Rakesh Jhunjhunwala. Whose net worth is approx 48,000 crore, had planned to donate a large part of his wealth to charity – starting from 2025. In a 2021 interview, India’s Warren Buffett mentioned donating it to his charitable organization, the Rare Family Foundation.
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Jhunjhunwala claimed that he had a philosophical outlook on life and its place in it. He was more aware of the fact that success was fleeting and temporary and that he needed to make efforts to lead a healthy life. He was fully conscious of his own mortality at the age of 61. According to him, the average life expectancy of India is around 70 years.
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However, during the interview, Jhunjhunwala dismissed any suggestion that he had become cautious. He said he would invest immediately if given 500 crores.
However, by 2021, Jhunjhunwala had already started planning how he would spend his huge wealth. Although he delayed doing so until 2025, he claimed that his intention to give it had now expanded.
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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 every year and donate 2% of it until he reached it. 25,000 crores. He wanted his foundation to focus on a variety of issues, including nutrition, heart surgery for young patients, and setting up a sports academy.
Jhunjhunwala said that the foundation will have a team as a chairman and the Jhunjhunwala family as the principal donors. He said that only 10% of the donation would be used at the discretion of the family, with the remaining 90% requiring approval from the advisory board before being used.
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Jhunjhunwala, who recently returned from vacations in Goa, Delhi and Dubai, started spending more time with his family and kids. When he was at home, he used to read and watch movies. Even though his workday began when the market opened, he reached the office around noon. Jhunjhunwala said he intends to curtail his business efforts.
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