British financier Jacob Rothschild dies aged 87

Lord Jacob Rothschild, a financier and head of the renowned Rothschild empire, has passed away at the age of 87, People reported.

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

Former British prime minister Tony Blair paid tribute to his "dear friend," describing him as a "wonderful human being."

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

The British millionaire began his career in 1963 with the family bank, NM Rothschild & Sons. He later left the company in 1980 and co-founded J Rothschild Assurance Group, which is now St James's Place, in 1991.

Rothschild was married for more than 50 years to Serena, who 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."