Swazi billionaire Nathan “Natie” Kirsh has seen his net worth increase by $300 million since the start of October thanks to the revaluation of his investments in the food supply business, which has pushed his wealth assessment above $7.5 billion.
Kirsh’s net worth has risen by $300 million in the past 31 days, from $7.29 billion on Oct. 1 to $7.59 billion at the time of writing this report, according to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest people.
The recent increase in his net worth comes after he suffered a $510-million loss in September during a market-wide stock market sell-off that saw the share prices of some of the largest U.S. grocers, including Walmart, Kroger, Costco, and Albertsons, plummet to their lowest levels this year.
Kirsh is one of Africa’s wealthiest businessmen, having turned his father’s inheritance of £1,200 ($1,630) into a billion-dollar conglomerate through his privately held Kirsh Group.
The majority of his wealth is derived from a 75-percent stake in Jetro Holdings, a New York-based company that operates two wholesale grocery businesses in the United States: Jetro Cash & Carry and Restaurant Depot.
According to Bloomberg, the value of these companies is calculated by averaging the enterprise value-to-sales multiples of four publicly traded peer companies: Costco, Kroger, Metro, and Loblaw.
Shares of these companies have recently risen as investors anticipate strong third-quarter results, as some Americans stock up on food in anticipation of higher prices.
Kirsh’s stake in Jetro Holdings increased in value from $4.45 billion at the beginning of the month to $4.73 billion at the time of writing this report thanks to the recent price gains.
His real estate portfolio, which includes properties on four continents, including London’s first office skyscraper, Tower 42, and Perth, Australia’s Jandakot Airport, posted some gains in October after posting losses the previous month.