Swazi billionaire’s fortune sees unexpected $100-million recovery after major drop
After seeing his net worth drop by more than $410 million between Nov. 30 and Dec. 27, Swazi billionaire Natie Kirsh, who ranks as one of Africa’s richest billionaires, has seen his net worth increase by $100 million in a single week.
According to data tracked by the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest people, Kirsh’s net worth has risen by $100 million in the past week, from $7.51 billion on Dec. 20 to $7.61 billion at the time of writing this report.
The recent increase in the market value of his stake can be attributed to a sharp rebound in the value of his private investments through Kirsh Group, a closely held conglomerate that owns a majority stake in Jetro Holdings, a food supply company.
The majority of Kirsh’s fortune stems from his 75 percent equity stake in Jetro Holdings, a New York-based company that operates two wholesale grocery chains in the United States, Jetro Cash & Carry and Restaurant Depot.
The increase comes after the leading billionaire’s wealth fell by $410 million between Nov. 30 and Dec. 27, from $7.92 billion to $7.51 billion, as investors reviewed the financial performance of food supply businesses while reassessing the recent strain on the global supply chain.
The increase in his wealth can also be linked to the increase in the share prices of some of the largest grocery chains in the United States, including Walmart, Kroger, Costco, and Albertsons, which have fallen to their lowest levels this year.
According to Bloomberg, Jetro Holdings’ value is calculated by averaging the enterprise value-to-sales multiples of four publicly traded peers: Costco Wholesale, Kroger, Metro, and Loblaw Companies.
Despite the recent increase in his wealth figures, Kirsh’s net worth is still down by more than $660 million this year, making the Swazi billionaire one of the African billionaires whose net worth has dropped by more than $500 million since the beginning of 2022.