Rakesh Jhunjhunwala, the 36th richest man in India, died of cardiac arrest on August 14, 2022 in Mumbai, Maharashtra.
HIGHLIGHTS –
- Rakesh Jhunjhunwala is ranked as the 36th richest man in India.
- His net worth was $5.8 billion.
- He died on August 14, 2022, of cardiac arrest.
“Build a fighting spirit – take the bad with the good,” these honest words were said by none other than Rakesh Jhunjhunwala, the Indian Billionaire, stock trader, and businessman.
EARLY LIFE
b Rakesh Jhunjhunwala grew up in a Rajasthani family, in Bombay. His father worked as a commissioner of income tax.
After finishing school, he took admitted into Sydenham College following which he enrolled in the Institute of Chartered Accountants of India.
HIS INVESTMENTS – FIRST AND BIGGEST
In 1985, he began with the capital of Rs. 5000 and today his investment has grown to 11,000 crores. His father would talk to his friends about the stock market, which would appeal to Rakesh.
His father also guided him on the markets, but never gave him money to invest and did not give him permission to borrow money from his friends.
So, in college, with the little savings he had, Rakesh began investing in the stock market.
first big profit was Rs 5 lakh in 1986, and in the next three years, he earned almost 20 to 25 lakh profit.
the biggest investment to date was in the Titan company. He bought 8 crore Titan Shares in 2003-2004, approximately at five rupees per share.
It is now trading at Rs 1,751. Then one fine day, Rakesh Jhunjhunwala made over Rs 875 crore due to the hike in Titan’s share price.
CHARITY AND DONATIONS
bRakesh already knew that he had to improve his lifestyle, as it was unhealthy. He predicted that his demise would be when he turned 61 and that the average life expectancy of an Indian is 70 years.
promised to give away Rs 5000 crore to the RARE family foundation, his charity, by December 2025. He said that he would value his portfolio on the first day of the third year and donate 2% every year, till it reached Rs 25,000 crores.
It’s also known that he donates 25 percent of his annual income towards philanthropic work in India.
SPOUSE AND CHILDREN
b Rakesh Jhunjhunwala married Rekha on 22 February 1987. Their first child, Nishtha, was born on 30 June 2004, and they have birth to their twin sons, Aryaman and Aryaveer, who were born on 2 March 2009.
JHUNJHUNWALA’S LIFESTYLE
favorite food was the South Indian cuisine – Dosa. He would savor the dish.
bhHis favorite celebrities included Amitabh Bachchan, Aamir Khan, and Waheeda Rehman.
In Lonavala, Jhunjhunwala is the owner of a holiday home, which has seven bedrooms, a jacuzzi, disco, gym, and a pool.
dIn 2013, he bought, for 176 crores, half of a sea-facing building. It is comprised of six plush apartments in the upper-market Malabar hill area of Mumbai.
HIS DEATH AND HEALTH PROBLEMS
On the morning of August 14, Rakesh was rushed to the Breach Candy Hospital in Mumbai as soon as he felt some uneasiness in his heart. At around 6:30 a.m. on the same morning, he was declared dead and the doctors informed that he also suffered from kidney-related problems and multiple organ failure. He was cremated at 5:30 p.m. in Mumbai.
Here’s what our Prime Minister Narendra Modi had to say about Rakesh Jhunjhunwala – “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. My condolences to his admirers and admirers. Om Shanti.”
