3 African Wealthiest Billionaires Who Lost Over $1m in April 2022

Three of Africa’s wealthiest billionaires have suffered a huge setback in April. The drop in market value has been a big factor in their financial woes.

Swazi businessman Nathan Krish shed $280 million from his fortune. Johann Rupert dropped $890 million, while Nasef Sawiris’s wealth fell by $270 million.

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How Nathan Kirsh lost $280 in April 

Nathan “Natie” Kirsh, a well-known Swazi businessman and one of Africa’s wealthiest billionaires, saw his net worth plummet by $280 million in April when the value of his well-diversified investments plummeted.

Kirsh’s fortune has fallen below $8.3 billion in recent years, due to a 75 percent stake in Jetro Holdings, a New York-based company that manages two wholesale grocery businesses in the United States – Jetro Cash & Carry and Restaurant Depot.

According to Bloomberg, the combined valuation of Jetro and Restaurant Depot is computed using the average enterprise value-to-sales multiple of four publicly traded peer companies, Costco Wholesale, Kroger, Metro, and Loblaw Companies.

His net worth dropped from $8.53 billion on April 1 to $8.25 billion. A fall in the value of his majority ownership in Jetro Holdings, which he controls through his closely held conglomerate, Kirsh Group, is responsible for the $250 million drop in his net worth.

Natie Kirsh, despite a decline in his net worth in April, is still the richest man in Eswatini (formerly Swaziland) and one of Africa’s richest billionaires, with a fortune of more than $8.2 billion.

Since the beginning of 2022, his net worth has declined by $23 million, from $8.27 billion on January 1 to $8.25 billion at the end of April.

Kirsh holds 54 percent of Sydney-based Abacus Property Group, a publicly-traded real estate investment trust, in addition to his interest in Jetro Holdings. 

The millionaire also owns property on four continents, including Tower 42, London’s first office skyscraper, and Jandakot Airport in Perth, Australia.

How Johann Rupert lost $890 million 

In April, South African billionaire Johann Rupert, chairman of Richemont, one of the world’s leading luxury goods holdings, saw his wealth plummet by $890 million. 

This drop brought his year-to-date loss to more than $1.89 billion, or 15.8 percent of his net worth at the beginning of the year. 

His net worth plummeted from $11.9 billion at the beginning of the year to $10.01 billion.

In only one month, his net worth dropped from $10.9 billion at the start of the month of April to $10.01 billion at the end of the month, a loss of $890 million for the billionaire businessman who makes the majority of his money from his Richemont holdings.

The drop in his net worth was caused by a drop in the market value of his Richemont stake as investors sold off shares in the Swiss Luxury goods holdings.

As a result of the risk posed by the Omicron-induced COVID-19 outbreak that swept through China’s largest city, leading to the lockdown of millions of people in major financial centers and hubs like Shanghai.

Investors’ reaction to China’s protracted lockdown has caused shares in his luxury goods holdings to decrease from $15.23 per share at the start of the year to $11.94 per share.

The company’s mounting concerns about sales and earnings are exacerbated by the extended lockdown in Shenzhen, which might further impair the company’s earning potential after it discontinued commercial activities in Russia.

Richemont’s Chinese activities brought in $3.1 billion in revenue in the first half of fiscal year 2022, compared to $9.81 billion from its operations across four continents.

How Nassef Sawiris lost $270 million

Following an exhilarating performance in March, when his wealth rose beyond $6.6 billion before plunging below $6.55 billion, Egyptian billionaire Nassef Sawiris’ net worth dropped by millions of dollars in April.

Sawiris, Egypt’s richest man and the Arab world’s wealthiest billionaire, saw his net worth plummet by more than $270 million in April, slipping below the $6.3 billion barriers.

Sawiris had a net worth of $6.52 billion at the start of business and trading activities on April 1. By the end of the month, his net worth had climbed to $6.25 billion.

The $270 million dip in his net worth in April followed a drop in the market value of his 6% share in German sportswear juggernaut Adidas, bringing his year-to-date wealth loss to $251 million.

The impact of a reduction in the market value of his Adidas share was partially offset by a rise in the value of his ownership holding in OCI N.V., a fertilizer firm based in the Netherlands. 

His stake in the fertilizer company is currently his most valuable asset.

The performance of Adidas’ stock has a direct correlation with the value of his interest in the company. 

Investor reactions to a profit warning that Adidas sales could be harmed by COVID-19 have had a substantial influence on their stock value.

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