The Hartono Brothers Business Octopus, Indonesia’s Richest Person Number Wahid

Jakarta, CNN Indonesia

Hartono Brothers return to first place the richest man in Indonesia according to Forbes version in 2022 with total wealth of 47.7 billion US dollars, equal to IDR 745.7 trillion (exchange rate of IDR 15,625 per US dollar).

Robert and Michael Hartono’s wealth cannot be separated from the octopus of businesses they own, ranging from the cigarette industry, banking, online retail and media.

The Hartono brothers occupy the top position of the richest people in Indonesia according to Forbes in recent years. As of 2021, his wealth was $42.6 billion.

Meanwhile, in 2020, when the economy was depressed due to Covid-19, Forbes noted that their wealth could still reach $38.8 billion.

Citing various sources, here are some of the Hartono brothers’ business octopuses that brought them to the throne as Indonesia’s number one richest man:

1. Cigarettes

It all began in 1951 when his father, Oei Wie Gwan, bought a dying cigarette company called NV Murup.

The cigarette company that owns the Djarum Gramofon brand was ‘treated’ by him. The product branding originally called Djarum Gramofon was shortened to Djarum.

The effort paid off. The products manufactured by cigarette factories continue to grow. Despite various hurdles, in 1973 they were able to expand Djarum’s market share to overseas, USA, Saudi Arabia, Japan and so on.

2. Banking

The Hartono brothers decide to take over BCA from the Salim family, who had lost control of the bank due to the economic crisis of 1998-1999.

Through a lengthy process, the Hartono brothers through a consortium of Farindo Investments (Mauritius) Ltd and Farallon Capital Management LLC managed to become the majority holders of the company’s votes by narrowing down 51.15 percent of the shares of the broadcaster BBCA.

From electronics to online media


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