Prajogo Pangestu (born 13 May 1944) is an Indonesian billionaire entrepreneur, investor, and philanthropist. He is the founder of the Barito Pacific Group, a major Indonesian conglomerate with diverse interests spanning forestry, plantations, oil and gas, coal and gold mining, as well as renewable energy — particularly geothermal power. With an estimated net worth of US$43.4 billion, he currently holds the title of the richest individual in Southeast Asia.

Early Life

Prajogo Pangestu was born on 13 May 1944 in Bengkayang, West Kalimantan, Indonesia, into a Hakka Chinese family with ancestral roots in Guangdong, China. He completed his schooling at Chinese-medium institutions in Indonesia. Seeking better prospects, he moved to Jakarta in 1965.

His professional journey began in 1970 when he joined the Djajanti Group, a prominent timber company owned by Burhan Uray. Pangestu quickly rose through the ranks and, by 1976, he was appointed General Manager of PT Nusantara, one of the group’s subsidiaries. In 1977, he resigned from the company to launch his own ventures in the timber sector, laying the groundwork for what would evolve into his vast business empire.

Business Career

Pangestu went on to establish PT Barito Pacific Timber Tbk, which rapidly grew into one of Indonesia’s most influential corporations. By 1993, it had become the largest publicly listed company on the Jakarta Stock Exchange. As the business expanded into multiple sectors, the company underwent a strategic rebranding in 2007 and removed “Timber” from its name, becoming PT Barito Pacific Tbk — a move that reflected its diversified operations beyond the forestry industry.

Key Subsidiaries and Business Interests

Pangestu’s business empire is largely built around two major flagship entities:

Chandra Asri Pacific Tbk – Indonesia’s largest petrochemical manufacturer, specializing in the production of olefins and polyolefins, which are essential raw materials used in a wide range of industrial and consumer products.

Barito Renewables – The parent company of Star Energy Geothermal, one of the world’s leading geothermal power producers.

In March 2022, through his Singapore-based firm Green Era, Pangestu purchased a 33.33% stake in Star Energy from Thailand’s BCPG for US$440 million. This acquisition gave him full ownership of the company, as he already held the remaining 66.6% stake.

Wealth and Influence

As of 2024, Prajogo Pangestu’s estimated net worth stands at US$43.4 billion, placing him at the top of the wealth rankings in Southeast Asia. His fortune largely stems from his extensive interests in the petrochemical and renewable energy industries.

Philanthropy

Pangestu has shown an active commitment to philanthropy, particularly in the areas of education, community welfare, and environmental sustainability. Through his companies, he has supported numerous renewable energy initiatives and social development programs aimed at improving quality of life across Indonesia.

Personal Life

Despite his enormous financial success, Pangestu is known for maintaining a discreet and low-profile lifestyle. He is married and has children, and his family prefers to stay out of the public spotlight.

Legacy

Prajogo Pangestu is widely regarded as one of Indonesia’s most influential business leaders. His strategic move from a timber-focused enterprise to a diversified portfolio rooted in energy and renewable resources has reshaped the country’s industrial landscape. His foresight in transitioning into sustainable energy has also positioned him as a prominent figure in Southeast Asia’s shift toward a greener economy.

References 

• Kurniawan, D. (2021) Prajogo Pangestu, number 3 richest person in Indonesia: From Angkot drivers to supply of raw materials for Electric Cars, VOI. Available at: https://voi.id/en/news/31834 (Accessed: 09 January 2025).
• Goodreturn (no date) Prajogo Pangestu: Prajogo Pangestu net worth, biography, age, spouse, children & more, Goodreturn. Available at: https://www.goodreturns.in/prajogo-pangestu-net-worth-and-biography-blnr522.html (Accessed: 09 January 2025).
• Prajogo Pangestu (no date) Barito Pacific. Available at: https://barito-pacific.com/about-us/profile/prajogo-pangestu (Accessed: 09 January 2025).