This article directly stems from the research process for our Asian single family office database. Our list of venture capital focused single family offices includes the most important family investment vehicles that invest in promising startups, amongst others within the travel and hospitality sector.
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Michael is an Indonesian billionaire heir and businessman who acquired his wealth through his investment in Bank Central Asia and inheritance of Djarum, a kretek (clove cigarette) manufacturing company that was founded by his father. Hartono is the second richest person in Indonesia, second only to his brother Robert Budi. As of February 2023, Michael has an estimated net worth of $23.2bn which puts him as the 68th richest person in the world according to Forbes. In this article, we will investigate if Hartono manages his wealth through a family office.
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 and is now managed by Budi’s son Victor. The brothers have used this platform to invest in numerous ventures and their most profitable has been their acquisition of over 51% of Bank Central Asia in 2002. The Hartono family shares are listed in the Indonesian holding company PT Dwimuria Investama Andalan. Michael has also invested with his brother in 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, e-commerce giant Blibi raised $510m. Blibi’s parent company Global Digital Niaga was founded in 2011 and belongs to the Hartono’s Djarum Group.
Picture source: Nick Agus Arya