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Swazi billionaire Nathan “Natie” Kirsh has recorded a $260-million decline in his net worth in the past week, as the valuation of his investments in his conglomerate Kirsh Group decreased in value.
Kirsh, who is one of the richest billionaires of African descent, saw his wealth surge to a record $8.35 billion on Jan. 4, $1.89 billion higher than his net worth a year ago.
As of press time, Jan. 11, his fortune is valued at $8.09 billion, $76.7-million lower than his net worth at the opening of business this morning.
Kirsh holds the majority of his investments through Kirsh Group, a family-owned conglomerate that maintains private equity investments in Africa, Asia, the United States and Europe.
The conglomerate controls a majority 75-percent stake in Jetro Holdings. This gives the Swazi billionaire an indirect interest in the consumer goods business. In addition, Kirsh controls a majority 54-percent stake in Abacus Property Group, a Sydney-based real estate investment trust.
The multimillion-dollar slump in the valuation can be linked to a revaluation of his private equity investments in Africa, Asia, the United States and Europe, and also his indirect interests through Kirsh Group.
Kirsh’s net worth at the opening of business and trading on Jan. 4 was estimated at $8.35 billion. The recent decrease in the valuation of his investments caused his net worth to decline from $8.35 billion seven days ago to $8.09 billion as of the time of writing.
This translates to a $260-million decline in his net worth in the past week. Despite the drop in his net worth, Kirsh remains one of the wealthiest billionaires on the African continent.
His $8.09 billion net worth makes him the 329th wealthiest man in the world.
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