After losing $821 million in wealth in 2022, Swazi billionaire Nathan “Natie” Kirsh‘s net worth has increased by $157 million in the first 15 days of 2023, as the market value of his stakes in companies with active operations in the consumer goods industry continues to rise.
Kirsh, a leading Swazi billionaire who derives the majority of his fortune from investments in Kirsh Group and a 75-percent stake in Jetro Holdings, is not only one of the richest men in Southern Africa but also one of the richest billionaires in Africa.
According to data retrieved from the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest people, the Swazi billionaire’s net worth has risen by $157 million since the start of the year, from $7.45 billion to $7.61 billion at the time of writing this report.
Kirsh’s stake in Jetro Holdings, which accounts for the majority of his wealth, is presently valued at $4.58 billion, while his 54-percent stake in Sydney-based Abacus Property Group, a publicly traded real estate investment trust, is valued at $842 million.
According to Bloomberg, the market value of Jetro Holdings, a New York-based company that manages two wholesale grocery businesses in the United States – Jetro Cash & Carry and Restaurant Depot – is calculated by averaging the enterprise value-to-sales multiples of four publicly traded peer companies: Costco Wholesale, Kroger, Metro, and Loblaw Companies.
Costco, Kroger, Metro, and Loblaw Companies’ share prices have increased significantly since the beginning of the year, as investors and analysts revise their earnings estimates to reflect the most recent business trends, including expectations of a slower pace of interest rate hikes by the U.S. Federal Reserve.
Costco shares have increased by more than seven percent since the start of 2023, as the warehouse retailer reported strong results in its December comparable sales report.
Costco’s revenue rose by seven percent to $22.24 billion in the five weeks ending Jan. 1, and comparable sales adjusted for fuel and currency exchange increased by 7.3 percent, an improvement from the 5.3 percent adjusted comparable sales it reported in November.
