Natie Kirsh, Africa’s oldest billionaire, is half a billion dollars richer this year

Key Points

• The rising value of Natie Kirsh’s 75% stake in Jetro Holdings added $504 million to his fortune, boosting his net worth to $9.83 billion.
• His diverse assets include a $476 million stake in Jetro’s real estate unit and a $364 million London skyscraper, Tower 42.
• At 93, Kirsh remains Eswatini’s richest man, ranking 290th on Bloomberg’s Billionaires Index as his fortune continues to expand.

Natie Kirsh, Eswatini’s richest man and Africa’s oldest billionaire, is half a billion dollars richer this year, strengthening his position among the world’s wealthiest individuals. At 93, his net worth has grown by $504 million since January, pushing his net worth from $9.3 billion to $9.83 billion, according to the Bloomberg Billionaires Index.

Jetro stake boosts Kirsh’s fortune

Most of Kirsh’s wealth comes from his 75-percent stake in Jetro Holdings, a New York-based wholesale grocery giant that owns Jetro Cash & Carry and Restaurant Depot. The rising value of his stake—up from $6.7 billion on Jan. 1 to $7.21 billion—fueled his latest gains. This follows a $1.77 billion increase in 2024 when his net worth jumped from $8.41 billion to $9.3 billion.

Jetro’s valuation is based on the enterprise value-to-sales multiples of four publicly traded peers—Costco Wholesale, Kroger, Metro, and Loblaw Companies—according to Bloomberg. While Loblaw’s shares have dropped more than 6 percent this year, Costco, Kroger, and Metro have climbed as analysts adjust their earnings forecasts to reflect shifting market trends.

How Natie Kirsh built his fortune

Kirsh’s journey to immense wealth began in 1952 when he took over his family’s sorghum-malt business after graduating from the University of Witwatersrand. With a modest inheritance of £1,200 ($1,524), he expanded into corn and malt milling, helping Eswatini reduce its reliance on South Africa for staple foods. What started as a small family business grew into a multinational empire spanning wholesale retail, real estate, and other industries, solidifying his reputation as a visionary entrepreneur.

Beyond his stake in the New York-based wholesale grocery giant, Kirsh’s wealth is spread across various assets. His stake in Jetro Holdings’ real estate unit is worth $476 million, while his 54-percent stake in Sydney-listed Abacus Property Group is valued at $334 million. His privately held conglomerate, Kirsh Group, which controls Jetro Holdings, is worth $205 million, and his stake in Abacus Storage King is estimated at $342 million.

Kirsh expands fortune with property holdings

His real estate holdings add even more to his fortune. His portfolio includes Tower 42, a landmark office skyscraper in London valued at $364 million. As his wealth continues to grow, he remains the richest man in Eswatini and holds the 290th spot on the Bloomberg Billionaires Index.