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Key Points
- Eswatini’s richest man, Natie Kirsh, lost $100 million in a week, lowering his net worth to $9.82 billion, according to Bloomberg Billionaires Index.
- Kirsh holds stakes in Abacus Property, Storage King, and London’s Tower 42, maintaining a strong financial position despite market fluctuations.
- His 75% stake in Jetro Holdings surged from $6.7 billion to $7.14 billion in 2024, fueled by U.S. wholesale grocery market trends.
Eswatini’s richest man, Natie Kirsh, has seen his fortune decline by $100 million over the past week, bringing his net worth down to $9.82 billion, according to the Bloomberg Billionaires Index. The drop comes after his wealth peaked at $9.92 billion on Feb. 18.
The pullback is attributed to fluctuations in his business interests, particularly in the food supply industry. Still, Kirsh remains one of Africa’s richest individuals and is having a strong year overall, with his fortune up by $488 million since the start of 2025.
Jetro Holdings fuels Kirsh’s wealth
Natie Kirsh, who built his empire from a family sorghum-malt business in 1952, derives most of his fortune from his 75-percent stake in Jetro Holdings.
The New York-based consumer goods company owns Jetro Cash & Carry and Restaurant Depot, two major U.S. wholesale grocery businesses. Since the beginning of the year, the value of his stake in Jetro Holdings has increased from $6.7 billion to $7.14 billion.
Jetro’s valuation is influenced by the enterprise value-to-sales multiples of major publicly traded retailers like Costco Wholesale, Kroger, Metro, and Loblaw Companies. While Loblaw’s stock has dropped more than 6 percent this year, Costco, Kroger, and Metro have posted gains, reflecting shifting market trends.
Diverse investments bolster Kirsh’s fortune
Ranked 304th on the Bloomberg Billionaires Index, Kirsh’s investment portfolio spans real estate and retail. He holds a 54-percent stake in Sydney-listed Abacus Property Group, valued at $348 million, as well as a $360 million stake in Abacus Storage King. His privately held conglomerate, Kirsh Group, which controls Jetro Holdings, is worth $205 million.
In addition to his core holdings, Kirsh has substantial real estate investments, including Tower 42, a landmark London office skyscraper valued at $364 million, and Jandakot Airport in Perth, Australia. Despite the recent $100 million dip in net worth, Kirsh's diversified assets and strong performance in key markets position him among Africa’s most resilient billionaires.
