first international export in 1972, which marked a turning point in its growth. Today, Djarum is one of the world’s largest producers of kretek cigarettes, with popular brands like Djarum Super and LA Lights contributing significantly to the company's revenue.

In the early 2000s, Michael and his brother diversified their business portfolio by acquiring a significant stake in Bank Central Asia (BCA), one of Indonesia’s largest private banks. This move proved to be a game-changer, as BCA grew rapidly in value and became a cornerstone of their wealth. The Hartono brothers continued to diversify, investing in Polytron, an Indonesian electronics brand, and palm oil plantations in West Kalimantan.

As of January 2025, Michael Hartono’s net worth is estimated at $25.1 billion, largely derived from his ownership of Djarum, his stake in BCA, and other diversified investments. His ability to recognize opportunities in different sectors and his resilience in overcoming business challenges have been key factors in his financial success.
What is Michael Hartono net worth?

As of 2025, Michael Hartono’s net worth is estimated to be $21.7 B.

What is Michael Hartono also known as?

Michael Bambang Hartono is also known by his Chinese-Indonesian name, Oei Hwie Siang, reflecting his heritage and family lineage.

Prominent achievements of Michael Hartono

Michael Hartono successfully transformed Djarum into a leading kretek manufacturer and played a pivotal role in elevating Bank Central Asia to Indonesia's largest private bank. His ventures into electronics with Polytron and investments in palm oil plantations further showcase his business acumen.

What are Michael Hartono’s key insights?

Michael Hartono emphasizes resilience and adaptability in business, demonstrated by rebuilding Djarum after a major setback. He advocates for diversification across industries to mitigate risks and capitalize on emerging opportunities, as seen in his ventures into banking, electronics, and agriculture. His strategic investments reflect a forward-thinking approach to sustaining long-term growth.

Michael Hartono’s personal life

Michael Hartono is married and has four children. The Hartono family is known for maintaining a private lifestyle, with limited public information available about their personal lives.