Jakarta. Indonesian conglomerate figure Michael Bambang Hartono, who built a vast business empire from the kretek cigarette industry, died on Thursday in Singapore at the age of 86.

The news was confirmed by Djarum spokesperson Budi Darmawan in a written statement: “The extended family of PT Djarum mourns the passing of Mr. Michael Bambang Hartono on Thursday, March 19, 2026, at 13:15 Singapore time.”

Michael was widely known as the co-owner of Djarum, one of Indonesia’s largest cigarette manufacturers headquartered in Kudus, Central Java. Over the decades, he expanded the family business beyond tobacco into banking, electronics, and digital commerce.

According to the latest Bloomberg Billionaires Index, Michael had a net worth of approximately $16.3 billion, ranking him 181st globally. His wealth declined by around 8% — or about $1.4 billion — over the course of 2026.

His fortune was anchored in strategic sectors, notably banking through a major stake in Bank Central Asia (BCA), Indonesia’s largest lender by market capitalization. The Djarum group also controls Polytron, an electronics manufacturer that has recently expanded into electric vehicles, as well as e-commerce platform Blibli.

Michael and his brother, Robert Budi Hartono, inherited and transformed their father’s tobacco business, modernizing production and expanding distribution to turn Djarum into a dominant player in Indonesia’s cigarette industry.

The group began diversifying as early as 1975, entering electronics manufacturing with the Polytron brand. It later moved into financial services, initially through smaller banks before acquiring a controlling stake in BCA via the FarIndo Investments consortium in the years following the 1997–98 Asian financial crisis. Beyond banking, the group has also developed a significant property portfolio in Greater Jakarta.

In a rare public appearance, Michael represented Indonesia in the bridge event at the 2018 Asian Games, where he helped secure a bronze medal for the national team.

Despite his business prominence, Michael maintained a low personal profile. He is survived by his wife and four children and had continued to reside in his hometown of Kudus.