Indonesia mourns the passing of Michael Bambang Hartono, a revered business titan and co-owner of the formidable Djarum Group, who passed away on Thursday, March 19, 2026. His remains are scheduled to arrive in Jakarta from Singapore on Friday, March 20, marking the beginning of a multi-day commemoration for one of the nation’s most influential figures.
According to Budi Darmawan, Corporate Communication Senior Manager for the Djarum Group, Mr. Hartono’s body will be laid to rest at the Grand Heaven Funeral Home in Jakarta from March 20 to March 22, 2026. This period will allow family, friends, and colleagues to pay their respects to the late patriarch.
Following the Jakarta services, the revered entrepreneur’s remains will be flown to Kudus, Central Java, on March 22. There, Michael Bambang Hartono will once again be laid in state at GOR Jati Kudus until March 25, before his final interment. The burial ceremony is tentatively planned for March 25, with specific timings to be announced and subject to change.
Michael Bambang Hartono passed away at 1:15 PM Singapore time on Thursday, March 19, 2026, at the age of 86. Renowned as one of Indonesia’s wealthiest individuals, his passing marks the end of an era for the nation’s business landscape. A significant portion of his vast fortune stemmed from strategic investments, most notably in PT Bank Central Asia Tbk. (BBCA).
Just prior to his demise, Forbes reported on Thursday, March 19, 2026, that Michael Hartono held the 157th position among the world’s richest people, boasting an astounding net worth of US$17.5 billion, equivalent to approximately Rp297.41 trillion (calculated at an assumed exchange rate of Rp16,995 per US dollar).
Born Oei Hwie Siang on October 2, 1939, in Kudus, Central Java, Michael Bambang Hartono was a prominent figure of Chinese descent and the visionary co-owner of the Djarum Group, one of Indonesia’s largest and most diversified business conglomerates.
His entrepreneurial journey was deeply rooted in family heritage; his father, Oei Wie Gwan, was a successful businessman and owner of a tobacco factory. Alongside his younger brother, Robert Budi Hartono, Michael meticulously expanded the family’s enterprise, transforming it into an empire that propelled them to become among Indonesia’s wealthiest individuals.
The expansive portfolio of the Djarum Group under the Hartono brothers’ stewardship includes a significant stake in PT Bank Central Asia Tbk. (BCA), a pivotal investment that solidified their financial prowess. The family shrewdly acquired shares in BCA after the Salim family relinquished control of the bank during the tumultuous Asian economic crisis of 1997–1998, a move that proved exceptionally strategic.
While the family’s initial wealth was built upon the robust tobacco industry, establishing them as one of Indonesia’s largest producers of kretek cigarettes, their entrepreneurial spirit led to extensive diversification. In 2022, the Hartono brothers further cemented their digital footprint by listing Global Digital Niaga, the powerhouse behind the e-commerce giant Blibli, in what became Indonesia’s second-largest IPO.
Beyond banking and digital retail, the family’s diverse portfolio also encompasses prime property holdings across Jakarta and the renowned electronics brand Polytron. Demonstrating their forward-thinking vision, Polytron ventured into the electric vehicle (EV) market in 2025, successfully launching two distinct electric car models, further solidifying the Hartono family’s expansive influence across various industries.