Indonesia’s billionaire Hartono family shifts at least $1.4B offshore
The Hartonos, Indonesia’s richest family, have invested at least US$1.4 billion abroad in a pivot toward offshore investments.
The Hartono family, led by billionaire Robert Budi Hartono, has shifted at least $1.4 billion offshore, according to Bloomberg. The investments were made through nine entities based in Singapore and London, tied to the family, according to filings and sources. The shift began in late 2023, following the $669 million acquisition of a US-based specialized paper business by Evergreen Hill, a firm described as part of the successful Indonesia-based privately held group.
The overseas acquisitions represent a departure from the Hartonos' typical habit of keeping their wealth within Indonesia, as other prominent Indonesian billionaires have expanded overseas. The Chinese-Indonesian family, known for its low public profile, expanded its business empire from its roots in the Djarum clove cigarette manufacturer to sectors such as electric vehicle distribution, property, and banking.
They are currently worth $16.8 billion each, with Robert's fortune passing to his four children upon his death in March. The move is attributed to concerns over Indonesia's economy and rising tensions with President Prabowo Subianto, who took office in October 2024, triggering capital outflows and a stock-market selloff.
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