Table of Contents
Key Points
- Nathan Kirsh, Eswatini's richest individual, boasts a net worth of $9.71 billion, with a $2.1 billion gain this year.
- Some of his strategic investments include Jandakot Airport and Birkenhead Point, showcasing his ability to transform industrial sites into valuable mixed-use properties.
- Kirsh expanded his family's sorghum-malt business in 1952, reducing Eswatini's reliance on South Africa for food staples, sparking his business success.
Celebrated as the richest man in Eswatini (formerly Swaziland) and one of Africa’s wealthiest individuals, Nathan Kirsh (Natie Kirsh), a renowned Swazi billionaire, stands out among African-born business leaders with significant property holdings outside the continent.
By strategically diversifying his portfolio, Kirsh has effectively mitigated the persistent challenges of inflation and currency devaluation—issues that have eroded the value of businesses and wealth in many African countries.
Kirsh’s journey to immense wealth began in 1952 when he took over his family’s sorghum-malt manufacturing business after graduating from the University of Witwatersrand. Starting with a modest £1,200 ($1,524) inheritance from his father, he expanded the business by milling corn and malt, ultimately reducing Eswatini’s dependence on South Africa for food staples.
Over the decades, his ventures expanded into a conglomerate, boosting his net worth to $9.71 billion, according to Bloomberg's latest estimates. With a year-to-date gain of $2.1 billion, Kirsh has become not only Eswatini's richest individual but also ranks 291st on the Bloomberg Billionaires Index, which tracks the world’s 500 wealthiest people.
The cornerstone of Kirsh’s fortune lies in his 75 percent stake in Jetro Holdings, a New York-based company that operates Jetro Cash & Carry and Restaurant Depot. However, his business empire spans far beyond wholesale retail, extending across four continents with notable investments in real estate and iconic properties that reflect his sharp instincts and deep understanding of business.
From Britain and the United States to Australia and his home country of Eswatini, Kirsh’s portfolio reflects a legacy of resilience, innovation, and strategic investments. Among his standout holdings is London’s Tower 42, the city’s first office skyscraper and a symbol of his impact on global real estate.
Even after selling $1.5 billion worth of Australian property in 2021, Kirsh has maintained a significant presence in the country, holding both commercial and residential assets to further solidify his diversified global footprint. Here’s a closer look at the iconic properties tied to this billionaire visionary:
- Tower 42
Tower 42, London's first office skyscraper, became part of Kirsh’s real estate portfolio in 2011 when he acquired it for $440 million. Originally opened in 1981 as the NatWest Tower, the 183-meter (600 ft) structure was the United Kingdom's tallest building until 1990 and remained the tallest in the City of London until 2010. After severe damage from a 1993 IRA bombing, the tower underwent a £75 million ($95.2 million) refurbishment and was later renamed Tower 42. While the building was a prestigious addition to Kirsh’s portfolio, its market value has since declined by $76 million, falling from $440 million to $364 million.
- Birkenhead Point
Another standout property in Kirsh’s portfolio is Birkenhead Point in Australia, home to the Birkenhead Point Outlet Centre, marina, and apartment complex. Once an industrial area, the site has undergone extensive renovations, including a new floor and glass roof completed in 2010, transforming it into a vibrant mixed-use destination.
- Jandakot Airport
In 2005, Kirsh’s investment firm Ascot Capital acquired the 99-year head lease for Jandakot Airport, Australia’s busiest general aviation airport by aircraft movements. Under Kirsh's management, Jandakot Airport boasted an annual capacity of 526,000 aircraft movements and included the expansive Jandakot City industrial estate. In 2021, the airport and its adjacent estate were sold to Dexus Property Group in a $1.5 billion deal.
- Jandakot City Industrial Estate
Complementing the Jandakot Airport investment, the Jandakot City industrial estate spanned 620 hectares, offering considerable development potential. Managed by Kirsh’s Ascot Capital until 2021, the estate was a key component of the $1.5 billion sale to Dexus Property Group, reflecting Kirsh's ability to identify and develop high-value assets.
