Swazi billionaire Nathan Kirsh (Natie Kirsh) has seen his net worth plummet significantly in the past 40 days following a $157-million increase in the first fifteen days of 2023 due to the performance of his broad investments held through Kirsh Group.
Kirsh’s net worth has dropped by $290 million in the last 40 days, from $7.61 billion on Jan. 15 to $7.32 billion on Feb. 24, according to the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest people.
The $290-million increase in his net worth erased the $157 million in wealth gains recorded in the first two weeks of 2023, resulting in a $131-million year-to-date wealth loss at the time of writing this report.
The revaluation of his private investments through Kirsh Group, a closely held conglomerate with a majority stake in the food supply business Jetro Holdings, can be attributed to the multimillion-dollar drop in his net worth over the past 40 days.
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.
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 a recent drop in his net worth, Kirsh remains not only one of the wealthiest businessmen in Southern Africa, but also one of Africa’s richest billionaires.
In addition to his stake in Jetro Holdings, Kirsh owns 54 percent of Sydney-based Abacus Property Group, a publicly-traded real estate investment trust.
The billionaire also owns property on four continents, including London’s first office skyscraper, Tower 42, and Perth, Australia’s Jandakot Airport. Tower 42, one of London’s tallest landmark skyscrapers, is currently valued at $364 million.
