Late Indonesian tycoon Michael Hartono’s 4 children each get over $2.9B in inheritance
Four children of Indonesian billionaire Michael Hartono have each inherited at least US$2.93 billion worth of shares in the family’s holding firm following his death.
Michael Hartono, the late Indonesian tycoon, left an inheritance of over $2.9 billion per child to his four heirs following his passing in March at the age of 86, according to Bloomberg. The Hartono family's wealth transfer ranks among the biggest in Asia, surpassing a $10 billion estate left by Singaporean banking tycoon Wee Cho Yaw.
The Hartonos previously made Bloomberg's list of the world's richest dynasties in 2024, with an estimated combined net worth of $28.6 billion as of Tuesday. The family's wealth primarily stems from Michael's 49% stake in Dwimuria Investama Andalan, a holding firm through which he and his brother Robert Hartono owned over half of Indonesia's largest lender, Bank Central Asia.
As of Tuesday, this stake was valued at at least $11.7 billion, based solely on the firm's share in the lender. The Hartonos' fortune traces back to their late father, Oei Wie Gwan, who founded Djarum, a prominent clove cigarette manufacturer in Indonesia. After their father's death in 1963, the brothers took over the business and expanded Djarum's products into overseas markets, diversifying into electronics and banking.
The Hartonos also hold significant positions in Indonesia's real estate market. Robert Hartono's eldest son, Victor, currently serves as the CEO of PT Djarum, while Martin Hartono, Robert's other son, founded GDP Venture and serves as its CEO, investing in various businesses, including the Indonesian e-commerce platform Blibli.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
