Prajogo Pangestu

Indonesia’s richest tycoon Prajogo Pangestu and Philippine billionaire Jaime Augusto Zobel de Ayala are teaming up to build wind projects and help Indonesia transition...

A joint venture backed by Indonesian billionaire Prajogo Pangestu’s Chandra Asri and commodities trader Glencore agreed to buy Shell's refinery and petrochemical assets in Singapore.

Petrindo Jaya Kreasi, the holding company for the mining assets of Indonesian billionaire Prajogo Pangestu, has acquired unlisted coal miner Multi Tambang Utama for $203 million.

As investors turned skittish, shares of Pangestu’s Barito Renewables Energy and Chandra Asri Pacific fell 20% dragging down his net worth.

Chandra Daya Investasi signed a share subscription agreement with Phoenix Power B.V., a unit of EGCO based in the Netherlands.

Half the tycoons on this year’s list are richer than they were a year ago Brothers R. Budi and Michael Hartono retain their No. 1 spot with a fortune of $48 billion.

Soaring shares of Barito Renewables Energy, which listed last month, boosted Pangestu’s fortune to a record high.

Shares of Barito Renewables Energy made a strong debut on Monday, soaring as much as 25% to 975 rupiah on the Indonesian Stock Exchange.

Green Era, a private Singapore-based company controlled by Indonesian billionaire Prajogo Pangestu, has bought 33.33% of Star Energy from Thailand’s BCPG for $440 million, giving him full ownership of three geothermal projects in Indonesia.

More than half of the tycoons on the Forbes’ 2020 list of Indonesia’s 50 Richest saw their fortunes decline from a year ago amid the pandemic.

In Southeast Asia’s worst-hit country, over half of its 50 richest saw their wealth decline.

Indonesia’s 50 richest boosted their combined wealth this year, with 24 of them adding to their fortunes. The total net worth of the tycoons on the Forbes Indonesia Rich List rose to US$134.6 billion, a gain of $5.6 billion from a year earlier.

Despite the slowdown, the country’s 50 richest added $5.6 billion to their combined wealth, which touched a record $134.6 billion this year.

Amid continued economic growth and a 4.4% rise in the stock market index in the last 12 months, the combined net worth of tycoons on the Forbes Indonesia Rich List climbed to a record US$129 billion, up from $126 billion a year ago.

Indonesia has had one of the world's best performing stock markets this year, which lifted the fortunes of many of the country's wealthiest tycoons.

"Politically connected billionaires" made up about 13% of total billionaire wealth in 1987, 11% in 1992 and 1996, and 4% in 2002.