Another African billionaire loses $730 million in four months

Data from the Bloomberg Billionaires Index indicates that Kirsh’s net worth has fallen by $730 million since June 1, declining from $10.4 billion to $9.67 billion by the end of September. The reversal follows a strong performance earlier in the year, when his wealth increased by more than $1.1 billion between April and June on the back of stronger investor confidence.

The downturn is largely attributed to asset revaluations across parts of his portfolio, particularly Jetro Holdings, the U.S.-based wholesale food supply company in which he holds a controlling interest. Jetro, which operates Jetro Cash & Carry and Restaurant Depot across more than 30 states, remains the cornerstone of Kirsh’s business empire. His holdings also include private equity investments and property assets across four continents.

Despite the recent decline, Kirsh’s wealth remains resilient, standing approximately $338 million higher than at the beginning of the year. He continues to rank among Africa’s wealthiest figures, although he is not listed on Forbes Africa’s billionaire index due to the predominantly international footprint of his businesses.

Kirsh, who began his business career with a £1,200 inheritance from his father, has built a diversified portfolio over several decades. His investment vehicle, Ki Corporation, is currently leading a consortium with U.S.-based Public Storage in pursuit of a $1.42 billion acquisition of Australian self-storage operator Abacus Storage King. The consortium’s revised bid, tabled in July after an earlier offer was rejected, boosted Abacus shares by more than seven percent.

The proposed acquisition underlines Kirsh’s strategy of targeting stable, income-generating businesses to offset market volatility. While revaluations have weighed on his fortune in recent months, his continued expansion efforts illustrate a long-term approach to sustaining and growing his global investment footprint.