Jakarta: Indonesia’s wealthiest family, the Hartonos, has invested at least $1.4 billion in overseas businesses, marking a notable shift for a family that has traditionally kept most of its wealth in Indonesia.
According to filings and people familiar with the group’s activities cited by Bloomberg and reported by The Japan Times, nine entities based in Singapore and London and linked to the Hartono family have made overseas investments in recent years.
Major overseas deals signal a change in strategy
The international expansion began in late 2023, when Evergreen Hill Enterprise spent $669 million to acquire a specialised paper business in the United States.
A year later, the company paid €360 million, or about $418 million, for an Austrian manufacturer of cigarette papers. The family has also continued exploring investments outside Indonesia, including in financial-services software in Singapore.
The Hartonos, whose combined fortune is estimated at around $30 billion, remain heavily invested in Indonesia through banking, tobacco, property, electronics and other businesses. Their wealth is closely associated with Bank Central Asia and the family’s long-established business interests.
Economic uncertainty prompts greater diversification
The move comes as Indonesia faces economic and market pressures under President Prabowo Subianto. The country’s currency has weakened, while foreign investors have reduced their exposure to Indonesian equities.
People familiar with the Hartonos’ strategy said the overseas purchases are intended to diversify revenue sources and reduce the family’s concentration in the Indonesian market. The family declined to comment on the reported investments.
The developments highlight how even Indonesia’s most established business families are increasingly looking beyond the domestic market as they navigate economic uncertainty and changing government policies.