…tycoon’s wealth jumps 46% after landmark $29bn deal
South African billionaire Nathan Kirsh has overtaken Nigeria’s Abdul Samad Rabiu as Africa’s fastest wealth creator in 2026, after a landmark $29.1 billion deal boosted his fortune and reshaped the continent’s billionaire rankings.
Data compiled by BusinessDay from the Bloomberg Billionaires Index shows that Kirsh’s net worth rose by 46.2 percent, between February 20 and June 8, making him the biggest wealth gainer among Africans tracked by the index during the period.
The jump marks a notable shift in Africa’s billionaire landscape. While the continent’s wealth rankings have traditionally been driven by gains in listed companies, commodities and industrial expansion, Kirsh’s rise demonstrates the growing role of mergers, acquisitions and strategic exits in creating and unlocking billionaire wealth.
Rabiu, founder and chairman of BUA Group, ranked second with a 42.3 percent increase in wealth, while Aliko Dangote, Africa’s richest man, posted an 11.9 percent gain over the same period.
Despite Kirsh’s rapid ascent, Africa’s billionaire hierarchy remains largely unchanged. Dangote continues to lead the continent with a fortune of $36.7 billion, followed by South African luxury goods magnate Johann Rupert and family at $18.8 billion and Rabiu at $17.5 billion. Kirsh’s wealth climbed to $15.2 billion, placing him fourth among Africa’s richest individuals.
The $29 billion deal behind the surge
The increase was largely driven by the sale of Kirsh’s controlling stake in Jetro Restaurant Depot, the United States-based food distribution giant he spent decades building.
In March, food distribution multinational Sysco agreed to acquire Jetro Restaurant Depot in a transaction valued at $29.1 billion (R475 billion), including debt, making it one of the largest transactions involving an African-born entrepreneur in recent years.
Kirsh, 94 and South Africa’s second richest man, owns an estimated 70 to 75 percent of Jetro through his holding company, making him the primary beneficiary of the transaction. Forbes estimates the deal added at least $10 billion to his personal fortune and could ultimately generate proceeds approaching $22 billion once the transaction closes.
The acquisition is expected to be completed in early 2027 and marks the culmination of a business career spanning more than seven decades.
Building a global food distribution empire
Born in South Africa and long resident in Eswatini, Kirsh built one of the world’s largest food wholesale businesses largely outside the public spotlight. According to Forbes, he made his first fortune in his native Swaziland, where he launched a corn milling business in 1958.
“He expanded into wholesale food distribution in apartheid South Africa, and then into supermarkets and commercial property development.”
Jetro Restaurant Depot operates more than 160 warehouse-style outlets across 35 US states and serves hundreds of thousands of independent restaurants, food retailers and hospitality businesses.
The company generated an estimated $16 billion in revenue last year and approximately $2.1 billion in operating income, making it one of the most successful privately controlled food distribution businesses in North America.
Its cash-and-carry model, which allows customers to buy directly from warehouses rather than rely on traditional delivery networks, helped drive rapid expansion and profitability.
Different paths to wealth creation
The transaction highlights the increasingly diverse ways Africa’s billionaires are building fortunes.
Dangote’s wealth has been propelled by the valuation of the Dangote Petroleum Refinery and his industrial assets, while Rabiu’s gains have been driven by the expansion of BUA Cement and BUA Foods. Kirsh’s surge, by contrast, reflects a liquidity event that unlocked decades of value creation in a single transaction.
For investors and wealth watchers, the development signals that future shifts in Africa’s billionaire rankings may be driven as much by international dealmaking as by domestic industrial growth.
Kirsh rise also reinforces South Africa’s position as one of Africa’s deepest sources of billionaire wealth.
Together with Rupert, Kirsh’s growing fortune ensures that South Africa remains a major force in the continent’s wealth rankings, even as Nigerian industrialists continue to dominate the upper tier.
The development further highlights how African-born entrepreneurs are increasingly creating value through global businesses, linking the continent’s wealth story more closely to international capital markets and cross-border corporate activity than ever before.
