What is Michael Hartono’s net worth?
| net worth: | $11.5 billion |
|---|---|
| age: | 84 |
| date of birth: | October 2, 1939 |
| gender: | male |
| high: | 1.65 m (5 ft 5 in) |
| country of origin: | Indonesia |
| Source of wealth: | entrepreneur |
| Last updated: | August 6, 2024 |
introduce
Michael Hartono is an Indonesian-Chinese billionaire heir and businessman.
Michael and his brother Robert Budi are the owners of Kretek, having inherited the company after their father Oei Wie Gwan died in 1963.
Michael Hartono’s net worth is estimated at $11.5 billion.
early life
Michael Bambang Hartono was born on October 2, 1939 in Kudus, Central Java.
His father, Oei Wie Gwan, bought a small clove cigarette factory called Djarum Grammophon in 1951 and renamed it Djarum.
Michael Hartono and his brother R. Budi Hartono are the richest people in Indonesia, ranking first and second respectively.
But achieving such high wealth required time and effort, as well as a dedicated focus on the business, starting with the purchase of their father’s cigarette factory.
In 1963, a fire destroyed the clove cigarette factory, but it also brought a huge opportunity to the brothers.
After their father’s death, they inherited the business, creating a blend of tobacco, cloves and other spices, and amassed their wealth by refining the Djarum brand.
Later, the plucky duo from Kudus, Indonesia, invested in Bank Central Asia and bought out the Salim family’s shares during the 1997-1998 Asian economic crisis.
Profession
Making a fortune from clove cigarettes
The family’s Djarum brand has produced a large portion of the world’s kretek cigarettes since it began exporting in 1972.
Their brand is the most popular cigarette in Indonesia, and has continued to expand its market share since the launch of the Djarum Super Brand, a machine-made cigarette, in 1981.
Michael began studying economics and business at Diponegoro University in 1959 and used his knowledge to help manage the family business.
Under Michael and Robert’s leadership, the tobacco company grew rapidly, eventually capturing 19% of Indonesia’s tobacco market in 2012.
Capitalization during economic crisis
When the Asian economic crisis hit in 1997, the brothers quickly seized the opportunity to diversify their investments and keep an eye on the market crash.
The Wong family, like other Asian billionaires such as Li Ka-shing and Zeng Yucong, amassed their wealth in the rapidly growing Far East markets.
In 2001, Farallon Capital acquired 51% of the shares of the publicly traded Bank Central Asia, providing them with the opportunity to reap huge profits.
Indonesia’s largest financial services company was acquired by Farindo Investment, the holding company of Huyntono, for $860 million.
By becoming the largest shareholder in BCA, the brothers further expanded their financial services interests and sought additional opportunities.
Their initial investment in Djarum paid off and they expanded into other areas, including the creation of the Polytron electronics brand in 1975.
As international markets opened up to alternatives to soybean and corn oils, Michael and his brother further diversified their business into palm oil.
While palm oil may not be the most expensive essential oil in the world, it is used in many different industries, making it a valuable resource.
They then invested in paper manufacturing facilities and took on the challenge of the telecommunications industry, investing in communication towers.
Increase personal wealth
As of 2019, Huang Huizhong’s wealth has exceeded US$18.5 billion and is ranked as one of the richest people in the world by Forbes Rich List.
Besides banking, telecommunications, tobacco and electronics businesses, Hatton has invested heavily in prime real estate in Jakarta.
Jakarta has some of the most expensive homes in the world, and real estate is now increasingly popular in Southeast Asia.
He raised 8 trillion rupees ($510 million) in 2022 through the IPO of Global Digital Niaga, the parent company of e-commerce giant Blibli.
In 2021, profits of PT Dwimuria Investama Andalan and its affiliate Michael Hartono’s umbrella investment company increased significantly year-on-year.
Their total assets increased significantly compared to the previous year, and the company reported a net profit of approximately $2.25 billion.
Huang Huizhong holds a 49% stake in the company and his net worth has increased significantly due to a sharp increase in profits of 18.8% in 2021.
He currently owns 29% of telecom tower operator Sarana Menara Nusantara and 37% of Jakarta-based e-commerce platform Global Digital Niaga.
Making an impact at the Olympics
Tian Ye’s companies embraced the online commerce revolution, and his Internet ventures reaped huge dividends from his controlling stake in e-commerce site Blibli.com.
While business is his main focus, he is also a bridge enthusiast and received an award for supporting Olympic Bridge at the Asian Games.
He also transformed Hotel Indonesia and Hotel Visala into the Grand Indonesia complex, which includes a shopping mall, office space, hotels and apartments.
Promote contract bridge and provide scholarships
Michael was the Chairman of the Southeast Asian Bridge Federation, an organization dedicated to promoting the sport of bridge in Southeast Asia.
His contribution to the sport of bridge and his efforts at the Olympics earned him an award from the World Bridge Federation in 2017.
It is difficult to quantify his contribution to the Indonesian economy, but his business activities have had a significant impact on job creation.
He also established the Djarum Foundation, which is related to his cigarette business and provides more than 500 higher education scholarships each year.
Michael Hartono is one of the richest men in the world, having built a vast international conglomerate from a burned-down factory.
His strategic use of resources and ability to identify and seize profitable business opportunities made him a prominent figure in Indonesia.
Michael Hartono has a net worth of $11.5 billion.
emphasize
Here are some highlights from Michael Hartono’s career:
- Djarum’s owner and his brother Robert Budi
- Bank of Central Asia (2002)
- Djarum Group holds shares in the shopping mall, Grand Indonesia, Hotel Indonesia and BCA Tower.
Frequently Asked Questions
How much is Michael Hartono worth?
Michael Hartono’s net worth is estimated at $11.5 billion.
How old is Michael Hartono?
Huang Huizhong was born on October 2, 1939 and is 84 years old.
How tall is Huang Haizhong?
Michael Hartono’s height is 1.65 meters, which is equivalent to 5 feet 5 inches.
Summary
Michael Hartono is an Indonesian billionaire who has amassed his vast wealth through his various business interests.
Although the Huang brothers inherited clove cigarette manufacturer Djarum Group from their father, most of their wealth came from Central Asia Bank, Indonesia’s largest private bank.
Michael Hartono has a net worth of $11.5 billion.
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Categories: Net Worth
Source: svlsf.edu.vn