Rakesh Jhunjhunwala facts for kids
Quick facts for kids
Rakesh Jhunjhunwala
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Jhunjhunwala at his office in 2004
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| Born | 5 July 1960 |
| Died | 14 August 2022 (aged 62) Mumbai, Maharashtra, India
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| Education | Chartered Accountant |
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| Occupation | Businessman, investor, stock trader |
| Spouse(s) | Rekha Jhunjhunwala |
| Children | 3 |
Rakesh Jhunjhunwala (5 July 1960 – 14 August 2022) was an Indian billionaire business magnate, Chartered Accountant, stock trader, and investor. He began investing in 1985 with a capital of ₹5,000, with his first major profit in 1986. At the time of his death he had an estimated net worth of $5.8 billion, making him the 438th richest person in the world. He was a partner in his own asset management firm, Rare Enterprises. Besides being an active investor, he served as chairperson and director for several companies. He was also a founder of Akasa Air. He was investigated for insider trading and settled with the Securities and Exchange Board of India (SEBI) in 2021. Jhunjhunwala was often referred to as "India's Warren Buffett" or the "Big Bull of India", and was widely known for his stock market predictions and bullish outlooks.
Early life and education
Jhunjhunwala was born on 5 July 1960 and grew up in a Rajasthani Marwari family, in Mumbai. His father Radheshyam Jhunjhunwala worked as a Commissioner of Income Tax. His surname indicates that his ancestors belonged to Jhunjhunu in Rajasthan. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.
Career
Jhunjhunwala's interest in stock markets arose when he observed his father discussing the markets with his friends. While his father guided him on the markets, he never gave him money to invest and forbade him from asking friends for money. With his savings at hand, Rakesh started investing early when in college. Beginning with ₹5,000 capital in 1985, Jhunjhunwala's first big profit came in the form of ₹5 lakh in 1986. Between 1986 and 1989, he earned almost ₹20–25 lakh profit. By 2022, his investment had grown to ₹11,000 crores. As of 2021, his biggest investment was in Titan Company which is worth ₹7,294.8 crore.
He managed his own portfolio as a partner in his asset management firm, Rare Enterprises. Besides being an active investor, Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sat on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited.|date=June 2021}} He was also a member of the Board of Advisors of India's International Movement to Unite Nations (I.I.M.U.N.).
In 2013, Jhunjhunwala bought 6 of the 12 units of Ridgeway apartments at Malabar Hill from Standard Chartered bank for ₹176 crore. Later in 2017, he bought the other 6 apartments in the building from HSBC for ₹195 crore. In 2021, he commenced the construction of his new 70,000 square feet 13-storey home after the demolition of the old building.
In July 2021, he invested in Akasa Air, a low-cost airline in India, investing 400 million dollars for a 40% stake in the airline. As of August 2022, the new airline has 4 aircraft, with additional order for 68 more aircraft, and flies to 5 cities. Before his death Rakesh had increased his stake in the airline to 46% becoming the largest stakeholder in the company.
Philanthropy
Jhunjhunwala, whose net worth stands at $5.8 billion as at the time of his death, had plans to donate a quarter of his wealth to charity. His philanthropic portfolio included health care as well as education-related initiatives, supporting organizations such St Jude, Agastya International Foundation, Ashoka University, Friends of Tribals Society and Olympic Gold Quest. He was also active in efforts to construct an eye hospital in Navi Mumbai.
In popular culture
Similar to the Fake Steve Jobs blog, there is a popular parody blog called The Secret Journal of Rakesh Jhunjhunwala that humorously parodies the investor's life. On 7 June 2012, the authors were revealed by The Economic Times to be two people: For the first year, Mark Fidelman (a Forbes columnist) and for the remaining years, writer Aditya Magal.
In the web series Scam 1992, actor Kavin Dave played a role based on Jhunjhunwala.
Death
On 14 August 2022, Jhunjhunwala felt ill and was rushed to Breach Candy Hospital in Mumbai, and died at approximately 6:30 a.m. Doctors later reported that he suffered from kidney-related problems and acute multiple organ failure. Indian Prime Minister Narendra Modi shared his condolences stating, "Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening."
Personal life
Rakesh Jhunjhunwala married Rekha Jhunjhunwala on 22 February 1987. The couple had three children together. Their daughter Nishtha was born on 30 June 2004. Their twin sons Aryaman and Aryaveer were born on 2 March 2009.
