Rakesh Jhunjhunwala

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Mumbai,
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Cancer
Birthday
Birthplace
Mumbai,

Rakesh Jhunjhunwala is an Indian investor, trader, and certified Chartered Accountant who is widely regarded as the country’s largest investor. ‘Forbes’ dubbed him an “Investor with a Midas touch,” ‘India Today’ dubbed him the “pin-up boy of the present bull run,” and ‘The Economic Times’ dubbed him the “Pied Piper of Indian stock exchanges.” He is now ranked 54th on Forbes’ list of India’s wealthiest people, with a net worth of USD 2.9 billion as of November 2017. He is a partner in his asset management firm, Rare Enterprises; chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd.; and a director of a number of Indian businesses. He is associated with co-producing various Bollywood films, including ‘English Vinglish,’ ‘Shamitabh,’ and ‘Ki & Ka.’ There is a popular parody blog based on his life, ‘The Secret Journal of Rakesh Jhunjhunwala,’ which was proven to be written by two people in 2012 by ‘The Economic Times.’ For a year, Mark Fidelman of ‘Forbes’ contributed to the blog until it was taken over by Indian author Aditya Magal.

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Rakesh Jhunjhunwala’s Career

Rakesh Jhunjhunwala, the son of an income tax officer, began investing in equities during his undergraduate years. He was inspired by his father, who was an investor and frequently discussed stocks with friends. He also received his first instruction from his father, who explained that the price changes due to global events and urged him to stay informed. As the young boy’s fascination with the stock market grew, he indicated to his father his desire to invest.

His father advised him to invest his own money rather than borrow from friends and relatives, and he was also advised to obtain professional qualifications, which prompted him to pursue a degree in chartered accountancy.

Rakesh made his first investment with barely Rs.5,000 after completing his CA in 1985 when the Bombay Stock Exchange Index stood at 150. He earned a profit of 5 lakh rupees the following year by selling 5,000 shares of Tata Tea at a price of Rs.143, three months after purchasing them for Rs.43 a share.

He earned around Rs. 20–25 million in profits till 1989 when he chose to invest in shares of Sesa Goa iron mining company (now Sesa Sterlite). He profited handsomely from the sale of the 400,000 shares he purchased for Rs.10 million. He purchased 6 crore shares of Titan in 2002-03 at an average price of Rs.3, which are now valued at Rs. 2100 crore.

What Is Unique About Rakesh

According to how he is portrayed in the media, it is easy to believe that Rakesh Jhunjhunwala was born with the Midas touch and made only the best choices throughout his life. However, he believes that it is his failures that have helped him become a better investor.

He believes that in order to thrive in the stock market, it is critical to accept and learn from one’s failures. Additionally, he is recognized for taking calculated risks and being positive about his investments. He believes that over the next two decades, India “may have a bull run comparable to that of Wall Street in 1987.”

He is also a philanthropist, intending to contribute at least 50% of his fortune to philanthropic causes. He is an advocate for impoverished children’s education and personally sponsors nearly 400 schools.

Behind The Scenes

Rakesh Jhunjhunwala was born into a Marwari family in Mumbai, India on July 5, 1960. His father was a Mumbai-based Income Tax Officer. He was the eldest child of a middle-class family with a brother named Rajesh. He graduated from Sydenham College with a bachelor of commerce degree and subsequently enrolled in the Institute of Chartered Accountants of India, where he earned his CA designation in 1985.

He is married to Rekha Jhunjhunwala and the pair has three children: Nishtha, a daughter, and Aryaman and Aryavir, twin sons. Rare Enterprises, the name of his privately held stock trading firm, is formed by merging the first two letters of his and his wife Rekha’s names. He is widely regarded as a family man who is extremely close to his brother, wife, and children. He raised his children in such a way that they do not believe riches are required for any pleasure in life.

He and his wife organized a celebration in February 2012 to commemorate their 25th wedding anniversary, which was attended by various prominent politicians, businessmen, and celebrities, including Anil Kapoor, Suniel Shetty, and Kabir Bedi, Tabu, Talat Aziz, Rajkumar Hirani, Harsh Goenka, and Ramesh Sippy.

Estimated Net worth

His net worth, according to Rakesh Jhunjhunwala, was one crore rupees in 1988 and climbed to 200 crores in 1993. Rakesh Jhunjhunwala’s net worth has increased to $4.6 billion, according to Forbes.