Pangestu is the founder and chairman of Barito Pacific, the largest petrochemical company in Indonesia. The Jakarta-based business has power generation and plastic-producing assets, and had revenue of $2.4 billion in 2024. The group includes other listed units Chandra Asri Petrochemical and Barito Renewables Energy.
Pangestu's fortune is derived from his controlling stake in PT Barito Pacific, Indonesia's largest petrochemical company, according to the website. He owns 71% of the shares, according to a March 2026 Indonesia stock exchange securities report.
He owns 22% of Barito Renewables Energy, which became publicly traded in October 2023, according to its March 2026 filing. The stake is held through Green Era Energy, a holding company owned by his sons and daughter, and is credited to the billionaire to reflect his status as founder.
Pangestu also owns 5% of PT Chandra Asri Petrochemical directly, according to the company's March 2026 filing. About one-third of the stake is pledged, according to a December 2025 filing. He controls 84% of PT Petrindo Jaya Kreasi that went public in March 2023, according to its March 2026 filing.
The value of his cash investments is based on an analysis of dividends, stock transactions, taxes, market performance and charitable giving.
Gaurav Yadav, a spokesperson for PT Barito Pacific, declined to comment on the billionaire's net worth.
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.