Indonesian billionaire Michael Bambang Hartono speaks during an interview about the 2018 Asian Games bridge competition in Jakarta, Indonesia, August 21, 2018. REUTERS/Willy Kurniawan Purchase Licensing Rights , opens new tab

JAKARTA, March 20 (Reuters) – Michael Bambang Hartono, an Indonesian billionaire who with his younger brother ran one of the country’s biggest conglomerates, Djarum group, died on Thursday at the ​age of 86.

“It is with deep sorrow, Djarum family announces the ‌passing of one of our company’s leaders, Michael Bambang Hartono,” Djarum said in a statement posted on its Instagram. “We express our gratitude for his dedication and service.”

The cause of death ​was not immediately clear.

Alongside his brother Robert Budi Hartono, Michael Hartono ​was worth an estimated $43.8 billion, according to Forbes in 2025, putting them on top of ⁠Indonesia’s rich list.

The Chinese-Indonesian family is famously media-shy and has disclosed little about their personal ​lives or their vast holdings.

The brothers took over Djarum, a major clove ​cigarette manufacturer in the world’s No. 2 tobacco market, after their father’s death in 1963.

They have since expanded into a range of sectors including electronics, food and beverages, ​palm plantations, telecommunication towers and technology, with many of those business ​now run by younger family member.

Djarum also took over Italy’s Como football club in 2019.

Much ‌of the ⁠family’s wealth derives from its 54.9% majority stake in Bank Central Asia (BBCA.JK) , opens new tab, Indonesia’s biggest bank with a market capitalisation of more than $50 billion.

They invested in the lender and a range of other assets in the wake ​of the 1998 ​Asian financial crisis ⁠and the fall of former Indonesian President Suharto.

In 2018, Michael Bambang became one of the oldest bridge competitors ​at the Jakarta-hosted Asian Games, winning a bronze medal.

The ​tycoon, who ⁠has been playing the game since the age of six, told Reuters the requirements for bridge were not so different from his day job.

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

Read More