R. Budi Hartono
Indonesia
Net Worth
$18B
Source of Wealth
Djarum/BCA
Global Rank
#64 of 100
About R. Budi Hartono
Robert Budi Hartono is Indonesia's wealthiest individual and, along with his brother Michael, co-owns the Djarum Group conglomerate. Born in 1941 in Kudus, Central Java, Budi Hartono inherited the Djarum clove cigarette company from his father, Oei Wie Gwan, and transformed it from a regional tobacco business into a diversified empire spanning banking, technology, real estate, and consumer goods. His greatest financial success has been the family's investment in Bank Central Asia (BCA), Indonesia's largest private bank.
The Hartono brothers' acquisition of Bank Central Asia during Indonesia's financial crisis in the late 1990s stands as one of the most brilliant investment decisions in Southeast Asian business history. They purchased the struggling bank at a fraction of its intrinsic value and rebuilt it into the country's most profitable and best-managed private bank. Today, BCA serves over 30 million customers and is considered the gold standard of Indonesian banking, known for its technology leadership, customer service, and conservative risk management.
Budi Hartono has also been instrumental in bringing the Djarum Group into the digital age. The family's investments in technology, telecommunications, and e-commerce through their investment vehicles have positioned them at the center of Indonesia's booming digital economy. His quiet, patient approach to investing — buying great assets at reasonable prices and holding them for the long term — has made the Hartono brothers the most successful investors in Indonesian history.
Key Achievements
Indonesia's Wealthiest Person
Built the Djarum Group into Indonesia's most valuable private conglomerate, with interests spanning banking, tobacco, technology, real estate, and consumer goods.
Transformed Bank Central Asia
Acquired BCA during the Asian financial crisis and rebuilt it into Indonesia's largest and most profitable private bank, serving over 30 million customers with industry-leading technology.
Pioneered Indonesian Digital Economy Investment
Made strategic investments in technology, telecommunications, and e-commerce, positioning the Djarum Group at the center of Indonesia's rapidly growing digital economy.
Multi-Generational Business Empire
Successfully transitioned the Djarum Group from a single-product tobacco company into a diversified conglomerate spanning multiple industries and generations.
Notable Quotes
“The best time to invest is when others are afraid. We bought BCA when Indonesia was in crisis, and it became our greatest investment.”
— R. Budi Hartono
“Patience is the most important quality in business. We think in decades, not quarters.”
— R. Budi Hartono
Key Decisions
Rebuilt the Djarum cigarette business after a devastating factory fire, demonstrating the resilience and determination that would define the family's business approach for decades.
Acquired Bank Central Asia during the Asian financial crisis at a deeply discounted price, making what would become the single most profitable investment in Indonesian business history.
Invested heavily in BCA's technology infrastructure, making it the most digitally advanced bank in Indonesia and setting the standard for mobile and internet banking in Southeast Asia.
Diversified into technology and e-commerce investments, positioning the Djarum Group to benefit from Indonesia's explosion of internet users and digital commerce.
Companies & Ventures
Djarum Group
Co-owner (with Michael Hartono) · Est. 1951
Djarum is one of Indonesia's largest and most iconic conglomerates, founded in 1951 as a clove cigarette (kretek) manufacturer. Under the Hartono brothers' stewardship, Djarum diversified far beyond tobacco into banking, technology, real estate, and agriculture. The group's most strategically significant asset is its controlling stake in Bank Central Asia (BCA), Indonesia's largest private bank by market capitalization with over $70 billion in value. BCA serves over 30 million customers and is consistently ranked among the most profitable banks in Southeast Asia.
Philanthropy
The Hartono brothers have directed significant philanthropic efforts through the Djarum Foundation, which has become one of Indonesia's most active corporate philanthropies. The foundation operates Djarum Beasiswa Plus, a scholarship program that has supported thousands of Indonesian university students since 1984. The Hartonos have also invested heavily in youth development through badminton — Djarum operates one of the most successful badminton academies in the world, producing numerous Olympic medalists and world champions. The family additionally supports reforestation, environmental conservation, and cultural preservation programs across Indonesia.
Explore More
See how Glen Bradford applies these principles to his own investing. Long Fannie Mae & Freddie Mac junior preferred — and not going anywhere.