After reports of a $29 billion divestment, South African billionaire Natie Kirsh has claimed the title of Africa’s third-wealthiest individual, surpassing Nigeria’s Abdulsamad Rabiu.
Earlier in the year, Rabiu had risen to the continent’s third spot, with his net worth climbing from $10.4 billion at the beginning of the year to $14.6 billion by March, according to Bloomberg data.
This $4.47 billion increase placed him as the 197th richest person globally and maintained his third position in Africa.
Rabiu’s current net worth stands at $4.3 billion, the same as last month.
Meanwhile, Kirsh’s year-to-date growth of $5.29 billion now surpasses Rabiu, positioning him as the 192nd wealthiest person in the world, with a total net worth of $15.0 billion, per Bloomberg’s real-time index.
This represents a significant rebound from October of last year, when reports indicated that the South African-born entrepreneur had lost $730 million over four months due to market revaluations, despite pursuing international acquisitions.
Natie Kirsh’s Recent Move
Kirsh’s latest surge in wealth is linked to his plan to sell one of his most valuable and longstanding holdings for $29 billion.
At the end of March, reports indicated that he is preparing to divest Restaurant Depot LLC, a cash-and-carry enterprise that has generated significant profits for him since its founding in 1976.
Sysco Corp. is a key player in this deal and is reportedly close to finalizing the transaction.
With 166 locations across 35 states, Restaurant Depot generated nearly $16 billion in revenue last year.
Kirsh, who began his business journey with a modest £1,200 inheritance from his father, has over decades built a highly diversified investment portfolio.
Through his investment company, Ki Corporation, he is currently leading a consortium with U.S.-based Public Storage to pursue a $1.42 billion acquisition of Australian self-storage operator Abacus Storage King.