Swazi billionaire Nathan Kirsh’s fortune has bounced back after a multimillion-dollar slump earlier this year thanks to the recent surge in the market value of his private investments in his conglomerate, Kirsh Group.
According to the Bloomberg Billionaires Index, Kirsh’s net worth has risen by $460 million in the last 64 days alone, rising from $7.08 billion on March 12 to $7.54 billion at the time of writing.
The recent rebound in his fortune is a welcome relief after he suffered a $370 million decline in the first 71 days of 2023. His net worth declined by $290 million between Jan. 15 and Feb. 24, from $7.61 billion to $7.32 billion.
With the $460 bump, Kirsh has joined the ranks of African billionaires who have seen significant growth in their fortunes this year. His net worth is up $83.8 million this year alone, according to data tracked by Billionaires.Africa.
The leading businessman who turned his father’s inheritance of £1,200 ($1,630) into a billion-dollar conglomerate derives most of his wealth from his stake in leading food supply company Jetro Holdings.
His group, Kirsh Group, holds a majority 75-percent stake in Jetro Holdings.
The New York-based company manages which manages two wholesale grocery businesses in the United States: Jetro Cash & Carry and Restaurant Depot.
In addition to his investment in Jetro Holdings, the Swazi billionaire owns 54 percent of Sydney-based Abacus Property Group, a publicly-traded real estate investment trust.
Kirsh’s global property holdings include London’s first-ever office skyscraper, Tower 42, and the Jandakot Airport in Perth, Australia.
While the market value of most of his properties has remained stable this year, Tower 42, one of London’s iconic skyscrapers, has experienced a $10 million dip since the year began, falling from $373 million to $364 million.
This decline comes amid continuing property market disruptions as buyers and sellers adjust to the new era of higher interest rates.