Nathan “Natie” Kirsh, a Swazi billionaire businessman and one of the wealthiest men of African descent, has seen his fortune increase by $340 million in the past five days, paring his net worth losses since the start of the year to less than $500 million.
Data obtained by Billionaires.Africa revealed that Kirsh’s net worth has increased by $7.48 billion to $7.82 billion since May 22, owing to an increase in the valuation of his New York-based conglomerate, Jetro Holdings.
According to the Bloomberg Billionaires Index, his net worth increased by $340 million in the past five days, reducing his wealth loss this year to 5.4 percent, or $450 million.
Kirsh’s net worth is presently estimated at $7.82 billion as of press time on May 27, making him one of Africa’s wealthiest men and the world’s 275th richest man, with the majority of his net worth derived from his 75-percent stake in Jetro Holdings, which gives him an indirect involvement in the consumer products industry.
Jetro Holdings, a consumer goods company based in New York, operates two wholesale grocery businesses in the United States: Jetro Cash & Carry and Restaurant Depot.
The companies’ combined value is calculated by averaging the enterprise value-to-sales multiples of four publicly traded peer companies: Costco Wholesale, Kroger, Metro, and Loblaw Companies.
According to Bloomberg’s valuation metrics, the firm’s valuation has been boosted by the performance of its peers, as they reported impressive sales growth in the first quarter of 2022 driven by grocery prices in the United States.
Official figures released last week revealed that many staples have increased by double digits since the year began, owing to the conflict in Ukraine and supply chain issues.
Costco Wholesale Corp., one of Natie Kirsh’s publicly traded peer companies, exceeded sales and profit projections, with total revenue increasing 16 percent to $52.60 billion in the third quarter ended May 8, compared to analysts’ estimates of $51.71 billion.
This was supported by robust customer spending on fresh food, home furnishings, and fuel amid rising inflation.