Lord Jacob Rothschild dies at 87

Lord Jacob Rothschild, famed financier of the Rothschild banking family, has passed away at the age of 87.

Lord Rothschild, born in Berkshire in 1936, received his education at Eton College and pursued history studies at Christ Church, Oxford.

His career started in 1963 at the family bank, NM Rothschild & Sons. He later ventured into philanthropy.

Over time, he forged a financial empire in the City of London, establishing the investment trust RIT Capital, of which he served as chairman until 2019.

As per the previous year's Sunday Times Rich List, the Rothschild family holds an estimated fortune of approximately R20 billion (£825m).

“Our father Jacob was a towering presence in many people’s lives, 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,” his family said in a statement.

“He will be buried in accordance with Jewish custom in a small family ceremony and there will be a memorial at a later date to celebrate his life,” they added.