Han Arming Hanafia Net Worth: The Quiet Third Founder Behind DCI Indonesia
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5 min read
Han Arming Hanafia's net worth was about $3.8 billion, per Forbes' Real-Time Billionaires figures cited by Kumparan and Metrotvnews in August 2026. Eight months earlier, on 10 December 2025, Forbes' annual "Indonesia's 50 Richest" list had him at $5.3 billion, ranked 12th nationally after jumping 38 places in a single year, the biggest percentage climb of any of the three cofounders behind PT DCI Indonesia Tbk (DCII). By this August, on the same publisher's own tracker, roughly 28% of that fortune was gone.
If that arc sounds familiar, it should. This series has already covered the other two DCII cofounders, Otto Toto Sugiri and Marina Budiman, and both saw a Forbes-tracked fall of roughly 30% over almost exactly the same months. Hanafia is the third and, by most accounts, the most private of the three. He is also the third to post the same number.
| Publisher | Date | Figure | Note |
|---|---|---|---|
| Forbes, "Indonesia's 50 Richest" (annual) | 10 December 2025 | $5.3 billion | #12 nationally, up 38 places |
| Forbes Real-Time Billionaires | 16 July 2026 | $3.79 billion | |
| Forbes Real-Time Billionaires (cited by Kumparan and Metrotvnews) | August 2026 | Rp68 trillion (roughly $3.8 billion at prevailing rates) | #13 nationally |
All three rows are the same publisher, Forbes, so the drop from $5.3 billion to roughly $3.8 billion is a legitimate before-and-after rather than two trackers disagreeing. It also lines up closely with what the same tracker did to his two cofounders' fortunes over the same stretch: down about 31% for Sugiri and roughly 30% for Budiman. Three people, one company, one publisher, the same magnitude of decline.
Hanafia cofounded PT DCI Indonesia Tbk (DCII) in 2011 with Otto Toto Sugiri and Marina Budiman, after the three had already built Indonesia's first internet service provider, PT Indointernet (EDGE), together in the 1990s. Per DCII's shareholder disclosure to the Indonesia Stock Exchange as of 28 February 2026 (reported by StockWatch.id), Hanafia holds the third-largest stake among the founders:
| Holder | Shares | Stake |
|---|---|---|
| Otto Toto Sugiri | 712,784,905 | 29.9% |
| Marina Budiman | 536,505,149 | ~22.51% |
| Han Arming Hanafia | 336,352,227 | ~14.11% |
| Anthoni Salim | 265,033,461 | ~11.12% |
Unlike Sugiri and Budiman, Hanafia had already cashed out of the founders' other joint venture. Per Bloomberg Technoz's reporting dated 19 December 2023, Hanafia sold his entire remaining stake in Indonet (EDGE), 150,470,000 shares, at Rp3,496 per share for about Rp526 billion, on 15 December 2023, when Digital Edge (Hong Kong) took a controlling position in the company. That sale is separate from, and years before, the DCII figures above; it is not counted in any of the net worth numbers this article cites.
DCI Indonesia's own business did not slow down. Second-quarter 2026 results showed net income of Rp354.8 billion, up 79% year over year, on revenue of Rp919.3 billion, up 64%, with profit margin improving to 39% from 35% a year earlier. First-half 2026 net profit reached Rp732.5 billion, per PintarSaham, up 18.74% from the prior half year. Growth accelerated through 2026 even as the founders' Forbes-tracked fortunes fell.
The stock did not track the earnings in a straight line. DCII's 52-week range ran from Rp148,000 to Rp398,000, and the shares were trading around Rp190,000 to Rp199,000 through mid-2026, well off the top of that range. This is the same pattern already documented in Sugiri's and Budiman's profiles: a premium-priced, thinly traded stock where a handful of daily trades can move the price, and therefore the tracked net worth of everyone holding a large stake in it, by a wide margin in either direction, independent of what the underlying business is doing.
Less knowable than a typical single-stock fortune, for the same documented reason as his two cofounders. DCII discloses its major shareholdings publicly, so Hanafia's 14.11% stake is not hidden. But with free float sitting at just 18.55% as of the February 2026 disclosure, the market price a small number of trades sets on any given day is what every tracker has to price that stake against. Hanafia is also the least publicly documented of the three: searches for his biography, age, and personal history turn up far less than for Sugiri or Budiman, and no litigation, investigation, or scandal tied to him personally surfaced in this run's research.
Three founders, one company, and the same roughly 30% Forbes-tracked decline in the same year, regardless of who holds the biggest stake or the most public profile. That is not a coincidence to explain away. It is what a concentrated, thinly traded stock does to everyone holding a large piece of it, at the same time, in the same direction.
NetWort's Holdings view shows what share of your own portfolio sits in a single position today, not what it was when you first bought it, so a concentrated bet does not stay invisible until a volatile stretch reveals it. For the mechanics of exactly how much a heavy single-stock weighting can cost when the price moves, portfolio concentration risk walks through the math.