Africa’s oldest billionaire hits $10.4 billion after $1.55 billion bid fails

Even after walking away from a $1.55 billion bid for Abacus Storage King, Eswatini’s richest man, Natie Kirsh, has added $734 million to his fortune since the start of 2026. The gain has pushed his net worth to $10.4 billion, up from $9.71 billion on Jan. 1, according to Bloomberg. At 94, Kirsh is now ranked 341st in the world and remains the oldest billionaire in Africa.

Data compiled by shore.africa show that the increase this year already exceeds the $380 million rise he recorded in all of 2025, when his wealth climbed from $9.33 billion on Jan. 1, 2025, to $9.71 billion by Dec. 31. The fresh increase reflects the value of his 75 percent stake in Jetro Holdings, the New York-based parent of Jetro Cash & Carry and Restaurant Depot. That holding represents the bulk of his fortune.

Retail rally boosts Kirsh net worth

Bloomberg calculates Jetro’s valuation using the average enterprise value-to-sales multiples of publicly traded peers including Costco Wholesale, Kroger and Metro. Jetro and Restaurant Depot generate annual revenue of more than $10 billion, based on a December 2019 Fitch credit report and subsequent peer performance. As shares of those listed retailers posted double-digit gains this year, the implied market value of Kirsh’s stake in Jetro rose to $7.29 billion.

The increase in his wealth comes months after Ki Corporation, his private investment vehicle, and Public Storage withdrew their proposal to acquire Abacus Storage King. The initial nonbinding offer in April 2025 valued the Australian self-storage operator at A$1.93 billion ($1.36 billion), or A$1.47 ($1.04) per share. After the board rejected the approach, the bid was raised to A$2.2 billion ($1.55 billion). In August 2025, the partners stepped back from the $1.55 billion proposal following a six-week due diligence period.

From Sorghum roots to global holdings

Kirsh’s rise traces back to 1952, when he returned to Eswatini after graduating from University of the Witwatersrand. With a £1,200 inheritance—about $1,500 at the time—he took over his family’s small sorghum-malt business. He expanded into corn and malt milling, helping reduce the country’s reliance on food imports. Over decades, that modest operation grew into Kirsh Group, with Jetro Holdings at its center.

Beyond Jetro, Kirsh owns a $476 million stake in its real estate unit and holds 54 percent of Abacus Property Group, listed in Sydney, valued at about $368 million. His broader real estate interests are estimated at $205 million. His stake in Abacus Storage King is valued at roughly $496 million. He also owns Tower 42 in London, valued at $364 million, and holds cash estimated at $1.25 billion.