Prajogo Pangestu
Indonesian businessman; founder of the Barito Pacific group
| Prajogo Pangestu
| |
|---|---|
| Born | 13 May 1944 (Forbes) Bengkayang, Indonesia (Forbes) |
| Nationality | Indonesian |
| Residence | Jakarta (Forbes) |
| Occupation | Businessman |
| Known for | Founder of Barito Pacific; controlling shareholder of Chandra Asri and Barito Renewables Energy |
Prajogo Pangestu (born 13 May 1944) is an Indonesian businessman. He started in timber and built Barito Pacific, a group with interests in petrochemicals (Chandra Asri), geothermal power (Barito Renewables Energy) and coal (Petrindo Jaya Kreasi).[1][2] In September 2024 FTSE Russell removed Barito Renewables from its indices because four shareholders controlled 97% of its shares.[3] On 11 November 2026 the Forbes Real-Time Billionaires list ranked Pangestu 368th in the world, with an estimated net worth of US$9.7 billion; Forbes lists the source of wealth as petrochemicals, energy.[1][4] In the annual World's Billionaires list published in 2026, Forbes had ranked Pangestu 84th, at US$28.6 billion.[5]
Timber and petrochemicals
Forbes says Pangestu, the son of a rubber trader, went into the timber business in the late 1970s. His Barito Pacific Timber listed in 1993 and was renamed Barito Pacific in 2007, after it scaled back its timber operations.[1] In 2007 Barito Pacific bought 70% of the listed petrochemicals company Chandra Asri, which merged with Tri Polyta Indonesia in 2011. Forbes says Chandra Asri teamed up with Michelin in 2015 to build a synthetic rubber plant in Indonesia, and that Thaioil bought a 15% stake in it in July 2021.[1] In 2025 Chandra Asri spun off its subsidiary Chandra Daya Investasi as a separate listing on the Indonesia Stock Exchange.[1]
Energy
According to Forbes, the Pangestu family office took control of the geothermal producer Star Energy in 2022 by buying a 33% stake from Thailand's BCPG for US$440 million.[1] Barito Renewables Energy (BREN), which consolidates the Star Energy Geothermal group, sold 4,015,000,000 shares at Rp780 each in its 2023 initial public offering. The company said the offer was 135.2 times oversubscribed.[2] At the time Barito Pacific said its geothermal assets had a combined capacity of 886 MW, and that it was developing Java 9 & 10, a 2 × 1,000 MW ultra-supercritical power plant, with PLN's subsidiary Indonesia Power.[2] Forbes says Pangestu also listed his coal-mining company Petrindo Jaya Kreasi in 2023.[1]
FTSE Russell exclusion
On 19 September 2024 FTSE Russell announced that Barito Renewables Energy, which had been due to join the FTSE Global All Cap Index series, would be removed from its indices from 25 September 2024. It applied its "high shareholder concentration" rules because four shareholders controlled 97% of the shares in issue.[3]
Wealth history
Forbes has included this entry in its annual World's Billionaires list in 10 of the editions from 2001 to 2026 checked for this profile, starting with 2017. The table gives the rank and estimated net worth in each annual list.[5][1]
| Year | World's Billionaires rank | Net worth (US$ bn) |
|---|---|---|
| 2017 | 1161 | 1.8 |
| 2018 | 822 | 2.9 |
| 2019 | 617 | 3.5 |
| 2020 | 538 | 3.5 |
| 2021 | 404 | 6.5 |
| 2022 | 471 | 5.6 |
| 2023 | 497 | 5.3 |
| 2024 | 27 | 43.4 |
| 2025 | 99 | 20.0 |
| 2026 | 84 | 28.6 |
International and political links
This section uses the same ten headings for every profile in this series. Only specific, sourced actions are included; company-level and foundation-level actions are labelled as such. Where nothing was found, the entry reads "No documented involvement found in sources checked."
Israel (investments, operations, donations, contracts, statements)
No documented involvement found in sources checked.
Zionist or pro-Israel organisations and lobbying groups
No documented involvement found in sources checked.
Jewish communal charities
No documented involvement found in sources checked.
Gulf states
No documented involvement found in sources checked.
China
No documented involvement found in sources checked.
Russia
No documented involvement found in sources checked.
India
No documented involvement found in sources checked.
Palestinian or Arab causes
No documented involvement found in sources checked.
Home government
Pangestu lives in Jakarta, and his companies are listed on the Indonesia Stock Exchange.[1]
Other international links
Forbes says the Thai companies Thaioil and BCPG have been partners or counterparties in his businesses.[1]
Notes
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Forbes, Forbes profile record for Prajogo Pangestu (Forbes data feed behind forbes.com/profile/prajogo-pangestu/) Forbes, live record, read 11 November 2026, accessed 11 November 2026.
- ↑ 2.0 2.1 2.2 Barito Renewables Energy, Barito Renewables: Initial Public Offering Barito Renewables Energy, 2023, accessed 11 November 2026.
- ↑ 3.0 3.1 FTSE Russell, Barito Renewables Energy (Indonesia) – September 2024 Index Review Treatment FTSE Russell, 19 September 2024, accessed 11 November 2026.
- ↑ Forbes, Forbes Real-Time Billionaires data feed Forbes, live; downloaded 11 November 2026 16:19 UTC, accessed 11 November 2026.
- ↑ 5.0 5.1 Forbes, Forbes World's Billionaires list data feed, annual editions 2001–2026 (one file per year at this path with the year substituted; all 26 files downloaded and read) Forbes, annual lists; downloaded 20 October 2026, accessed 11 November 2026.