Swazi billionaire Natie Kirsh’s net worth has dropped by $640 million in the past 15 days, as the market value of his stakes in companies with active operations in the consumer goods industry continues to fall due to recent valuation challenges faced by many publicly traded companies.
According to data tracked by Billionaires.Africa, his net worth has dropped by $640 million in the past 15 days, from $7.97 billion on Sept. 12 to $7.33 billion at the time of writing.
The $640-million drop in his net worth brought his total year-to-date wealth loss to nearly $1 billion, owing to a sustained decline in the market value of his portfolio investments through Kirsh Group, where he holds the majority of his investments.
However, his net worth has dropped by $943 million from $8.27 billion at the start of 2022 to $7.33 billion as of Sept. 28, according to the Bloomberg Billionaires Index.
Kirsh is Eswatini’s richest man, having turned his father’s inheritance of £1,200 ($1,630) into a billion-dollar business through his privately held conglomerate, Kirsh Group.
His 75-percent stake in Jetro Holdings, a consumer goods company based in New York that operates two wholesale grocery businesses in the United States, Jetro Cash & Carry and Restaurant Depot, accounts for the majority of his net worth.
The value of Jetro Holdings is determined by averaging the enterprise value-to-sales multiples of four publicly traded peers: Costco Wholesale, Kroger, Metro, and Loblaw Companies.
His net worth has dropped by $943 million as a result of the performance of his stake in Jetro Holdings, which has dropped from $4.9 billion to $4.56 billion at the time of writing this report.