Rothschild will be buried according to Jewish custom in a “small family ceremony.”
A memorial will later be erected in his honor.
Jacob Rothschild was born in Berkshire and educated at Eton College, after which he studied at Oxford.
He began his career at the family bank NM Rothschild & Sons in 1963.
The Rothschild dynasty has been involved in banking since the 18th century.
In November 2022, British banker Evelyn de Rothschild, a member of the Rothschild banking empire and financial adviser to Elizabeth II, died at the age of 91.