He had a net worth of $5.8 billion at the time of his death, according to Forbes, which called Jhunjhunwala an “investor with a Midas touch.” His latest venture, a low-cost airline called Akasa Air, began operations in India last week.
“We are deeply saddened by the untimely death of Rakesh Jhunjhunwala this morning,” Akasa Air said on Sunday in a statement, praising the businessman’s “indomitable spirit” and passion for “all things Indian”.
The cause of death was not immediately available. A family member of Jhunjhunwala told Reuters that the investor “passed away surrounded by his family and close aides”. He is survived by his wife, Rekha Jhunjhunwala, and three children.
Local media reported that Jhunjhunwala was in poor health and had appeared in a wheelchair at a launch event for Akasa Air last Sunday.
Indian politicians and business leaders expressed their condolences on Jhunjhunwala’s death. Many praised his efforts to educate people about stock trading as well as his greed towards India and its economy.
“Rakesh Jhunjhunwala was indomitable,” Indian Prime Minister Narendra Modi said. “Full of life, insightful and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about the progress of India.”
“Investor, bold risk taker, master understanding of stock market, clear in communication – a leader in his own right,” Indian Finance Minister Nirmala Sitharaman wrote on Twitter.
In a 2021 interview with the Economic Times of India, Jhunjhunwala expressed confidence in India’s ability to overtake the world’s second largest economy, China. “You can call me stupid, you can call me anything, I may not live to see it, but I can tell you one thing – India will overtake China in the next 25 years,” he said.
Jhunjhunwala “believed that India’s stocks were undervalued. He’s right,” wrote Uday Kotak, a billionaire banker from India who said he went to school with Jhunjhunwala and described him as having a “surprisingly keen understanding of the financial markets”.
Jhunjhunwala was born in July 1960 and grew up in Mumbai. He completed his undergraduate studies at the University of Mumbai and later graduated from the Institute of Chartered Accountants of India.
His father was a commissioner for the Indian government’s income tax department and gave Jhunjhunwala investment advice, according to the Financial Express. Jhunjhunwala invested just $100 in the stock market as a 25-year-old student, according to Forbes — and eventually grew it into a multibillion-dollar portfolio.
He was also an Indian film enthusiast and co-produced three Bollywood films between 2012 and 2016.
Indian markets commentator Ajay Bagga told the BBC that Jhunjhunwala “personified the story of India” – “a young middle-class guy rising up to build such a huge fortune”.
