Nathan Kirsh, a Swazi businessman and one of the richest billionaires of African descent, has seen his net worth rise significantly in the last two weeks, surpassing $7.9 billion, according to Bloomberg.
Data gathered by Billionaires.Africa revealed that Kirsh’s net worth has increased by more than $320 million in the last 14 days, or approximately two weeks, due to an increase in the value of his most valuable asset, Jetro Holdings.
At the time of writing, the Swazi billionaire was the 313th wealthiest man in the world and the fourth-richest man in Africa, with a net worth of $7.91 billion.
The majority of his wealth is derived from a 75-percent stake in Jetro Holdings, a New York-based conglomerate that manages two wholesale grocery businesses in the United States.
On the first day of business and trading on Jan. 25, his net worth was estimated to be $7.59 billion.
Since then, a sustained increase in the market value of his stake in Jetro Holdings has pushed his net worth above $7.91 billion, equating to a $320-million gain for the billionaire businessman over the past two weeks.
His 75-percent stake in Jetro Holdings accounts for 61 percent of his total wealth valuation, with the market value of his stake in the New York-based conglomerate presently valued at $4.8 billion.
Kirsh is one of many African billionaires who built their fortunes from the ground up. He began his fortune with a £1,200 ($1,630) inheritance from his father, which he used to start a corn and malt milling business.
In a strategic attempt to reduce Eswatini’s dependence on South Africa for food staples, his company later expanded into a conglomerate following regulations focused on developing local companies in the country.