Swazi billionaire Natie Kirsh hit hard as year-to-date wealth losses surpass $170 million

Mfonobong Nsehe -

Despite a $460-million increase in his fortune between March 12 and May 15, Swazi billionaire Nathan Kirsh (Natie Kirsh) has recently experienced a decrease in his net worth, with his year-to-date wealth losses exceeding the $170 million level.

According to the most recent data from the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest billionaires, Kirsh, one of Africa’s richest men, has seen his net worth fall by $173 million since the beginning of the year, from $7.45 billion on Jan. 1 to $7.28 billion at the time of writing this report.

The $173-million drop in his fortune so far this year is substantially less than the $821-million wealth loss he endured in 2022 when his net worth plummeted from $8.27 billion at the start of the year to $7.45 billion at the end of the year.

The decline in Kirsh’s fortune since the beginning of the year can be attributed to the performance of his private investments through Kirsh Group, a closely held conglomerate that owns a majority position in the food supply company Jetro Holdings.

The renowned businessman who transformed his father’s bequest 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.

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.

Going by Bloomberg’s figures, Natie Kirsh’s stake in Jetro Holdings is currently worth $4.76 billion, accounting for the majority of his $7.28-billion fortune.

The Swazi billionaire also owns substantial shares in Abacus Property Group and Jetro Holdings, which are presently valued at $798 million and $476 million, respectively.