Eswatini’s richest man Natie Kirsh loses $300 million

Key Points

• Eswatini billionaire Natie Kirsh’s net worth dropped from $10.4 billion to $10.1 billion, according to the Bloomberg Billionaires Index.
• The $300 million loss comes after a two-month rally driven by rising valuations of Kirsh’s stake in U.S. food wholesaler Jetro Holdings.
• Kirsh’s joint bid with Public Storage for Abacus Storage King may face resistance after a rival acquired nearly 5% of the Australian firm.

Just two weeks after his net worth jumped to $10.4 billion—pushing his 2025 gains past the $1 billion mark—Eswatini’s richest man, Natie Kirsh, has seen a $300 million dip in his fortune.

According to the Bloomberg Billionaires Index, which tracks the world’s 500 richest individuals, Kirsh’s net worth dropped from $10.4 billion on June 3 to $10.1 billion as of this report. That pullback has reduced his year-to-date gains from nearly $1.1 billion to about $774 million.

Kirsh wealth declines after two-month surge

The decline comes after a strong two-month run between April and early June, during which Kirsh’s net worth rose from $9.24 billion to $10.4 billion. The $300 million decrease is linked to changes in the valuation of his business holdings, including the Kirsh Group—a private company with a controlling stake in Jetro Holdings, a major player in the U.S. food supply chain.

Kirsh owes most of his fortune to Jetro Holdings, a New York-based wholesale grocery group that operates Jetro Cash & Carry and Restaurant Depot. His 75-percent stake in the company is currently valued at around $7.24 billion.

That valuation is based on enterprise value-to-sales comparisons with similar publicly traded companies—Costco, Kroger, Metro, and Loblaw Companies. So far this year, Loblaw shares are down more than 6 percent, but the other three have been gaining as analysts revise their earnings projections in response to market shifts.

Kirsh moves boldly in global storage

Lately, Kirsh has also been looking to grow his fortune through new deals. In April, he joined forces with Public Storage through his family office, Ki Corporation, in a bid to acquire Abacus Storage King, one of the largest self-storage operators in Australia and New Zealand. The non-binding offer aimed to buy all remaining shares not already held by Ki or its affiliates, valuing the company at A$1.93 billion ($1.2 billion) with an offer of A$1.47 ($0.89) per share.

At first, the acquisition seemed likely to proceed. But just a week later, rival firm National Storage REIT purchased a 4.78 percent stake in Abacus, raising the possibility of a challenge. Some analysts say even a 10 percent stake could be enough to block the deal—possibly even less, depending on how shareholders vote.

Kirsh, Public Storage eye shared control

Abacus Storage King operates around 126 storage facilities, with an additional 21 sites in development and 75 properties under management across Australia and New Zealand. The sector remains fragmented and continues to grow, driven by population increases and the need for flexible storage options.

Through Ki Corporation, Kirsh already owns 59.47 percent of Abacus Storage King. If the acquisition goes through, he and Public Storage plan to share control equally. They’ve pitched the deal as a win for minority shareholders, offering them immediate cash and a solid premium over current prices.