Becoming Indonesia's Richest Person: The Story of Prajogo Pangestu's Wealth

Prajogo Pangestu, an Indonesian conglomerate, ranks 27th as the world's richest person according to Forbes Real Time Billionaires. His net worth is estimated at US$43.4 billion or Rp707.69 trillion (assuming an exchange rate of Rp16,306 per US$) on Monday evening (June 10, 2024), up 7.67% from the previous day's real-time figure.

In Indonesia, Prajogo Pangestu is the richest person. He surpasses Low Tuck Kwong, who holds US$24.4 billion or Rp397.87 trillion. He also outpaces the Hartono brothers: Budi Hartono with US$23.8 billion (Rp388.08 trillion) and Michael Hartono with US$22.9 billion (Rp373.41 trillion).

The estimated wealth in 2024 surpasses his net worth in 2023, which was US$5.3 billion (Rp86.42 trillion). From 2017 to 2023, Prajogo's wealth ranged from US$1.8-6.5 billion (Rp29-106 trillion) annually, as shown in the graph.

Forbes' review mentions that Prajogo initially was the son of a rubber trader. He started trading timber in the late 1970s.

His company, Barito Pacific Timber, went public on the Indonesia Stock Exchange (IDX) in 1993. Its name later changed to Barito Pacific after downsizing its timber business in 2007.

That year, Barito Pacific acquired a 70% stake in petrochemical company Chandra Asri, also listed on the IDX. Then, in 2011, Chandra Asri merged with Tri Polyta Indonesia, becoming the largest integrated petrochemical producer in Indonesia.

"Thaioil acquired a 15% stake in Chandra Asri in July 2021," wrote Forbes on its website, quoted Monday (June 10, 2024).

After listing his coal mining company, Petrindo Jaya Kreasi, on the exchange in March 2023, Pangestu listed his renewable energy subsidiary, Barito Renewables Energy, just six months later in October 2023.

Currently, the 80-year-old conglomerate owns at least five companies listed on the IDX. These companies include PT Barito Renewables Energy Tbk (BREN), PT Petrindo Jaya Kreasi Tbk (CUAN), PT Chandra Asri Petrochemical Tbk (TPIA), PT Petrosea Tbk (PTRO), and PT Barito Pacific Tbk (BRPT).

(See also: [Latest Market Capitalization of Prajogo Pangestu's 5 Companies](https://databoks.katadata.co.id/datapublish/2024/06/08/nilai-kapitalisasi-pasar-terbaru-5-emiten-prajogo-pangestu))