Rakesh Jhunjhunwala Net Worth
|Net Worth:||$6 Billion|
|Date of Birth:||Jul 5, 1960 - Aug 14, 2022 (62 years old)|
|Place of Birth:||Mumbai|
|Profession:||Stock trader, Investor, Film Producer|
What was Rakesh Jhunjhunwala's Net Worth?
Rakesh Jhunjhunwala was an Indian investor and trader who had a net worth of $6 billion at the time of his death. Rakesh Jhunjhunwala was dubbed "India's Warren Buffett." Among his many major ventures, he was a partner in his own asset management firm, Rare Enterprises, and invested millions in the Indian airline Akasa Air. In 2021, Jhunjhunwala was investigated for insider trading before ultimately 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 to a Rajasthani Marwari family. He grew up in Mumbai. As a young adult, Jhunjhunwala went to the Sydenham College of Economics, and then to the Institute of Chartered Accountants of India.
Career Beginnings in Investing
After overhearing the conversations of his father, a commissioner of income tax, Jhunjhunwala began developing an interest in the stock markets. With guidance from his father, he began investing while he was a student in college. In 1985, Jhunjhunwala started off with ₹5,000 in capital; by the next year, he made his first major profit with ₹5 lakh. Between 1986 and 1989, Jhunjhunwala made a profit of around ₹20-25 lakh.
Jhunjhunwala had his own asset management firm, Rare Enterprises, in which he was a partner. He managed his own portfolio and invested in and made purchases of numerous companies through the firm. Jhunjhunwala's portfolio included Titan Company, Tata Motors, and Crisil, among other expensive assets.
Among Jhunjhunwala's other notable ventures, he was a major investor in the low-cost Indian airline Akasa Air, which was founded by former Jet Airways CEO Vinay Dubey and former IndiGo president Aditya Gosh in 2021. That year, Jhunjhunwala invested $35 million in the airline for a 40% stake.
Beyond his corporate endeavors, Jhunjhunwala had an extensive philanthropic portfolio. He supported such groups as Agastya International Foundation, Olympic Gold Quest, St. Jude India ChildCare Centres, and the Friends of Tribals Society. At the time of his passing, Jhunjhunwala had planned to donate a quarter of his fortune to these and other charities.
Due to his massive accumulation of wealth through investing and stock trading, Jhunjhunwala drew the attention of the Securities and Exchange Board of India, which launched an investigation into potential insider trading on his part. In the summer of 2021, Jhunjhunwala settled with the SEBI via a payment of ₹35 crore.
Construction of Mumbai Mansion
In 2013, Jhunjhunwala acquired half of the twelve Ridgeway apartment units at Malabar Hill in South Mumbai for ₹176 crore. He went on to buy the other six apartments for ₹195 crore in 2017. The building was eventually demolished, and Jhunjhunwala began the construction of a new 13-story, 70,000-square-foot mansion there.
Personal Life and Death
In early 1987, Jhunjhunwala married his wife Rekha. Together, they had a daughter named Nishtha and twin sons named Aryaveer and Aryaman.
Jhunjhunwala fell ill in August of 2022. Rushed to Breach Candy Hospital in Mumbai, he soon passed away from multiple organ failure.