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The Hartono family, Indonesia's richest family with assets of about 30 billion dollars (about 40 tri.. - MK

TheTools · 08.09.2026 05:23 · source · permalink

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Indonesian chaebols, including the Hartono family, Indonesia's richest family, are making large-scale overseas investments. [Chat GPT]

The Hartono family, Indonesia's richest family with assets of about 30 billion dollars (about 40 trillion won), has invested nearly 2 trillion won overseas. Not only the Hartono family but also other business tycoons in Indonesia are investing abroad, and analysts say that anxiety in the local business community has been growing since President Prabowo Subianto took power.

According to Bloomberg on the 7th (local time), the Hartono family recently invested at least $1.4 billion (about 1.8739 trillion won) overseas through about nine subsidiaries in Singapore and London, England. This is an unusual move compared to the fact that most of the assets such as banks, cigarettes, and real estate have been concentrated in the country.

The Hartono family's overseas investment began in earnest at the end of 2023. At that time, Evergreen Hill Enterprise, a Singaporean corporation, bought the U.S. special paper business for $669 million, and the following year, it bought an Austrian tobacco paper manufacturer for 360 million euros (about 560.2 billion won).

In this regard, "Evergreen Hill" appears as the acquisition subject in official disclosures and press releases, according to Singapore and Indonesia's corporate disclosures, the sole owner of the company was PT Eragraha Pirantime. The company is 100% owned by the Hartono family.

In 2018, the late Michael Bambang Hartono holds a card while playing bridge in Jakarta, Indonesia. [AP Yonhap News]

The Hartono family, which grew up around the late Michael Bambang Hartono and younger brother Robert Budi Hartono, has tobacco company Jarum and Indonesia's largest private bank, Bank Central Asia (BCA), as their core assets. In addition, it has expanded its business areas to electric vehicle distribution, dairy farming, and restaurant businesses.

Unlike other Indonesian conglomerates, the Hartono family has long maintained a strategy of putting most of its assets in the country. This is in contrast to other Indonesian billionaires, including Sukanto Tanoto, Prazogo Pang Estu, Low Tuck Quang and Salim, who have expanded their assets to Singapore and Hong Kong.

However, it has been reported that the company is continuously increasing its overseas assets, such as investing in financial service software companies in Singapore, and is considering additional acquisitions. It is interpreted as a risk factor that Indonesia's economic environment is unstable and its business is excessively concentrated in the country. "It is in line with the family's strategy to diversify revenue streams into other currencies," the unnamed sources explained.

Bloomberg analyzed the background of the Hartono family's expansion of overseas investment, saying that political and economic uncertainties have been in place since President Prabowo Subianto took power.

Laura Schwartz, a senior Asia analyst at risk information firm Verrisk Maplecroft, said, "The government's increased economic intervention has increased uncertainty in Indonesia's major industries. The government's inconsistent attitude toward businessmen has also not alleviated investor anxiety."

In fact, since President Prabowo took office in October 2024, capital outflows have continued in Indonesia. This year, the rupiah's value has fallen to a record low, and global investors have disposed of about $4 billion worth of Indonesian shares in net terms. This is about four times the amount of net sales last year. Major foreign banks have also repatriated $640 million in capital to their home countries since President Prabowo took office.

The government's expansion of economic intervention and a series of changes in the heads of major economic authorities also shook investor sentiment. Following the sudden replacement of Finance Minister Sri Mulyani Indrawati last year, Indonesia's central bank governor Perry Warzillo also recently resigned. As Dhanantara, a sovereign wealth fund led by President Prabowo, incorporated most of the state-owned companies, there were also concerns that the government's influence on the financial services and raw material industries could grow too much.

Tensions formed between the Hartono family and the Prabowo government are also said to have affected the expansion of overseas investment.

The Prabowo government has asked the wealthy to purchase "patriotic bonds" with lower interest rates than the market rate in order to raise funds needed for major policies such as free school meals. To that end, Dananta convened Indonesia's 10 richest families, including the Hartono family, but Robert Budi Hartono and his eldest son Victor Hartono, unlike other conglomerates, did not attend the meeting in person and sent agents. At the time, President Prabowo reportedly accepted Hartono's absence as a sign of disrespect for him.

Since then, political pressure has also been applied against the Hartono family. The National Cathedral, which participates in the ruling coalition, raised the issue a few days after the meeting, saying the Hartono family paid the government too low a price when it took over a controlling stake in the BCA in 2002. A few months later, Victor Hartono was temporarily banned from leaving the country after being detained during a tax investigation.

"The case of the Hartono family shows the current government's willingness to make even Indonesia's richest business groups follow the government's priorities," said Vima Yudistira Adinegara, secretary-general of the Indonesian think tank's Economic Law Research Center.

Meanwhile, not only the Hartono family but also other Indonesian conglomerates have recently made large-scale overseas investments. The company, led by Indonesia's leading billionaire Alex Lamley, agreed in May to buy Australia's coal mine for $3.9 billion. Another billionaire, Prazogo Pangestu-controlled company also offered to buy a Philippine geothermal power company for $5 billion in July.

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The Hartono family, Indonesia's richest family with assets of about 30 billion dollars (about 40 tri.. - MK

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