Michael Hartono: is there a family office?

Michael Hartono is an Indonesian billionaire heir and businessman who made his fortune through his investment in Bank Central Asia and his inheritance of Djarum, a kretek (clove cigarette) manufacturing company founded by his father. Hartono is the second richest person in Indonesia, after his brother Robert Budi. As of October 2024, Michael has an estimated net worth of $26.1 billion, making him the 76th richest person in the world according to Forbes. In this article, we will investigate whether there is a Michael Hartono family office through which he manages his wealth.

Michael manages wealth through Djarum Group and PT Dwimuria Investama Andalan

Michael and his brother Robert inherited the clove cigarette manufacturer Djarum from their father, who died in 1963. The company is now run by Budi’s son Victor. The brothers have used this platform to invest in numerous ventures. Their most profitable was the acquisition of over 51% of Bank Central Asia in 2002. The Hartono family’s shares are listed on the Indonesian holding company PT Dwimuria Investama Andalan. Michael has also invested with his brother in the electronics company Polytron, numerous properties in Jakarta, and a stake in Razer, a start-up gaming company. The brothers were also at the heart of Indonesia’s second-largest IPO of 2022 when e-commerce giant Blibi raised $510 million. Blibi’s parent company, Global Digital Niaga, was founded in 2011 and is part of Hartono’s Djarum Group.

Picture source: Nick Agus Arya