⬅ # 87 John Menard Jr|# 89 Shapoor Mistry

# 88 Michael Hartono 

$22.6B

Real Time Net Worth
as of 5/18/2024
$298.2M (1.32%)

# 88 Michael Hartono 

$22.6B

Real Time Net Worth
as of 5/18/2024
$298.2M (1.32%)
OccupationCo-owner, Djarum
Source of WealthBanking, Tobacco
Age84
ResidenceKudus, Indonesia
Marital StatusMarried
Children4
Age-Adjusted Net Worth$4.45B
Michael Hartono
Michael Hartono
Indonesia
Net worth: $22.6B

Self-Made Score 

Wealth History

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Biography

Career

Michael Bambang Hartono, born on October 2, 1939, in Kudus, Central Java, is an Indonesian businessman.
Inherited Djarum, a kretek (clove cigarette) manufacturer, from his father Oei Wie Gwan in 1963.
Studied economics and business at Diponegoro University but returned to Kudus upon his father's death.
The cigarette business grew under Michael and his brother, becoming one of Indonesia's largest brands with a 19 percent market share in 2012.
Diversified the business group into electronics, palm oil, papermaking, communication towers, and other ventures.
Entered the banking business by acquiring a majority stake (51.15%) in Bank Central Asia in 2002 through FarIndo Investments consortium.
Controlled a majority of BCA's shares after a Rp 3.45 trillion deal with UBS in 2010.
Shares were transferred to PT Dwimuria Investama Andalan in 2016 during a tax amnesty program.
Apart from Djarum, the group owns shopping malls and buildings in Jakarta, including Grand Indonesia, Hotel Indonesia, and BCA Tower.
Listed Global Digital Niaga, the company behind e-commerce giant Blibli, in Indonesia's second-largest IPO of 2022, raising $510 million.

Personal Life

Resides in Kudus, Indonesia, and is married to Widowati Hartono with four children.
Active in internet ventures, controlling e-commerce website Blibli.com and the online community Kaskus.
Passionate about bridge playing, he is a major supporter of the sport in Indonesia and received an award from the World Bridge Federation in 2017.
Represented Indonesia at the Asian Games 2018 in bridge, winning a bronze medal in the Supermixed team event and becoming the oldest Indonesian Asian Games medal winner.

How long would it take you to become as rich as Michael Hartono?

If you started with $10,000 and invested an additional $500 each month at a 44.10% CAGR, it would take you 5 years to reach Michael Hartono's net worth of $22.6B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 42.76% compared to 11.89% for the S&P 500 benchmark.

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Michael Hartono is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For Michael Hartono, Banking and Tobacco are the primary sources. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey