Bloomberg Billionaires Index

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# 308 Prajogo Pangestu $6.02B

Random fact: Took less than a year to pay back loan used to start timber business.

Overview

Pangestu is the founder and chairman of PT Barito Pacific, the largest petrochemical company in Indonesia. The Jakarta-based company has power generation and plastic-producing assets, and reported revenue of $3.7 billion in 2018. The group's divisions include Chandra Asri Petrochemical, another publicly traded company.

As of :
Last change -$370M ( -5.8%)
YTD change -$2.62B ( -30.3%)
Industry Energy
Biggest asset BRPT IJ Equity
Citizenship Indonesia
Age 75
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Prajogo Pangestu's net worth of $6.02B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Pangestu's fortune is derived from his controlling stake in PT Barito Pacific, a Jakarta-based power generation and petrochemical company. He owns 71.2% of the shares as of Nov. 30, 2019, according to the company's website. The stake includes shares held by his son Agus, which are credited to the billionaire to reflect his status as founder.

Pangestu also owns 15% of PT Chandra Asri Petrochemical directly as of Oct. 31, 2019, according to the BT Barito Pacific's website. It's Indonesia's largest petrochemical company, according to the website.

A liability is included to reflect a calculation of his cash investments based on an analysis of dividends, insider transactions, market performance and taxes.

Gaurav Yadav, a spokesperson for PT Barito Pacific, declined to comment on the billionaire's net worth.

Biography

Birthdate: 5/13/1944
Family: Married, No children

Pangestu was born in Sambas, Indonesia in 1944. His father farmed latex from rubber trees and Pangestu left school early because of his family's financial problems.

Pangestu moved to Jakarta in an unsuccessful attempt to find work. After returning home, he worked as a public transport driver before starting a small business with friends to sell shrimp paste and slated fish. He got into the timber business in 1969 through Burhan Uray, the owner of PT Djajanti Group.

In 1976, Pangestu was appointed general manager of PT Plywood Nusantara's factory in East Java. About one year later, he left to start his own business. He bought CV Pacific Lumber Company and changed its name to PT Barito Pacific Lumber Company.

Prajogo later diversified into other areas, such as pulp, paper and hospitality. In 1993, the company went public in Indonesia and changed its name to PT Barito Pacific.

The company later shifted its core business to power generation and petrochemical production. In 2018, it acquired a majority share of the world's third largest geothermal company, Star Energy. PT Barito Pacific controls PT Chandra Asri Petrochemical, the largest petrochemical company in Indonesia.

Milestones
  • 1979 The company is founded.
  • 1993 Pangestu becomes president commissioner of PT Barito Pacific.
  • 2007 The company changes its name to PT Barito Pacific.
  • 2007 Acquires majority ownership in Chandra Asri Petrochemical.
  • 2018 Takes major share in geothermal company Star Enery.