Indonesian billionaire's net worth plunge among world's steepest

By Dat Nguyen January 11, 2024 | 05:00 pm PT

Prajogo Pangestu, chairman of Barito Renewables Energy. Photo courtesy of the company

Indonesian billionaire Prajogo Pangestu, the founder of a major petrochemical company, has experienced one of the most significant net worth declines among global billionaires this year.

As chairman of Barito Renewables Energy, Indonesia's leading petrochemical firm, Pangestu's fortune has decreased by 16.9% since the year's start, landing at $25.8 billion as of Thursday afternoon, according to the Bloomberg Billionaires Index.

Prajogo Pangestu's net worth. Screenshot taken from the Bloomberg Billionaires Index

This reduction represents a $5.2 billion loss within just 11 days, ranking as the third-largest drop among the world's 500 wealthiest individuals. This positions him behind French billionaire Bernard Arnault, who lost $13.6 billion, and the world's richest man Elon Musk, whose wealth decreased by $12.2 billion.

Pangestu is no longer Indonesia's richest person, a title now held by Low Tuck Kwong, the president director of coal mining company Bayan Resources, with a net worth of $27.7 billion.

The shares of Barito Renewables Energy had previously soared by 850% from October to December. An analyst said the stock had become overvalued and traders are now taking profit, according to the Straits Times.