Must Read: When Rakesh Jhunjhunwala spoke about death, plans to give away wealth to charity
By 2021, Rakesh Jhunjhunwala had already begun planning how he would spend his enormous riches.
Rakesh Jhunjhunwala. Whose net worth is nearly ₹48,000 crore, had plans to give away a large portion of his wealth to charity - starting from 2025. In a 2021 interview, the Warren Buffett of India mentioned donating it to his charitable organisation, RARE Family Foundation.
Jhunjhunwala claimed that he had a philosophical outlook on life and his place in it. He was more aware of the fact that success was fleeting and impermanent and that he needed to try to live a healthier life. He was acutely conscious of his own mortality at the age of 61. According to him, India's average life expectancy is around 70 years.
During the interview, however, Jhunjhunwala dispelled any suggestion that he had become cautious. He said he would make an investment right away if he was given ₹500 crore.
However, by 2021, Jhunjhunwala had already begun planning how he would spend his enormous riches. Although he has delayed doing so until 2025, he claimed that the intention to give it away had now expanded.
Jhunjhunwala promised to give ₹5,000 crore to his charity, RARE Family Foundation, between April and December 2025. After that, he said that he would value his portfolio on March 1 of every year and donate 2% of it till he reached ₹25,000 crore. He wanted his foundation to focus on a variety of issues, including nutrition, heart surgery for young patients and the establishment of a sports academy.
Jhunjhunwala said the foundation would have a team with a chairman and the Jhunjhunwala family as the principal donor. He said that just 10% of donations would be used at the family's discretion, with the remaining 90% requiring approval from the advisory board before being used.
Having recently returned from vacations in Goa, Delhi and Dubai, Jhunjhunwala started spending more time with his family and kids. He used to read and watch movies when he was at home. Even though his workday started when the markets opened, he arrived at the office around noon. Jhunjhunwala added that he intended to reduce his trading endeavours.
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First Published:16 Aug 2022, 11:12 AM IST
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