Rishi Sunak and Penny Mordaunt are the only candidates still in the running for Downing Street as the Conservative Party Leadership election draws to a close. With well over 100 supporters, Sunak might win just seven weeks after finishing second to Liz Truss in the previous Tory leadership race. Many people are examining the former chancellor’s wealth as the UK considers who might be its next prime minister.
Rishi Sunak Net Worth?
Sunak was listed as number 222 on the Sunday Times rich list earlier this year, which lists the richest individuals in the UK. He is now the only frontline politician to be listed in the yearly rating since it began in 1989, according to the Guardian.
His and his wife’s combined net worth is listed at £730 million on the list, with their sources of wealth being “technology and hedge fund.” Akshata Murty, the husband’s wife, is the daughter of Infosys founder and billionaire NR Narayana Murthy. She owns 0.93% of the business, estimated to be worth £430 million.
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She faced criticism earlier this year for using the nom-dom tax status, which was claimed to have saved her £20 million in taxes on income from her shares. Murty owns the business Akshata Designs and works as a fashion designer as well.
According to The Guardian, Sunak also has a portfolio of four properties spread out throughout the globe that are worth more than £15 million. Sunak worked as an analyst at the investment bank Goldman Sachs before entering politics and afterwards for several hedge funds.
The cost-of-living crisis and Rishi Sunak
One of the worst cost of living crises in recent memory awaits Rishi Sunak if he is elected prime minister. According to the most recent consumer price index numbers, inflation is currently at a 40-year high of 10.1%, severely straining household budgets.
This is happening as Sunak deals with criticism regarding the construction of his brand-new swimming pool and the reported £14,000 annual bill it will cost to heat it, which is almost six times the annual energy price for the typical household. The former chancellor had already come under fire for actions like eliminating the £20 Universal Credit increase.
The United Kingdom is a great country but we face a profound economic crisis.
That’s why I am standing to be Leader of the Conservative Party and your next Prime Minister.
I want to fix our economy, unite our Party and deliver for our country. pic.twitter.com/BppG9CytAK
— Rishi Sunak (@RishiSunak) October 23, 2022
Taxes and Rishi Sunak
Sunak has positioned himself as the fiscally responsible candidate in the leadership race and has called Liz Truss’s tax-cutting proposals “comforting fairytales. He pledged to fulfil his promise of “delivering tax cuts that fuel growth,” but in a “manner that’s responsible.” He promised to reduce income taxes by 4 pence in seven years.
What was Rishi Sunak’s source of income?
Rishi Sunak reportedly earned £151,649 while serving as Chancellor, making him the richest member of the Commons. Sunak worked as a partner at two extremely successful hedge funds before going into politics, and he also worked as an analyst for Goldman Sachs from 2001 to 2004. In his mid-20s, Sunak was a multi-millionaire, according to The Times(opens in new tab).
When former Chancellor Sajid Javid named Rishi Sunak chief secretary to the Treasury in 2019, he formed a blind trust that is rumoured to hold a multimillion-pound fortune.
Sunak will receive a wage increase now that he is the prime minister. Prime Ministers will be eligible for a £164,080 remuneration starting in 2022. One of the wealthiest prime ministers in British history, Rishi Sunak and his wife have twice as much money as King Charles and Queen Consort Camilla, who is thought to be worth between £300 and £350 million.
The Labour Party put pressure on Sunak to react to allegations that he was named as a beneficiary of offshore trusts in the British Virgin Islands and the Cayman Islands in April 2022. The Chancellor is not listed as a beneficiary on any trusts, a Treasury source claimed(opens in new tab) but neither Mr Sunak nor his wife or her family was aware of any such trusts.
Rishi Sunak Family wealth
One of the wealthiest men in India and a billionaire, Narayana Murthy is Sunak’s father-in-law. Soon after the birth of his daughter, Mr Murthy co-founded Infosys, and the success of the IT services firm catapulted him to the top of India’s rich list.
Despite leaving his position as chairman in 2011, Mr Murthy still owns a small portion of the business. According to the BBC, the business generated more than $11.8 billion in revenue in 2019, $12.8 billion in 2020, and $13.5 billion in 2021. Mr Murthy’s net worth is estimated by Forbes(opens in new tab) to be $3.5 billion.
Therefore, Akshata Murthy, who is also an heiress to a fortune worth billions and who has a stake in her father’s business, provides the great bulk of Sunak’s family’s riches. Akshata Designs is a fashion line owned by Akshata Murthy (opens in a new tab). She was rumoured to be wealthier than the late Queen and serves as a director of a venture capital firm (opens in new tab).
The Murthy family also has £900 million joint ventures with Amazon in India, according to The Sun(opens in new tab). Prior to becoming an MP, Sunak transferred his ownership of the company’s shares to his wife.
When it was discovered that Murthy had been claiming non-dom status in the UK to avoid paying taxes on an estimated £20 million, she put her husband in trouble earlier in 2022. She has since stated that she would begin paying UK tax.