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After losing $370 million in the first 70 days of 2023, Swazi billionaire Nathan Kirsh (Natie Kirsh) has seen his net worth increase by $230 million in the past 17 days due to the performance of his broad investments held through Kirsh Group.
According to data 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 $230 million in the last 17 days, rising from $7.08 billion to $7.31 billion at the time of writing.
The $230-million increase in Natie Kirsh’s net worth can be attributed to his private investments through Kirsh Group, a closely held conglomerate that owns a majority stake in the food supply company Jetro Holdings.
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.
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, as well as a diverse property portfolio that includes London’s first office skyscraper, Tower 42.
Natie Kirsh’s London skyscraper plummets in value by $10 million
Tower 42, one of London’s tallest landmark skyscrapers, has lost nearly $10 million in market value since the beginning of the year, falling from $373 million to $364 million. The decrease occurs against the backdrop of ongoing property market disruptions, as property buyers and sellers adjust to a new era of higher interest rates.
Analysts predict that London’s home prices, which have long been a draw for foreign investors, will fall by 5 percent this year before rising by two percent in 2024 and 4 percent in 2025.
According to a Reuters poll, the decline in British home prices in 2023 may be less severe than previously anticipated. This is due to a strong labor market and fading recession fears, both of which are expected to mitigate the impact of higher borrowing costs.
