Rakesh Jhunjhunwala: The 48th Richest Man of India

Rakesh Jhunjhunwala: The 48th   Richest Man of India

Rakesh Jhunjhunwala is an Indian businessman, investor, and film producer. He is the owner of Rare Enterprises, a privately owned stock trading firm. According to Forbes Rich List, he has been declared the 48th richest person in India with a net worth of 520 crores (2022).

He started investing and experimenting with stocks while studying in college. He is popularly known as the Warren Buffet of India and the King of Bull Market. He is also an active philanthropist and intends to donate almost 50% of his fortune to charitable organizations. He sponsors nearly 400 schools and advocates education for children coming from disadvantaged backgrounds.

Rakesh Jhunjhunwala- Biography

Name Rakesh Jhunjhunwala
Born 1960
Died 14 August 2022
Birthplace Telangana, India
Nationality Indian
Education Sydenham College; The Institute of Chartered Accountants of India
Profession Businessman; Investor; Film Producer
Position Owner of Rare Enterprises
Net worth $620 Crore (2022)
Siblings Rajesh Jhunjhunwala; Raju Jhunjhunwala
Spouse Rekha Jhunjhunwala
Daughter Nishtha
Sons Aryaman; Aryavir

Rakesh Jhunjhunwala- Personal Life and Education
Rakesh Jhunjhunwala- Professional Life
Rakesh Jhunjhunwala- As an Investor
Rakesh Jhunjhunwala- Rare Enterprises
Rakesh Jhunjhunwala- As a Producer
Rakesh Jhunjhunwala- Honors & Awards

Rakesh Jhunjhunwala- Personal Life and Education

Rakesh Jhunjhunwala
Rakesh Jhunjhunwala

Rakesh was born in Hyderabad, Andhra Pradesh (now in Telangana), India. He was brought up in a Mumbai-based Marwari family, where his father was employed as an income tax officer.

He is married to Rekha Jhunjhunwala and the couple bear three children. He is known as a family man who loves his wife, brothers, and children.

Rakesh Jhunjhunwala With His Family
Rakesh Jhunjhunwala With His Family 

Rakesh studied at Sydenham College of Commerce and Economics situated in Mumbai. He was qualified as a Chartered Accountant from the Institute of Chartered Accountants of India.

On the morning of 14th August 2022, Rakesh Jhunjhunwala lost his life due to a cardiac arrest at the age of 62. During his last days, he was living in Mumbai and was rushed to Breach Candy Hospital where doctors could not save his life and reported multiple organ failure.

His dmise was shocking for the whole Indian Business ecosystem. PM Narendra Modi shared his condolences to Rakesh Jhunjhunwala's demise  in a tweet:

Other personalities like Industrialist Gautam Adani, Finance Minister Nirmala Sitharaman, Zerodha Founder Nikhil Kamath and others also shared their condolences on social media.

Rakesh Jhunjhunwala- Professional Life

Rakesh is the chairman of Aptech Limited and Hungama Digital Media Entertainment Private Limited. The stocks of Rakesh fell to 30% in December 2011. He somehow recovered all those losses in February 2012.

These roller coasters in the journey aided him to reduce his susceptibility by trimming his portfolio to one-third. However, his utmost care to dispossess his Aptech stake eventually had no takers.

Apart from being a businessman, Rakesh Jhunjhunwala is an investor, philanthropist, and also Bollywood movie producer. He serves on the Board of directors of a bunch of Indian companies.

Rakesh Jhunjunwala- as the Board OF Directors

  • Prime Focus Limited.
  • Geojit Financial Services.
  • Bilcare Limited.
  • Praj Industries Limited.
  • Innovasynth Technologies Limited.
  • Mid Day Multimedia Limited.
  • Nagarjuna Construction Company Limited.
  • Viceroy Hotels Limited.
  • Tops Security Limited.

Rakesh Jhunjhunwala- As an Investor

Rakesh got inspired by his father, who used to discuss stock trading. Eventually, Rakesh took a good amount of interest in the stocks business. After completing his studies for Chartered Accountant in 1985, Rakesh made his first investment with only Rs.5000 when the Bombay Stock Exchange Index was at 150 rupees.

After one year, he got a profit of Rs. 5 lakh by selling 5,000 shares of Tata Tea for Rs. 143 after buying for Rs. 43 per share three months ago.

He has invested Rs. 26 crores in the company, A2Z Maintenance. Thus he has increased his stake in the company by 3.57% to 23.2%. One of the major profits he earned was Rs. 3 lakh in 1986. Between the years 1986-1989, he earned almost Rs. 20-25 lakh profit. One of his biggest investments in the year 2020 is in the Titan Company, which is worth Rs. 4,758 crores.

Rakesh Jhunjhunwala- Rare Enterprises

Rare Enterprises Logo
Rare Enterprises Logo

Rare Enterprises is a privately owned asset management firm, which serves Indian customers. The name Rare has been derived from the combined name of Rakesh and his wife Rekha.

Speaking of the year 2020, the company purchased 50 lakh shares of Indiabulls Real Estate through an open market transaction on NSE. After this move, the stock jumped 15.68% to Rs. 63.80 on the BSE. Moreover, it gained 15.97% to Rs. 63.90 on the NSE.

Rare Enterprises purchased 50 lakh scrips of the company at an average price of Rs. 57.73 per share, as per NSE's bulk deal data. This deal took a total value of Rs.28.86 crore.

Rakesh Jhunjhunwala- As a Producer

He has been the co-producer of some major Bollywood movies like Ki & Ka, English Vinglish, and Shamitabh. Moreover, a web series named Scam 1992, where, an actor named Kevin Dave played a role based on Rakesh.

The Character "Rakesh" is inspired by the "Rakesh Jhunjhunwala" and played by Kavin Dave in the movie "Scam 1992"
The Character "Rakesh" is inspired by the "Rakesh Jhunjhunwala" and played by Kevin Dave in the movie "Scam 1992"

His movie English Vinglish was nominated under the criteria of Best Film (2013) through the platform of Filmfare Awards, Zee Cine Awards, and Awards of the International Indian Film Academy.

There is a famous parody blog based on his life, The Secret Journal of Rakesh Jhunjhunwala, which was revealed in 2012 by The Economic Times and written by Forbes columnist Mark Fidelman for a year before it was taken over by Indian author Aditya Magal.

A snippet of the blog published by Time Of India on Rakesh Jhunjhunwala
A snippet of the blog published by Economic Times on Rakesh Jhunjhunwala

Rakesh Jhunjhunwala- Honors & Awards

  • Rakesh was described as an Investor with a Midas touch by Forbes.
  • India Today described him as the pin-up boy of the current bull run.
  • The Economic Times called him the Pied Piper of Indian bourses.
  • He is ranked as the 48th richest person in India according to Forbes Rich List with a net worth of $620 Crores.

Conclusion

Rakesh Jhunjhunwala is the 48th richest Indian man with the most inspiring life journey. He started as a stock investor with Rs 5000 and now stands at a net worth of $620 Crores as of 2022. He is popularly known as Warren Buffet of India due to his unscalable stock knowledge. Some of the key points about Indian Warren Buffet have been shared in the above context.

FAQs

Who is Rakesh Jhunjhunwala?

Rakesh Jhunjhunwala is an Indian businessman, investor, and film producer. He is the owner of Rare Enterprises, a privately owned stock trading firm.

What is the net worth of Rakesh Jhunjhunwala?

Rakesh Jhunjhunwala's net worth is $620 Crores in the year 2022.

How did Rakesh Jhunjhunwala make his money?

Rakesh Jhunjhunwala's first big profit was Rs 0.5 million in 1986. He bought 5,000 shares of Tata Tea at Rs 43 and within 3 months it was trading at Rs 143. He made a profit of over 3 times by selling the stocks of Tata tea.

When did Rakesh Jhunjhunwala buy titan?

Rakesh Jhunjhunwala bought titan in the year 2002-2003 for a minimal value and holds above 7.5 crores share of Titan company.

Is Rakesh Jhunjhunwala a CA?

Yes, Rakesh Jhunjhunwala is a certified CA with the education completed from Sydenham College, The Institute of Chartered Accountants of India.

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