How The Hartonos Became The Fourth-Richest Family In Asia

We are running to eliminate Asia’s richest families by 2020. Today, we are taking a look at the fourth richest family in Asia – the Hartono family. Their combined $ 31.3 billion in networth comes from Zurum, a clove cigarette maker. Djarum has become the third largest producer of clove cigarettes in the world. Since clove cigarettes are banned in the United States, JERAM is now focusing on the production of premium cigarettes, using tobacco from Indonesia and Brazil.

In 1950, Oi Wei Guan purchased a nearly defunct cigarette company in Central Java. It was called Djarum Gramofon, which means gramophone needle. He shortened the name. He grew business at one of Indonesia’s largest cigarette manufacturers. When Oi died in 1963, he married his sons R.E. Left the business near Buddy Hartono and Michael Hartono. The brothers updated and modernized the company’s equipment after the fire, which nearly affected the company. Within a decade, he was exporting his clove cigarettes overseas in 1972. In 1975 he introduced the Jerroom Jerroom Filter, the first brand to be produced by machines. In 1981, the brand Djarum Super was introduced. Two years later, the Jerum Special was introduced.

how the hartonos became the fourth-richest family in asia

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After the Asian financial crisis in 1997, Djarum became part of the consortium that bought Indonesia’s largest private bank, Bank Central Asia. Djarum holds a majority stake of 51% in the bank. In 2004, JERAM began to develop and renovate Jakarta’s five-star Hotel Indonesia as part of its larger Grand Indonesia project, with a shopping mall, high-end residential towers, office towers and hotels totaling approximately seven million square feet. Complex of.

By 2009, 97% of Jerome’s tobacco products were in the US clove cigarette market when the Family Smoking Prevention and Tobacco Control Act was passed. It banned the sale of flavored cigarettes other than menthol as critics claimed they appealed to teenagers. As a result, Zoram started marketing his cigarettes as filtered cigars and wrapped them in tobacco leaves instead of black leaves.

After purchasing 65,000 hectares of land in West Kalimantan in the late 2000s, Buddy and Michael Hartono also began producing palm oil. He recently joined the Internet technology game, launching Global Digital Prima Ventures. The company’s first acquisition was the # 1 website in Kaskus, Indonesia.

Michael Hartono is also a competitive bridge player. He won a bronze medal in the Supermix team pull event at the 2018 Asian Games.

Today, Budi’s son Armand Waheyudi also works for the family business. He is the director of Bank Central Asia since 2009.

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