Swazi businessman and one of Africa’s richest billionaires Nathan “Natie” Kirsh has seen his net worth rise to close to $7.9 billion in recent weeks.
Kirsh’s net worth has increased by $740 million in recent months, according to the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest people, rising from $7.15 billion on Oct. 26 to $7.89 billion on Nov. 26.
The increase in his net worth can be linked to the revaluation of his private investments through Kirsh Group, a closely held conglomerate with a majority stake in food supply business Jetro Holdings.
The recent increase in Kirsh’s net worth reduced his year-to-date wealth loss from over $1 billion 41 days ago to just $379 million.
The majority of Kirsh’s wealth comes from his 75-percent equity stake in Jetro Holdings, a New York-based business that operates Jetro Cash & Carry and Restaurant Depot, two wholesale grocery chains in the United States.
The rise in his net worth comes as food supply businesses prepare for end-of-year shopping activities boosted by the Thanksgiving holidays and end-of-year celebrations, which are just around the corner.
This seasonality in demand, which is expected to lead to an increase in the sales and revenue of grocery businesses in the United States and around the world, fueled the recent increase in the market value of Kirsh’s investments in Jetro Holdings.
Jetro Holdings’ value is determined by averaging the enterprise value-to-sales multiples of four publicly traded peers, Costco Wholesale, Kroger, Metro, and Loblaw Companies, according to Bloomberg.
Costco, Kroger, Metro, and Loblaw Companies’ stock prices have risen significantly in the past 41 days as investors and analysts revise their earnings estimates to reflect the most recent business trends.