Jacob Rothschild, a giant in the world of philanthropy, has died at the age of 87. 

Synonymous with high finance, Rothschild’s love for the arts was arguably his most dedicated passion. His philanthropic projects were pursued through the arts in particular.  

He acted as chairman of Britain’s National Heritage Memorial Fund from 1992 to 1998, and of the Heritage Lottery Fund from its foundation in 1994. 

Some argue that his highest achievement was as chairman of the board of the National Gallery from 1985 to 1991, which saw huge gifts and acquisitions, including the opening of a new wing in 1991 and still in use today by millions of tourists.  

He established the now famous Somerset House in London as a centre for the arts, accessible to the public.  

He was awarded an Honorary Doctorate in Philosophy by the Hebrew University of Jerusalem as well as an Honorary Fellowship from the Israel Museum and the Municipality of Jerusalem. 

Rothschild helped fund public institutions in Israel, including its parliament building known as the Knesset, the Supreme Court building, the Open University and the National Library. None have the family name publicly shown. 

The Rothschild 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 much-loved friend, father and grandfather. 

Rothschild’s career started in finance, where he worked in the fabled family bank – known in the 19th century as the biggest bank in the world. He quit the family establishment build his own financial empire in London’s banking district. 

As the New York Times writes, Rothschild — more formally the fourth Baron Rothschild — was descended from Mayer Amschel Rothschild, a coin trader in the Jewish ghetto in Frankfurt, who sent four of his five sons to Vienna, London, Naples and Paris to seek their fortune in the late 18th and early 19th centuries.

According to Jonathan Steinberg, an American scholar who wrote in The London Review of Books in 1999, the Rothschild son who founded the bank’s London branch in the Victorian era ‘can be compared to that of Bill Gates today’.

Shafi Musaddique is news editor at Alliance magazine.