Indonesia’s richest tycoon makes $20 billion in 2025: From timber to billions
At 81, Prajogo Pangestu's fortune has exploded again — thanks to bold moves & index drive
At 81, Prajogo Pangestu is back in the billionaire fast lane, adding a jaw-dropping $20 billion to his fortune since April, rocketing his net worth to $36.2 billion, as per the Bloomberg Billionaires Index.
'Lone wolf tycoon'
He is Indonesia's richest tycoon, affectionately (and ominously) dubbed the “Lone Wolf”, known for playing his business cards close to his chest — and always betting big.
Big boom: What sparked the billion-dollar surge
It all started with Morgan Stanley Capital International (MSCI), the global index boss, reversing a previous decision in July that had sidelined three Pangestu-linked companies — including his prized geothermal gem, PT Barito Renewables Energy.
With that green light, the stocks exploded.
Barito Renewables alone jumped 20%, pumping US$3.5 billion into Pangestu’s pockets in one day.
Talk about a comeback driven by Indonesia's transition to clean energy.
In 2024, Star Energy Geothermal (SEG), a subsidiary of PT Barito Renewables Energy Tbk announced a $346 million investment to increase energy capacity at several of its geothermal power plant units.
“MSCI’s reversal removed a major overhang,” said Mohit Mirpuri of SGMC Capital, noting that Pangestu’s empire now sees some of the highest trading volumes on the Indonesian exchange.
Moral of the story: In a tightly controlled market like Indonesia’s, big moves by big names hit hard — and fast.
Timber trader turned titan
Pangestu’s empire-building journey started back in 1970, when he joined the Djajanti Group, a timber business owned by tycoon Burhan Uray.
By 1977, he went solo.
Then in 1995, his company PT Barito Pacific Timber Tbk became the largest listed firm on the Jakarta Stock Exchange.
But Pangestu didn’t stop at trees.
He shifted into petrochemicals with Chandra Asri, then energy, plantations, mining — you name it.
Rebranding
In 2007, he even rebranded his company to Barito Pacific to reflect his sprawling empire.
And in 2022, his Singapore-based firm Green Era snagged a full controlling stake in Star Energy, a major geothermal player.
By 2023, he was full-throttle into renewables, listing Barito Renewables Energy and launching coal miner Petrindo Jaya Kreasi on the market. Today, as Chairman of Barito Pacific Group, Pangestu oversees a multi-billion-dollar industrial beast with fingers in everything from petrochemicals to power.
But not always up and to the right...
Of course, even the Lone Wolf gets burned.
In February 2024, he lost US$5.4 billion in one swoop.
In September, he topped that with a stomach-churning US$5.9 billion drop. And when FTSE Russell announced it was booting Barito Renewables from its indexes, the stock tanked, erasing nearly US$12 billion from Pangestu’s peak net worth.
JPMorgan’s Arnanto Januri threw some cold water on the hype: “We struggle to justify this quantum of increase.”
NH Korindo analyst Leonardo Lijuwardi was even more blunt: “It’s really, really insane.”
His verdict?
The market is obsessed not with numbers, but with “The Prajogo Effect.”
Translation: Retail investors love tycoons — even if the fundamentals are, well, fuzzy.
So, who really owns the empire?
About 88% of Barito Renewables is owned by Pangestu-related firms —namely Barito Pacific and Green Era, the latter helmed by daughter Nancy Pangestu.
Outside investors? Practically a rounding error.
Even BlackRock, the world’s biggest asset manager, holds just 0.07%.
This super-concentrated ownership is not unusual in Indonesia.
Dozens of firms with minimal public float have soared in market valuation in recent years, fuelled by hype, loyalty, and some good old-fashioned tycoon-worship.
Geothermal gold rush
At the core of all this is Barito Renewables, which owns over 800 megawatts of geothermal energy via Star Energy Geothermal. With Indonesia aiming for net zero by 2060, Pangestu’s clean energy push has serious long-term potential.
“Barito Renewables offers long-term valuation support,” said analyst Herditya Wicaksana. But don’t expect the ride to be smooth.
Bottom line?
At 81, Prajogo Pangestu is proof that fortune really does favor the bold. From timber baron to energy mogul to geothermal godfather, he's turned a lifetime of risk into a legacy of billions. Just don’t blink — because in Pangestu’s world, fortunes can rise (or fall) faster than a stock ticker in overdrive.
Timeline of Prajogo Pangestu
May 13, 1944 – Prajogo Pangestu (born Phang Djoen Phen) was born in Bengkayang, West Kalimantan, Indonesia, to a Hakka family originally from Guangdong, China.
1965 – Moved to Jakarta, Indonesia.
1970 – Began his career in the timber industry by joining the Djajanti Group, a timber company owned by Burhan Uray.
1976 – Became general manager of PT Nusantara within the Djajanti Group.
1977 – Left Djajanti Group to start his own business.
1993 – His company PT Barito Pacific Timber Tbk became the largest listed company on the Jakarta Stock Exchange.
1990 to 1999 – Served as President Director of PT Chandra Asri, Indonesia’s major petrochemical producer, which he later acquired to diversify from timber.
1999 to 2010 – Served as President Commissioner of PT Tri Polyta Indonesia Tbk.
2007 – Rebranded PT Barito Pacific Timber Tbk to PT Barito Pacific Tbk to reflect diversification beyond timber, expanding into petrochemicals, energy, plantations, mining, and more.
March 2022 – His Singapore-based company Green Era acquired a 33.33% stake of Star Energy from Thailand’s BCPG for $440 million, gaining full control of this leading Indonesian geothermal energy company.
2023 – Took his coal mining company, Petrindo Jaya Kreasi, public, and later listed Barito Renewables Energy, marking his strategic expansion into renewable energy.
Present (2025) – Continues as chair and major investor of Barito Pacific Group, overseeing a diversified industrial conglomerate valued in the multi-billions, with major businesses in petrochemicals, renewable energy, forestry, coal, and mining.
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