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Rishi Sunak faces the possibility of losing his job ahead of the general election, but won’t be deterred after winning Sunday Times Rich List He has a fortune of £651 million.
Sunak, along with his wife Akshata Murthy, became the first front-line politicians to feature in the 2022 Richest List.
This year, he not only re-entered the list, but also moved up from 275th to 245th place as the couple’s wealth increased by £122 million.
But unlike Sir Paul McCartney, who became the first British musician to achieve billionaire status with his net worth increasing by £50 million to £1 billion, he is not fully on the billionaire list.
Topping the list is Gopi Hinduja and his family, who run the Indian conglomerate Hinduja Group, whose annual wealth rose by £2.196 billion to £37.196 billion.
The former prime minister is believed to be the richest person in the House of Commons due to his past career as a banker and his marriage to Ms Murthy, the daughter of one of India’s most successful entrepreneurs.
The news that his finances are in good shape may be a welcome distraction for the Prime Minister after the Conservative Party’s crushing defeat in recent local and mayoral elections.
How much is Rishi Sunak worth?
of sunday times The Rich List values Mr Sunak and Mr Murthy’s fortune at £651m, up £122m on last year but still below their 2022 peak of £730m. .
Before entering politics, Sunak rose to wealth with a career at US investment bank Goldman Sachs, before turning to hedge fund management and founding his own company, Serem Partners, in 2010.
But it was his 2009 marriage to Murthy, the daughter of NR Narayana Murthy, co-founder of Indian technology giant Infosys, that skyrocketed his fortunes.
Mr Murthy’s small stake in Indian IT company Infosys worth 55.3 billion pounds has been a big boost to his bank balance this year.
The value of her stake in the company rose by £108.8m over the year to around £590m, pushing the couple up 30 places on the list of richest people and 13 places above King with a net worth of £610m. .
That’s all the more impressive given that some of Britain’s biggest billionaires have been hit this year.
Virgin boss Sir Richard Branson, 74th on the list, saw his wealth fall by £10m to £2.4bn.
Entrepreneur and inventor Sir James Dyson retained his fifth place, but his wealth fell by £2.2bn to £20.8bn.
And Manchester United investor and Ineos founder Sir Jim Ratcliffe has seen his net worth fall by more than £6bn to £23.52bn, earning him the enviable title of biggest loser on the list. .
Robert Watts, compiler of the Richest Rankings, said: sunday times The Rich List suggests Britain’s billionaire boom is over.
“Many of the homegrown entrepreneurs have seen their fortunes decline, and some of the global super-rich who came here have also left.”
After being appointed Chancellor of the Exchequer in 2019, Mr Sunak registered a blind trust which is believed to contain assets worth millions of pounds.
A blind trust allows you to earn interest on your investments without knowing where your money will actually be invested. This eliminates the conflict of interest and means that Mr Sunak will now be in charge of the country.
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In October 2020, he came under pressure to reveal details of the trust, particularly whether the funds were held in offshore accounts.
Liberal Democrat leader Sir Ed Davey said at the time: “The truth about this trust is that the only people who don’t understand it are the people.”
How much is his family worth?
Marty’s wealthy background has been key to the couple’s rise to the richest list, with her stake in her father’s company thought to be worth around £590m.
Her family has a joint venture with Amazon in India.
according to timesAccording to his latest annual report, Marty has received around £13m in dividends over the past year, on top of the more than £60m he paid out last year, and is set to receive a further £10.5m this year. .
Mr. Marty owned a start-up venture capital firm based in the UK called Catamaran Ventures UK Ltd.
However, this ended in December last year.
At the time, Marty’s publicist said: BBC As a result of the project, “a significant donation was made to Share Gift, a UK-registered independent charity with experience of accepting donations in the form of shares.”
“Mr. Marty shortlisted several charities focused on veterans issues and education for the ShareGift team to consider in making the spending,” they said.
All of Catamaran Ventures’ holdings were transferred to ShareGift, with the exception of Bloom & Wild, a flower delivery startup that Murthy reportedly kept in his own name.