British financier and philanthropist, Jacob Rothschild, passed away at the age of 87, leaving a net worth of $5 billion behind.
The family, in a statement to the UK’s Press Association news agency, called Rothschild “a towering presence in many peoples’ lives”.
He was “a superbly accomplished financier, a champion of the arts and culture, a devoted public servant, a passionate supporter of charitable causes in Israel and Jewish culture, a keen environmentalist and much-loved friend, father and grandfather,” the family said.
Who was Jacob Rothschild?
Nathaniel Charles Jacob Rothschild , the 4th Baron Rothschild, was born on April 29th of 1936 in Berkshire, England. He is the son of the late Victor Rothschild, the 3rd Baron Rothschild. Jacob attended the prestigious boarding school Eton College as a child. After graduating, he enrolled at Christ Church at the University of Oxford. Eventually, he earned First Class Honours and graduated with a degree in history.
Jacob comes from the storied Rothschild family, a Jewish banking clan that has its roots in Frankfurt, Germany. Over time, the family developed an international banking system that spanned across the most important cities of Europe, including Vienna and London.
At one point, the Rothschilds were the richest family in the world, and they had the largest private wealth in the world. They became especially influential and wealthy after the defeat of Napoleon, although in modern times the family is significantly less wealthy and influential than they once were.
Career
Jacob’s business career began in 1963 when he worked at N M Rothschild & Sons bank in London – a family-run business. This continued until 1980, when the 4th Baron suddenly resigned. His father had the chance to chair the bank, but instead pursued a career in science. This meant that he lost control of the company, and Sir Evelyn Robert de Rothschild took the vacant seat as chair instead (and the majority voting shares).
Because Jacob felt that he would never be allowed to reach his full potential in a business run by Sir Evelyn Robert, he sold his minority stake in the bank and assumed control of Rothschild Investment Trust instead. He then founded the J. Rothschild Assurance Group in 1991, a wealth management business.
Perhaps his most notable role in the business world is his position as Chairman of RIT Capital Partners plc. The company is one of the largest investment trusts on the London Stock Exchange, and it has a net value of about 2 billion pounds. In addition, he chaired a number of subsidiary companies under the umbrella of RIT Capital Partners plc.
In 2003, Jacob became the Deputy Chairman of BSkyB Television – better known simply as “Sky.” He also became involved with Russian oil during this period, famously purchasing shares in the oil company YUKOS before Mikhail Khodorkovsky was arrested. He then purchased a 5% interest in Genie Energy, a company that was given exclusive oil rights in an area within the Golan Heights. His shares were worth $10 million at the time.
During his business career, Jacob Rothschild developed close connections with some of the most influential people in the world. These included Henry Kissinger, Ronald Reagan, Bill Clinton, Margaret Thatcher, French president Francois Mitterand, Warren Buffet, and even Arnold Schwarzenegger. Eventually, Jacob retired from his business career in 2008.
Jacob Rothschild net worth
Jacob Rothschild’s net worth was estimated to be around $5 billion at the time of his death. He earned this primarily through his career as an investment banker.
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