Head of Rothschild empire financier Jacob Rothschild dies aged 87

The world has lost a major figure in the business world today as Lord Jacob Rothschild passed away at the age of 87, according to People.

His family released a statement on Monday, announcing his passing and paying tribute to the patriarch, who served in a variety of prominent financial roles, calling him a "towering presence."

Former British Prime Minister, Tony Blair, expressed his grief over the loss of his friend and described him as a "wonderful human being".

According to the Sunday Times Rich List of last year, the Rothschilds have an estimated fortune of around £825 million.

Lord Jacob began his career in 1963 with the family bank, NM Rothschild & Sons, and went on to co-found J Rothschild Assurance Group in 1991, which is now the well-known St James's Place.

Rothschild's wife of 50 years, Serena, died in 2019. He is survived by four children — Hannah, Beth, Emily, and Nat — as well as several grandchildren.

The Rothschild Foundation confirmed that Lord Rothschild's daughter Hannah would succeed him as chair of the charity.

In a statement announcing his death, his family said: "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 a much-loved friend, father, and grandfather."

"He will be buried per Jewish custom in a small family ceremony, and there will be a memorial at a later date to celebrate his life."