Without The Nickname Crazy Rich, The Hartono Brothers Subscribe To The Forbes Version Of The Richest People In Indonesia With Assets Of IDR 608 Trillion

Budi Hartono and Michael Hartono, the richest people in Indonesia ver Forbes for 14 consecutive years with a total wealth of Rp608.68 trillion. (Twitter)

JAKARTA - In Indonesia, the nickname crazy rich is now often given to people who are fond of showing their wealth through social media. Luxury imported cars, branded goods, super-luxury houses entertain the eyes of his followers. However, without the mention and social media spotlight, the two Hartono family have been the richest people in Indonesia's Forbes list since 2008.

Budi Hartono, who is now 80 years old, has a wealth of US$20.5 billion or Rp. 287 trillion as of April 6, 2021, while Michael Hartono is 81 years old with a wealth of US$19.7 billion or Rp. The two Hartono brothers are ranked 86th and 89th richest people in the world according to Forbes.

According to Forbes, the Hartono Brothers' wealth comes from majority share ownership in PT Bank Central Asia Tbk and PT Djarum.

Their total wealth, both of them in general, reached 42.6 billion US dollars or equivalent to Rp. 608.68 trillion.

The Djarum cigarette industry is the origin of the Hartono family's business, which is now named the richest person in Indonesia according to Forbes. (Twitter)

The Hartono brothers are listed in the top position as the richest people in Indonesia and the top 100 in the world according to Forbes for 14 years.

The Hartono brothers' wealth is calculated by Forbes based on the composition of shareholdings and financial information obtained from families and individuals, stock exchanges, analysts and other sources. Share ownership owned by extended families is also taken into account. For public company assets, it is calculated based on the share price and exchange rate periodically in a year.

Where did the Hartono brothers' assets come from to make them the richest person in Indonesia according to Forbes for 14 consecutive years?

Banking

The Hartono brothers' wealth comes from their ownership of PT Bank Central Asia Tbk (BCA). Bank BCA had experienced a slump during the 1998 monetary crisis when it was led by Sudono Salim. Robert and Michael Hartono also chose to buy BCA shares in a slumping condition.

Bank Central Asia Tbk (BCA) throughout 2021 was one of the companies that made fantastic profits. BCA's net profit reached Rp31.42 trillion. The potential dividends received by the Hartono brothers before tax reaches Rp. 8.6 trillion from BCA's 2021 performance.

BCA shares owned by the Hartono brothers through PT. Dwimuria Investama Andalan holds 54.94 percent of BCA shares or the equivalent of 67.73 billion shares of the company after the stock split (1:5), making the Hartono brothers even richer.

Cigarette Industry

In the Hartono family's business history, cigarettes are what made the family run in business. Oei Wie Gwan, is an important person in the history of the Hartono family business. He is the father of Michael Bambang Hartono and Robert Budi Hartono who are now richer thanks to BCA.

Even though it was in an unstable condition, Djarum got back up and started exporting in 1972. Djarum Filter was the first cigarette product to use a machine. Djarum is one of the largest cigarette makers in Indonesia.

Electronics Industry

Hartono brothers develop business in the field of electronics through Polytron. They have ambitions to win the LCD and LED television market which is still controlled by Japanese and South Korean manufacturers.

Polytron's factory is located in Central Java with 3 factory locations. With a workforce of more than 10 thousand employees and a total factory area of 69 hectares.

According to Forbes, the richest people in Indonesia, the Hartono Brothers, acquired Bank BCA from the Sudono Salim family in 1998. (ANTARA)

Digital Industry

The Hartono brothers have also expanded their business in the digital field, to keep up with technological developments through the Ventures Global Digital Prima (GDP Ventures) company since 2010. Two of their mainstays are Global Digital Niaga and Blibli.com. They also bought Kaskus, the most popular social media and e-commerce site in Indonesia.

The Djarum subsidiary also provided funds to 23 startups in the media and entertainment sector, such as 88 Rising, Razer, and IESPL.

Other Business Sector

Property and plantations are also Hartono brothers' businesses. Since 2008 they have owned an oil palm plantation of 65 thousand hectares in West Kalimantan. In addition, Grand Indonesia, which is a shopping center in MH Thamrin, is also part of their business.

It is not surprising that the Hartono brothers have subscribed to Forbes' richest people in Indonesia for more than a decade. All because of their growing business expansion.