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Swazi billionaire Natie Kirsh, the 92-year-old businessman behind a global network of retail and real estate holdings, has seen his fortune fall by $710 million in the past five months following a revaluation of his assets across several markets.
According to the Bloomberg Billionaires Index, Kirsh’s net worth has slipped from $10.4 billion on June 2 to $9.69 billion, reflecting weaker valuations in parts of his privately held investments.
The decline has also reduced his year-to-date gains to about $358 million, down from more than $1 billion earlier this year.
Kirsh’s Jetro stake slips to $6.77 billion
Most of Kirsh’s wealth comes from his 75 percent stake in Jetro Holdings, the New York–based wholesale grocery group that owns Jetro Cash & Carry and Restaurant Depot. These companies supply food and restaurant goods to independent operators across the United States.
The estimated value of Kirsh’s stake has eased from $7.4 billion to $6.77 billion, mirroring the performance of publicly traded peers such as Costco, Kroger, Metro, and Loblaw.
Kirsh’s investment group, Ki Corporation, has also been active in Australia and New Zealand. In April, it partnered with Public Storage to make a non-binding offer for Abacus Storage King, one of the region’s largest self-storage companies.
The proposed deal valued the company at A$1.93 billion ($1.2 billion), offering A$1.47 per security, or roughly $0.89 per share.
New player challenges Kirsh’s storage move
The bid faced a new challenge when National Storage REIT, another storage operator, acquired a 4.78 percent stake in Abacus Storage King.
The move could complicate the takeover because even a modest ownership block can sway shareholder votes and potentially derail the takeover.
Kirsh’s Ki Corporation already controls 59.47 percent of Abacus Storage King, which operates 126 storage facilities, with 21 projects under development and 75 more under management.
The company remains a key player in a storage sector expanding alongside population growth and demand for flexible storage options in Australia and New Zealand.
