How much is Michael Hartono’s net worth?
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| net worth: | $11.5 billion |
|---|---|
| age: | 84 |
| Birth: | October 2, 1939 |
| gender: | Male |
| Height: | 1.65 m (5 ft 5 in) |
| country of origin: | Indonesia |
| Sources of funds: | entrepreneur |
| Last Updated: | August 6, 2024 |
Introduction
Michael Hartono is a Chinese Indonesian billionaire heir and businessman.
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Michael and his brother Robert own the Budi Kretek (clove cigarettes), which they inherited from their father Ooi Wee Gwan after his death in 1963.
Michael Hartono’s net worth is approximately $11.5 billion.
early life
Michael Bambang Hartono was born on 2 October 1939 in Kudus, Central Java.
His father, Oei Wee Gwan, had purchased a small kretek cigarette factory called Djareum Gramophone in 1951 and renamed it Djareum.
Michael Hartono and his brother R. Budi Hartono are the richest people in Indonesia, ranking first and second respectively.
But becoming so rich required time and effort as well as a dedicated approach to business, starting with the purchase of his father’s cigarette factory.
In 1963 a devastating fire broke out at the Kretek cigarette manufacturing factory, completely destroying the factory and presenting the brothers with a big opportunity.
He inherited the business after his father’s death, producing blends of tobacco, clove and other flavours, and made a fortune by optimising the Djarum brand.
Later, this adventurous pair of Kudus from Indonesia invested in Bank Central Asia and acquired the Salim family’s stake during the Asian economic crisis of 1997-1998.
Livelihood
Making Money From Clove Cigarettes
The family’s Djarum brand produces a large portion of the world’s clove cigarettes after beginning an export operation in 1972.
His brand is the most popular cigarette in Indonesia, having increased its market share with the introduction of the machine-rolled Dejarum Super brand in 1981.
Michael studied economics and business at Diponegoro University in 1959, and used his education to further the family business.
Under the leadership of Michael and Robert, the cigarette company grew rapidly and eventually captured 19 percent of the Indonesian cigarette market in 2012.
Use of capital during economic crisis
The brothers took quick advantage of the Asian financial crisis in 1997, diversifying their investments and keeping an eye on the collapsing market.
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Like other Asian billionaires such as Li-Ka Shing and Robin Zeng, Hartono was able to make his fortune in the rapidly expanding Far Eastern markets.
His opportunity to score big came from Farallon Capital in 2001 when it acquired 51% of the publicly traded Bank Central Asia.
Indonesia’s largest financial services firm was acquired by Hartono’s holding company Farindo Investment for $860 million.
The brothers further expanded their financial services interests in search of greater opportunities, becoming BCA’s largest shareholders.
His initial Djarum investment was successful and he expanded into other areas, including founding the Polytron electronics brand in 1975.
As international markets opened up to alternatives to soy and corn oil, Michael and his brother diversified further into palm oil.
Although palm oil is not the most expensive essential oil in the world, it is used in many different industries, making it a valuable resource.
He then invested in paper manufacturing facilities and tackled the challenges of the telecommunications industry by investing in communication towers.
Increase in personal wealth
As of 2019, Michael Hartono’s wealth exceeded $18.5 billion, and he was ranked as one of the wealthiest men in the world by Forbes’ Richest People list.
Aside from banking, telecommunications, cigarettes and electronics businesses, Harton has also invested heavily in prime real estate in Jakarta.
Jakarta is home to some of the most expensive homes in the world, and demand for real estate is now increasing in Southeast Asia.
He raised 8 trillion rupiah ($510 million) through the IPO of Global Digital Niaga, the parent company of e-commerce giant Blibli, in 2022.
In 2021, PT Dwimuria Investama Andalan and its affiliated companies, Michael Hartono’s umbrella investment company, experienced significant profit growth year-on-year.
Their total assets saw a massive increase over the previous year, and the company recorded a net profit of approximately US$2.25 billion.
Hartono’s 49% stake in the company saw his net worth increase significantly based on an impressive 18.8 percent rise in profits compared to 2021.
He currently holds a 29% stake in telecommunications tower operator Sarana Menara Nusantara and a 37% stake in Jakarta-based e-commerce platform Global Digital Niaga.
Making an impact at the Olympic Games
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Hatano’s company embraced the revolution in online commerce, and his Internet ventures benefited heavily from his control of the e-commerce website Blibli.com.
Although his main focus is on business, he is also an avid bridge fan, and has received awards for his support of Olympic Contract Bridge at the Asian Games.
He converted the Hotel Indonesia and Hotel Wisata into the Grand Indonesia Complex, which includes a shopping mall, office space, a hotel, and apartments.
Promoting Contract Bridge and providing scholarships
Michael served as President of the South East Asia Bridge Federation, which promotes the sport in the South East Adian region.
He received an award from the World Bridge Federation in 2017 for his efforts in the Olympic Games as well as his contribution to the sport of bridge.
His contribution to the Indonesian economy is difficult to quantify, but his business ventures had a significant impact on job creation.
He also founded the Djarum Foundation, which is linked to his cigarette business, and awards over 500 higher education scholarships annually.
Michael Hartono is one of the world’s richest people, having built a huge international conglomerate from the simple structure of a burnt-out factory.
His strategic use of his resources and his ability to identify and act on profitable business opportunities have made him a prominent figure in Indonesia.
Michael Hartono’s net worth is $11.5 billion.
Highlights
Here are some of the best highlights of Michael Hartono’s career:
- The owner of Djarum with his brother Robert Budi
- Bank Central Asia (2002)
- The Jeram Group controls the shopping malls, Grand Indonesia, Hotel Indonesia and BCA Tower.
Frequently Asked Questions
How much is Michael Hartono’s net worth?
Michael Hartono’s net worth is estimated at $11.5 billion.
How old is Michael Hartono?
Michael Hartono was born on October 2, 1939 and is currently 84 years old.
How tall is Michael Hartono?
Michael Hartono has a height of 1.65 m, which is equivalent to 5 feet 5 inches.
Summary
Michael Hartono is an Indonesian billionaire who built his wealth from a variety of business interests.
Although the Hartono brothers inherited clove cigarette maker Djarum from their father, most of their wealth comes from Indonesia’s largest private bank, Bank Central Asia.
Michael Hartono’s net worth is $11.5 billion.
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Source: https://th-xuyenmoc.edu.vn
Category: Net worth