Rakesh Jhunjhunwala Net Worth $6 Billion
Category: Richest Business › Richest Billionaires
Net Worth: $6 Billion
Birthdate: July 5, 1960 – August 14, 2022 (62 years old)
Birthplace: Mumbai, India
Gender: Male
Profession: Stock Trader, Investor, Film Producer
Nationality: India
What was Rakesh Jhunjhunwala’s Net Worth?
Rakesh Jhunjhunwala was an Indian investor and trader with a net worth of $6 billion at the time of his death. Known as “India’s Warren Buffett,” he was a partner in the asset management firm Rare Enterprises and invested millions in the Indian airline Akasa Air. In 2021, he was investigated for insider trading before settling with the Securities and Exchange Board of India.
Early Life and Education
Rakesh Jhunjhunwala was born on July 5, 1960, in Hyderabad, Andhra Pradesh, India, and grew up in Mumbai. He attended Sydenham College of Economics and the Institute of Chartered Accountants of India.
Career Beginnings in Investing
Inspired by his father, a commissioner of income tax, Jhunjhunwala developed an interest in the stock market. He began investing while still in college, starting with ₹5,000 in capital in 1985. By the next year, he made his first major profit of ₹5 lakh. Between 1986 and 1989, he earned a profit of around ₹20-25 lakh.
Rare Enterprises
Jhunjhunwala co-founded Rare Enterprises, an asset management firm where he managed his own portfolio and invested in various companies. His portfolio included significant holdings in Titan Company, Tata Motors, and Crisil. Jhunjhunwala was also a major investor in Akasa Air, investing $35 million for a 40% stake in the airline in 2021.
Philanthropy
Rakesh Jhunjhunwala was deeply involved in philanthropy, supporting organizations such as Agastya International Foundation, Olympic Gold Quest, St. Jude India ChildCare Centres, and Friends of Tribals Society. He planned to donate a quarter of his fortune to these and other charities.
Insider Trading
In 2021, the Securities and Exchange Board of India investigated Jhunjhunwala for potential insider trading. He settled with the SEBI by paying ₹35 crore.
Construction of Mumbai Mansion
In 2013, Jhunjhunwala purchased half of the twelve Ridgeway apartment units at Malabar Hill in South Mumbai for ₹176 crore and the other six units for ₹195 crore in 2017. He demolished the building to construct a new 13-story, 70,000-square-foot mansion.
Personal Life and Death
Rakesh Jhunjhunwala married his wife Rekha in early 1987, and they had three children: a daughter named Nishtha and twin sons named Aryaveer and Aryaman. Jhunjhunwala passed away from multiple organ failure on August 14, 2022, at Breach Candy Hospital in Mumbai.
