Salip Low Tuck Kwong, Prajogo Pangestu Becomes Indonesia's Richest Person

Prajogo Pangestu, owner of the Barito Pacific Group, is currently listed as the richest person in Indonesia.

According to Forbes' Real-Time Billionaires List, as of November 12, 2023, Prajogo Pangestu has a net worth of US$37.4 billion, or approximately Rp587 trillion (assuming an exchange rate of Rp15,716 per US$).

In early October 2023, Prajogo Pangestu was ranked fourth among the richest people in Indonesia.

However, by mid-November 2023, his wealth had increased significantly, surpassing Low Tuck Kwong, owner of coal mining company PT Bayan Resources, and the two owners of the Djarum Group, Robert Budi Hartono and Michael Hartono, who usually occupy the top positions.

According to Forbes, Prajogo Pangestu's wealth comes from his petrochemical and energy businesses.

"His company, Barito Pacific Timber, went public in 1993 and changed its name to Barito Pacific after reducing its timber business in 2007," said Forbes.

"In 2007, Barito Pacific acquired a 70% stake in the petrochemical company Chandra Asri, which also trades on the Indonesia Stock Exchange. In 2011, Chandra Asri merged with Tri Polyta Indonesia, becoming the largest integrated petrochemical producer in the country. Thaioil acquired a 15% stake in Chandra Asri in July 2021."

"After his coal mining company, Petrindo Jaya Kreasi, went public in March 2023, six months later Prajogo Pangestu listed his renewable energy company, Barito Renewables Energy, in October 2023," it continued.

Below is a complete list of the 10 richest people in Indonesia according to Forbes data as of November 12, 2023:

1. Prajogo Pangestu: US$37.4 billion
2. Low Tuck Kwong: US$26.9 billion
3. Robert Budi Hartono: US$24.4 billion
4. Michael Hartono: US$23.4 billion
5. Sri Prakash Lohia: US$8.4 billion
6. Chairul Tanjung: US$5.6 billion
7. Lim Hariyanto Wijaya Sarwono: US$4.5 billion
8. Dewi Kam: US$4.4 billion
9. Djoko Susanto: US$4.3 billion
10. Tahir and Family: US$4.3 billion