The UK has a new PM — its third this year — and he is literally richer than King Charles III. Great. So what do we know about Conservative Party leader Rishi Sunak and what is his net worth?
Sunak, previously the UK chancellor, and his wife Akshata Murty have an estimated fortune of £730 million ($1.3 billion AUD), according to the Sunday Times 2022 Rich List.
The list estimated Queen Elizabeth II’s fortune at £370 million ($660 million) before her death.
King Charles III and Camilla Queen Consort have an estimated £300 million ($536 million AUD).
Rishi Sunak and his wife’s net worth is £730,000,000. He is the richest MP in Parliament, cut benefits as Chancellor and has been imposed as Britain’s next Prime Minister by just 185 Tory MPs. It makes a mockery of democracy.
One rule for rich Tories, another for the rest of us.
— Paul Sweeney (@PaulJSweeney) October 24, 2022
As PM he’s now also entitled to a £161,401 annual salary.
Sunak is a former finance bro hedgefund manager so was pretty loaded himself but the vast majority of the couple’s wealth comes from his wife who is the daughter of one of India’s richest men.
N.R. Narayana Murthy is the founder of tech giant Infosys and has an estimated net worth of more than $4.5 billion USD ($7.1 billion AUD). His daughter owns a stake in the company worth about £690 million ($A1.2 billion).
It was also revealed by the BBC earlier this year that Murty, an Indian citizen, avoided paying about £2.1 million ($3.3 million AUD) per year in UK tax by claiming non-domiciled status. Basically, she paid £30,000 ($53,600 AUD) per year for several years to not have to pay local tax on the overseas income she made from her Infosys shares.
Murty said it was all “entirely legal”, but added “It has become clear that many do not feel it is compatible with my husband’s role as chancellor” and relinquished the status.
So how will Sunak’s billionaire status affect the way he runs the country? I think we can all assume it’s not a good time to be poor in the UK.
Rishi Sunak’s estimated wealth is £730 million.
A worker earning the median wage (£31,772) would need to have been working since the Stone Age 22,976 years ago to amass the same.
And that’s without tax.
Remember it when he tells you to tighten your belt.#EnoughIsEnough
— Enough is Enough (@eiecampaign) October 24, 2022
At 42, Sunak will also be the youngest British PM in modern history when he takes office this week. This also makes him a millennial by about five months. He met Murty, also 42, while studying at Stanford University and they married in 2009. They have two daughters.
Sunak has had the fastest rise in modern history from being elected an MP to coming PM — just seven years.
“It is the greatest privilege of my life to be able to serve the party I love and give back to the country I owe so much to,” he said last night when he was announced as the new party leader.
“We face a profound economic challenge. We now need stability and unity and I will make it my utmost priority to bring our party and our country together.
“We’re united behind the policy and now cannot afford the indulgence of division over personality.
“He said we have one chance. It is unite or die.”
