Remembering Rakesh Jhunjhunwala: When the ace investor spoke about giving wealth away

India is mourning the death of investor Rakesh Jhunjhunwala. (Image credit: Himanta Biswa Sarma/Twitter)

Ace investor Rakesh Jhunjhunwala, worth over $5 billion, often spoke about giving his wealth away. The billionaire died due to a cardiac arrest on August 14, leading to an outpouring of grief across India.

Revered as the Warren Buffett of India, Rakesh Jhunjhunwala, in a 2021 interview with Forbes magazine, had said he planned to transfer Rs 5,000 crore to his philanthropic foundation -- RARE Family Foundation. -- in 2025.

After that, his plan was to give away 2 percent each year till the amount of his donation added up to ₹25,000 crore.

Jhunjhunwala told the magazine he wanted the foundation to focus on helping children get heart surgeries, establishing a sports academy and nutrition.

RIP Rakesh Jhunjhunwala: Latest updates on the life and times of the market legend

In 2021, Jhunjhunwala featured in Edelgive Hurun India Philanthropy list for the first time, with an annual donation of Rs 50 crore.

At an event the same year, Jhunjhunwala had said he had money but not the will to spend it.

"I don't ask God for more wealth, but to give me the power to give it away," he was quoted as saying by The Economic Times.

Jhunjhunwala, popularly known as the"Big Bull",  had holdings in over 30 companies across sectors ranging from construction to banks to real estate.

Most recently, he backed Akasa Air -- India's newest airline.

The ace investor had a keen interest in stocks since he was a college student. He began investing with a capital of Rs 5,000 in 1985 when Sensex was around 150 points.

Today, his net worth stands at $5.8 billion, according to Forbes magazine.

"His most valuable listed holding is watch and jewellery maker Titan, part of the Tata conglomerate," Forbes magazine has said in its profile about the investor.  "Jhunjhunwala's early bets on Star Health and Allied Insurance and Metro Brands paid off when both companies listed in 2021."