Agoes Projosasmito Net Worth: Forbes Cut It From $5 Billion to About $3 Billion in Eight Months
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6 min read
Agoes Projosasmito's net worth was $5 billion, per Forbes' "Indonesia's 50 Richest 2025" list published 10 December 2025, ranking him 13th nationally. Eight months later, Forbes' own Real-Time tracker, as reported by Metrotvnews on 5 August 2026, put him at Rp53.7 trillion, roughly $3.0 billion at that week's exchange rate, 17th nationally, a cut of about 40% on the same publisher's numbers. Almost the entire swing traces back to one stock: Amman Mineral Internasional (AMMN), the copper and gold miner where Projosasmito is president commissioner and the disclosed controlling shareholder, which MSCI dropped from one of its Indonesia indices at the end of May 2026.
| Publisher | Date | Figure | Rank |
|---|---|---|---|
| Forbes, "Indonesia's 50 Richest 2025" | 10 December 2025 | $5.0 billion | 13th richest in Indonesia |
| Forbes Real-Time (via Metrotvnews) | 5 August 2026 | Rp53.7 trillion (about $3.0 billion) | 17th richest in Indonesia |
Both figures are Forbes, so the roughly 40% decline is a legitimate single-tracker before-and-after, not a mismatch between publishers. No dated Bloomberg Billionaires Index figure naming Projosasmito individually was found in this run's research, even though Bloomberg priced several other Indonesian tycoons throughout 2026, among them Sukanto Tanoto, Prajogo Pangestu, Low Tuck Kwong, Robert Budi Hartono and Tahir. That gap is stated here plainly rather than assumed away.
Projosasmito's fortune traces to a single deal. On 30 June 2016, PT AP Investment, the vehicle he leads, agreed with Medco Energi Internasional, controlled by the Panigoro family, to acquire an 82.2% stake in PT Newmont Nusa Tenggara from Newmont Mining and Sumitomo for $2.6 billion, forming PT Amman Mineral Internasional and taking over the Batu Hijau copper and gold mine on Sumbawa. AMMN listed on the IDX on 7 July 2023 at Rp1,695 a share, raising Rp10.73 trillion in Indonesia's largest IPO that year.
Per a shareholder disclosure cited by Suara.com (29 March 2026), AMMN's largest holder is PT Sumber Gemilang Persada (32.17%), a vehicle already linked in this series to Anthoni Salim; PT Medco Energi Internasional holds 20.92%; PT AP Investment holds 15.19%, after trimming 190 million shares on 17 March 2026 (CNBC Indonesia, 27 March 2026, no reason stated in the disclosure), down from 15.45%. Projosasmito also holds 289,179,940 shares (about 0.4%) directly, after selling 10 million shares in August 2024 for roughly Rp84 billion, stated at the time as financing for personal and family projects (Bisnis.com, CNBC Indonesia, 29 August 2024). Despite that comparatively modest direct and AP Investment stake, CNBC Indonesia has repeatedly named Projosasmito Amman Mineral's disclosed controlling shareholder ("pemegang saham pengendali") and Komisaris Utama (president commissioner) since the company's 2023 listing, a securities designation about control rather than the largest raw percentage.
Where Salim's AMMN stake sits inside a much larger, unrelated conglomerate that also includes Indofood, ICBP and PLDT, AMMN is essentially the entirety of the fortune Forbes tracks for Projosasmito. He also serves as president director of PT Bumi Resources Minerals (BRMS) and vice president director of PT Bumi Resources (BUMI), two Bakrie Group mining companies, but no source found in this run attributes any part of his tracked net worth to those roles.
MSCI removed AMMN from its Indonesia Global Standard Index, effective the close of trading on 29 May 2026. The stock fell as much as 18% around the announcement, and forced selling by index-tracking funds pushed it to a new 52-week low of Rp2,710 on 22 May 2026, down 26.23% year-to-date at that point (idxchannel.com, premium.bisnis.com). Separately, AMMN's concentrate export permit lapsed at the end of April 2026, shifting the company's revenue mix toward downstream, smelter-processed products from the second quarter onward.
At the same time, the underlying business turned around. Q1 2026 net profit was $163 million, reversing a $138 million loss in Q1 2025, with EBITDA rising to $508 million (a 63% margin, from negative $42 million a year earlier) on $808 million in net sales, driven by reopened concentrate exports and higher realized metal prices (idxchannel.com, Kompas, tambang.co.id, late April 2026). The stock has since partly recovered, closing at Rp4,330 on 31 August 2026 (Bloomberg Technoz, Liputan6), up more than 59% from the May low but still under a third of its all-time high of Rp15,000, set 28 May 2024. That recovery postdates the most recent Forbes figure used here.
His wealth sits behind one private holding company, AP Investment, plus a small direct stake, on top of a single fully public stock, the same basic shape as Robert Budi Hartono's Dwimuria-over-BCA structure. The difference is how young and thinly tested that public stock is: AMMN has traded for barely three years, sits inside a wider consortium alongside Medco and Salim-linked entities whose own share sales move the price independent of anything Projosasmito does, and was volatile enough in 2026 to swing from a 52-week low to a partial recovery inside about three months. Only Forbes prices him individually as far as this run's research found, which, combined with how concentrated his tracked fortune is in one recent listing, means an index committee's decision moved his number more than anything that happened at the mine itself.
MSCI's call was about index construction, not about copper, gold, or Amman Mineral's operations, but it forced funds tracking that index to sell in the same window regardless. For a fortune concentrated in one recently listed stock, that kind of mechanical selling and a genuine operational turnaround can pull in opposite directions inside the same quarter. Otto Toto Sugiri's profile in this series found a similar shape, a roughly 31% Forbes-tracked decline even as his company's underlying business grew.
NetWort's explainer on MSCI index rebalancing walks through why an index committee's decision forces funds to trade a stock whether or not they want to, useful background for any investor holding a stock that could face the same reclassification, not just a mining billionaire's.