Jakarta. Before building billion-dollar companies, Prajogo Pangestu stitched clothes, collected rubber, and drove trucks along the muddy roads of Bengkayang, a small town in West Kalimantan. Born into hardship, he started elementary school at the age of nine and worked part-time to afford middle school.

That perseverance would one day propel him into the ranks of the world’s wealthiest. As of Oct. 11, the 81-year-old businessman’s fortune reached $48.3 billion (Rp801 trillion), according to Forbes Real-Time Billionaires. Prajogo’s wealth is now nearly double that of Indonesia’s second-richest person, Low Tuck Kwong, owner of coal miner Bayan Resources (BYAN), whose net worth stands at $25.2 billion.

According to Forbes, his net worth briefly peaked at $79.5 billion in September 2024, placing him 31st among the world’s richest people and cementing his position as Indonesia’s wealthiest individual.

The continued rally in Prajogo-linked stocks has made him one of the most closely watched figures in Indonesia’s capital markets. Shares of Barito Pacific (BRPT) have surged more than 300 percent this year, while Petrindo Jaya Kreasi (CUAN) has more than doubled.

From Timber to Petrochemicals

Prajogo’s life changed in the late 1960s when he met Malaysian businessman Burhan Uray, founder of timber giant Djajanti Group. Starting as a worker, he rose to become general manager of Nusantara Plywood in Surabaya by 1976, an extraordinary achievement for someone with little formal education.

A year later, he struck out on his own. Backed by a loan from state lender Bank Rakyat Indonesia (BRI), Prajogo acquired a struggling timber company, CV Pacific Lumber Coy, which he rebranded as Barito Pacific Timber Company. Under his leadership, the firm grew rapidly and went public in 1993 on the Jakarta Stock Exchange, marking the beginning of his business empire.

Building a Diversified Empire

Today, Barito Pacific Group has evolved far beyond its timber roots. Through a network of subsidiaries and affiliated firms, Prajogo’s businesses now span petrochemicals, energy, mining, and renewables, reflecting his long-term pivot toward sustainable and future-oriented industries.

At the center of his empire are Barito Pacific (BRPT) and Barito Renewables Energy (BREN), which anchor the group’s expansion into petrochemicals and clean energy. Chandra Asri Pacific (TPIA), Indonesia’s largest integrated petrochemical producer, serves as the backbone of his industrial operations.

His portfolio also includes Petrindo Jaya Kreasi (CUAN), representing Barito Pacific’s interests in the energy and mining sectors. Prajogo further expanded into renewable energy through his investment arm Chandra Daya Investasi (CDIA), which went public on the Indonesia Stock Exchange in July 2025. CDIA focuses on investments in renewable energy companies.

CDIA raised Rp 2.37 trillion in its IPO, issuing 12.48 billion shares representing 10 percent of its enlarged capital. The offering was among Indonesia’s most oversubscribed IPOs in recent years, drawing more than 400,000 investors and oversubscription of over 563 times.

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