Billionaire investor Rakesh Jhunjhunwala, nicknamed “India’s Warren Buffett” for his successful bets on the stock market, died on Sunday at the age of 62, one of his companies confirmed. A chartered accountant who started trading at 25, Jhunjhunwala went on to create asset management firm Rare Enterprises, which invested in companies in the telecom, hospitality and financial services sectors, among others. He had an estimated net worth of $5.8 billion at the time of his death, according to Forbes, which called Jhunjhunwala “an investor with the 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 passing 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 known. A family member of Jhunjhunwala told Reuters that the investor “passed away surrounded by his family and close associates”. 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 of Akasa Air last Sunday. Indian politicians and businessmen expressed their condolences on Jhunjhunwala’s death. Many praised his efforts to educate people about stock trading, as well as his optimism about India and its economy. “Rakesh Jhunjhunwala was indomitable,” said Indian Prime Minister Narendra Modi. “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.” “Investor, bold risk taker, masterful understanding of stock market, clear in communication — a leader in his own right,” India’s Finance Minister Nirmala Sitharaman tweeted. In a 2021 interview with the Economic Times of India, Jhunjhunwala expressed his belief 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 the Indian stock was undervalued. He’s right,” wrote Uday Kotak, a billionaire banker from India who said he went to school with Jhunjhunwala and described him as someone “amazingly astute in his understanding of financial markets.” Jhunjhunwala was born in July 1960 and grew up in Mumbai. He completed his undergraduate studies at the University of Bombay and later graduated from the Institute of Chartered Accountants of India. His father was a commissioner in 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 a fan of Indian films 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 boy rising through the ranks to build such a huge fortune”.
