Jacob Rothschild, a towering figure in European finance and philanthropy, passes away at 87, leaving behind a legacy of banking prowess and cultural stewardship.
Jacob Rothschild, a prominent British financier and senior figure in one of Europe's most renowned banking families, has died aged 87,his family announced on Monday. Over the years, he garnered acclaim for his contributions to various banking institutions and his philanthropic endeavors. At the time of his passing, his net worth was estimated to be approximately $5 billion, according to The Richest.
In a statement to the UK's Press Association news agency, the family described Rothschild as "a towering presence in many peoples' lives".
He was described his as "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." No cause of death was given.
Born in England in 1936, Rothschild commenced his career at the family bank, NM Rothschild & Sons, in 1963, later co-founding J Rothschild Assurance Group, which evolved into the present-day London-based wealth manager St James's Place.
Engaging in numerous business ventures, he notably established the investment trust RIT Capital Partners, known for supporting a diverse range of companies spanning from hedge funds to clean technology startups.
Rothschild's reputation as a steadfast supporter of the arts extended to his role as a trustee of Britain’s National Gallery from 1985 to 1991.
Ed Vaizey, Britain’s former culture minister, honored Rothschild on X, recognizing him as one of the country’s greatest cultural philanthropists.
Waddesdon Manor, an English country estate overseen by the Rothschild Foundation, expressed profound sorrow on social media platform X, describing Rothschild as a "businessman, entrepreneur, philanthropist and cultural leader".
Originating in 18th century Frankfurt, the Rothschild banking dynasty saw various family members relocate to cities across Europe to establish and expand their banking enterprises.
In 1815, the bank amassed a significant fortune when Nathan Mayer Rothschild purchased British government bonds in anticipation of Napoleon's defeat at Waterloo.
Sir Evelyn de Rothschild, a cousin of Lord Jacob Rothschild, served as chairman of NM Rothschild from 1976 to 2003 and reportedly provided financial advice to Queen Elizabeth II.