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Amid the tough economic times facing Britain, the personal fortunes of the Prime Minister and his wife Akshata Murthy soared to £651 million last year.
According to the latest annual report: sunday times rich listRishi Sunak and Murthy saw their wealth increase by more than £120m in 2023, while Britain’s billionaire boom came to an ‘end’ due to the cost of living crisis.
The rise was linked to Mr Murthy’s small stake in the $70bn (£55.3bn) Indian IT giant Infosys, which was co-founded by his billionaire father. The value of her shares rose by £108.8m over the year to nearly £590m.
The couple’s wealth remains below its 2022 level (about £730m a year).
The ranking of Britain’s richest people also showed that King Charles’ wealth increased during the year, to £610 million from £600 million the previous year.
The list records that the number of British billionaires has fallen again, continuing a theme seen in 2023.
The number of billionaires peaked at 177 in 2022, but fell to 171 due to people expecting their personal assets to shrink due to high borrowing rates and people leaving the country, and will rise again to 165 this year. decreased.
But despite this, the average wealth of each of the top 10 is now £21 billion, an increase of almost 50 per cent in five years.
Robert Watts, compiler of the Richest Rankings, said: sunday times The Rich List suggests Britain’s billionaire boom is over.
“Many of our homegrown entrepreneurs have seen their fortunes decline, and some of the global super-rich who came here have also left.
“Thousands of people in the UK depend to some extent on the super-rich to make a living. Have we now reached peak millionaires and what does that mean for our economy?” I need to find out if I will.”
A list of Britain’s 350 richest individuals and families has a combined fortune of £795.36 billion, according to new data.
Topping this year’s list is once again Gopi Hinduja and her family, who control Indian conglomerate Hinduja Group.
Mr Hinduja and his family’s annual wealth rose from £35bn to £37.2bn.
Sir Paul McCartney has become the first British musician to achieve billionaire status, increasing his fortune by £50 million.
Meanwhile, many of Britain’s highest-profile billionaires saw their fortunes decline over the course of the year, as times were difficult for many businesses and investments.
Sir Jim Ratcliffe, Sir James Dyson and Sir Richard Branson also recorded declines in the year.
Manchester United investor and Ineos founder Sir Jim Ratcliffe was the biggest faller on the list, with his net worth falling by more than £6bn to £23.52bn.
Sir James Dyson had the second biggest fall, with the entrepreneur falling from £23bn to £20.8bn.
Meanwhile, Sir Richard Branson saw his wealth fall further, from £4.2 billion to £2.4 billion, after a difficult year for Virgin Galactic.