Prajogo Pangestu (born 13 May 1944) is an Indonesian billionaire businessman, investor, and philanthropist. He is the founder of Barito Pacific Group, a leading Indonesian conglomerate involved in industries such as forestry, plantations, oil and gas, coal and gold mining, and renewable energy, particularly geothermal power. With a net worth of $43.4 billion, he is the wealthiest person in Southeast Asia.
Early Life
Prajogo Pangestu was born on 13 May 1944 in Bengkayang, West Kalimantan, Indonesia, into a Hakka Chinese family originally from Guangdong, China. He received his early education in Chinese-language schools in Indonesia. In 1965, he relocated to Jakarta in pursuit of better opportunities.
His business career began in 1970 when he joined Djajanti Group, a major timber company owned by Burhan Uray. By 1976, Pangestu had become the general manager of PT Nusantara, a subsidiary of the group. However, in 1977, he left Djajanti to establish his own ventures in the timber industry, setting the foundation for his business empire.
Business Career
Pangestu founded PT Barito Pacific Timber Tbk, which quickly expanded into one of Indonesia's most significant companies. By 1993, it had become the largest publicly traded company on the Jakarta Stock Exchange. Recognizing the need to diversify beyond timber, the company rebranded in 2007, dropping "Timber" from its name to become PT Barito Pacific Tbk, reflecting its broader business interests.
Key Subsidiaries and Holdings
Pangestu's business empire is anchored by two major subsidiaries:
- Chandra Asri Pacific Tbk: The largest petrochemical producer in Indonesia, focusing on the production of olefins and polyolefins.
- Barito Renewables: A holding company fully owning Star Energy Geothermal, one of the world's largest geothermal energy producers.
In March 2022, Pangestu, through his Singapore-based private company Green Era, acquired a 33.33% stake in Star Energy from Thailand's BCPG for $440 million, gaining full control of the company. Prior to this, he already owned 66.6% of Star Energy.
Wealth and Influence
As of 2024, Pangestu holds a net worth of $43.4 billion, making him the richest person in Southeast Asia. His wealth is primarily derived from his vast holdings in the energy and petrochemical sectors.
Philanthropy
Pangestu has actively contributed to philanthropic causes, focusing on education, community development, and environmental sustainability. His companies have funded initiatives for renewable energy development and social welfare projects across Indonesia.
Personal Life
Prajogo Pangestu maintains a low-profile lifestyle despite his immense wealth. He is married with children, and the family keeps a private life with minimal public appearances.
Legacy
Prajogo Pangestu is regarded as one of the most influential business figures in Indonesia, with a legacy rooted in the diversification and modernization of his business empire. His strategic shift from timber to energy and renewables has positioned him as a key player in sustainable development in Southeast Asia.
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).
