Tony Blair leads tributes on death of financier Rothschild at age 87

Financier remembered as a 'passionate supporter of charitable causes in Israel and Jewish culture', along with being chairman of the board of trustees at Britain's National Gallery

Renowned businessman and financier Jacob Rothschild has died at the age of 87. Picture: York Liberman/PA

Former British prime minister Tony Blair was among those paying tribute to financier and member of the well-known Rothschild banking dynasty, Jacob Rothschild, after his death at the age of 87.

Described by his family as a "towering presence in many people's lives", Mr Rothschild started his career in the family bank, NM Rothschild & Sons, in 1963.

He went on to found businesses and charitable foundations and was a renowned patron of the arts and philanthropist.

Mr Rothschild's family have an estimated fortune of about £825m (€964m), according to last year's Sunday Times Rich List, and give away a reported £66m (€77.1m) to Jewish causes, education, and art.

The family said in a statement: "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.

"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."

Tributes poured in for Mr Rothschild from across the business, political, and cultural sectors.

Mr Blair, who now runs the Tony Blair Institute for Global Change think tank, said: "Jacob was a dear friend and a wonderful human being. I will miss him immensely.

"He was, of course, a towering figure in Britain's Jewish community, but his impact was global in his support for great causes, including in the arts and the environment, and in his tireless work to advance peace in the Middle East."

In a post on X, formerly Twitter, ex-chancellor George Osborne  — who is now chairman of the British Museum — said Mr Rothschild "made the very most of the privilege he was born into, contributing hugely to the cultural and commercial life of Britain".

He said: "His contributions to the Waddesdon Gallery make it one the jewels of the British Museum.

"Smart, curious, full of new projects and with a dry humour — he will be missed."

Born in Berkshire, Mr Rothschild was educated at Eton College and studied history at Christ Church College, Oxford.

After leaving the Rothschild Bank he took control of Rothschild Investment Trust, now RIT Capital Partners, and later co-founded the then J Rothschild Assurance Group, now St James's Place, with Mark Weinberg in 1980.

He was chairman of RIT Capital Partners, one of the largest investment trusts quoted on the London Stock Exchange, until 2019. 

He was also deputy chairman at then BSkyB Television, director of RHJ International, now known as BHF Kleinwort Benson Group, and was a member of the council for the Duchy of Cornwall.

In the cultural sector, he was chairman of trustees at the National Gallery and chairman of the National Lottery Heritage Fund.

He also sat for numerous portraits, including by Lucian Freud and David Hockney.

The National Gallery tweeted: "Jacob Rothschild was a businessman, entrepreneur, philanthropist, and cultural leader.

"Our thoughts are with his family and loved ones."

Jacob Rothschild arrives at St Bride's Church, in London, for a ceremony to celebrate the wedding of Rupert Murdoch and Jerry Hall in 2016.

Mr Rothschild also founded Windmill Hill Asset Management, to manage the family's philanthropic portfolio, and was chairman of the trustees for the Rothschild Foundation charity.

One of his biggest philanthropic commitments was to Waddesdon Manor and the Waddesdon estate in Buckinghamshire, England, having taken over the management on behalf of the National Trust from his cousin Dorothy de Rothschild in 1988.

In a post on X, the Rothschild Foundation and Waddesdon Manor said they were "deeply saddened" by his death.

"He will be greatly missed by his family, his colleagues, and his many friends," they said.

The Rothschild Foundation said Mr Rothschild's daughter, Hannah Rothschild, would succeed him as chairman of the charity.

The foundation added: "Jacob Rothschild was an extraordinary person and his loss will be felt by many.

"The family is committed to continuing his legacy and the foundation which he loved and endowed."

He was married for more than 50 years to Serena, who died in 2019, and with whom he had four children, Hannah, Beth, Emily, and Nat, and many grandchildren.