Indonesian Business Magnate Michael Bambang Hartono Passes Away at Age 86

Michael Bambang Hartono, one of Indonesia's wealthiest individuals who helped build the massive Djarum business empire with his brother, has died at 86. The billionaire co-owned one of the world's largest clove cigarette companies and held major stakes in banking, electronics, and other industries worth an estimated $43.8 billion.

JAKARTA – Michael Bambang Hartono, one of Indonesia’s most prominent business leaders who built a massive corporate empire alongside his brother, passed away Thursday at 86 years old.

The Djarum company confirmed his death through a social media announcement, stating: “It is with deep sorrow, Djarum family announces the passing of one of our company’s leaders, Michael Bambang Hartono. We express our gratitude for his dedication and service.”

Officials have not disclosed what led to his death.

Together with his sibling Robert Budi Hartono, Michael controlled wealth valued at approximately $43.8 billion as of 2025, making them Indonesia’s richest individuals according to Forbes rankings.

The Chinese-Indonesian brothers maintained extremely private lifestyles, rarely speaking publicly about their personal affairs or extensive business operations.

Following their father’s passing in 1963, the Hartono brothers assumed control of Djarum, which became a leading producer of clove cigarettes in Indonesia, the world’s second-largest tobacco market.

Over the decades, they diversified their holdings across numerous industries including consumer electronics, food production, beverage manufacturing, palm oil cultivation, telecommunications infrastructure, and technology ventures, with younger family members now managing many operations.

The conglomerate also acquired ownership of Italy’s Como soccer team in 2019.

A significant portion of their fortune stems from controlling 54.9% of Bank Central Asia, Indonesia’s largest financial institution valued at over $50 billion.

The brothers made strategic investments in the bank and various other assets during the 1998 Asian economic crisis and political upheaval following former President Suharto’s removal from power.

In 2018, Michael Bambang competed as one of the eldest athletes at the Asian Games held in Jakarta, earning a bronze medal in bridge competition.

The businessman, who began playing bridge at six years old, previously told Reuters that managing a card game required similar skills to running companies.

“The decision making process is the same in bridge and business. You gather information and data, make a conclusion, and plan a strategy,” he explained.