A $29 billion divestment has propelled the South African businessman past the Nigerian industrialist in Africa’s wealth rankings…reports Africa Newsdesk
South African billionaire Natie Kirsh has climbed to become Africa’s third wealthiest individual, overtaking Nigerian industrialist Abdulsamad Rabiu following reports of a landmark $29 billion divestment, Business Insider Africa has reported.
According to Bloomberg’s real-time wealth index, as cited by Business Insider Africa, Kirsh’s net worth now stands at $15 billion, reflecting a year-to-date growth of $5.29 billion that has pushed him to 192nd on the global rich list. The figure edges out Rabiu, whose current net worth sits at $4.3 billion — a position he had held through much of the year.
The shift marks a dramatic reversal in fortunes for Kirsh, who just months ago appeared to be heading in the opposite direction. Reports in October last year showed the South African-born businessman had lost $730 million in the four months leading to October, driven by market revaluations even as he pursued international acquisitions.
The catalyst for Kirsh’s resurgence appears to be his move to divest one of his oldest and most valuable assets. Business Insider Africa reports that Kirsh is looking to sell Restaurant Depot LLC, a cash-and-carry wholesale business he founded in 1976 that has grown into a major force in the American food service industry. The business, which operates 166 locations across 35 US states, generated nearly $16 billion in revenue last year. US-based food distributor Sysco Corp is reportedly close to finalising the acquisition deal, valued at $29 billion.
The development is a significant turnaround for Rabiu, who had enjoyed a remarkable run through the year. The Nigerian billionaire had surged from a net worth of $10.4 billion at the start of the year to $14.6 billion by March — a $4.47 billion year-to-date increase that had briefly propelled him to 197th in the world and third in Africa, according to Bloomberg data cited by Business Insider Africa.
Kirsh’s story is one of the more remarkable in African business. He began his career with a £1,200 inheritance from his father and has since built a sprawling and diversified portfolio spanning multiple continents over several decades. His investment vehicle, Ki Corporation, is currently leading a consortium alongside US-based Public Storage in pursuit of a $1.42 billion acquisition of Australian self-storage operator Abacus Storage King — a deal that signals Kirsh’s appetite for expansion remains undiminished even as he exits one of his longest-held assets.
