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Rishi Sunak’s Wealth Jumps £120M Amid Billionaire Slump

Despite a UK billionaire slowdown, Rishi Sunak and Akshata Murty’s wealth rose significantly to £651 million from £529 million last year, amidst challenging economic conditions, reports Asian Lite News

The fortune of Prime Minister Rishi Sunak and his wife, Akshata Murty, has experienced a remarkable surge, exceeding 120 million pounds in growth over the past year, thus elevating their combined wealth to a substantial 651 million pounds, UK-based broadcasting network iTV reported.

The latest annual Sunday Times Rich List revealed their wealth grew substantially despite the wider UK billionaire boom coming “to an end” in the face of tough economic conditions.

Despite a noted slowdown in the broader UK billionaire landscape due to challenging economic circumstances, Sunak and Murty have witnessed a significant increase in their wealth, which now stands at 651 million pounds compared to 529 million pounds in the previous year.

This impressive rise can be attributed largely to Murty’s ownership stake in Infosys, the esteemed Indian IT giant co-founded by her billionaire father. Murty’s shares in Infosys experienced a remarkable increase in value, soaring by 108.8 million pounds to nearly 590 million pounds within the span of a year, as reported by iTV.

However, it’s worth noting that the couple’s current wealth still falls short of its peak in 2022, when it reached approximately 730 million pounds.

Prime Minister Rishi Sunak, his wife Akshata Murty and their children Krisna and Anoushka walk through the garden on their way to attend Trooping of the Colour on Horse Guards parade to celebrate King Charles III official birthday. (Picture by Simon Dawson / No 10 Downing Street)

The upward trajectory in wealth isn’t unique to Sunak and Murty alone; King Charles has also seen his fortune grow, climbing to 610 million pounds from 600 million pounds over the past year.

Despite these individual successes, the overall landscape for British billionaires is shifting. The number of billionaires in the UK has experienced a decline for the third consecutive year, dropping from a peak of 177 in 2022 to 165 in the current year. This decline is attributed to various factors, including some individuals witnessing a contraction in their private wealth due to high borrowing rates, while others have chosen to relocate from the country.

Robert Watts, the compiler of the rich list, suggests that Britain’s billionaire boom may have reached its zenith. He notes that while many homegrown entrepreneurs have seen their fortunes diminish, some of the global super-rich, who once favoured the UK as a base, are now seeking opportunities elsewhere. This trend raises questions about the implications for the British economy, as thousands of livelihoods are interconnected with the fortunes of the super-rich, according to iTV.

The latest data reveals that Britain’s 350 wealthiest individuals and families collectively possess a staggering combined wealth of 795.36 billion pounds. Topping the list once again are Gopi Hinduja and his family, who oversee the renowned Indian conglomerate Hinduja Group. Their wealth has ascended to 37.2 billion pounds from 35 billion pounds in the previous year.

Rishi Sunak and his wife Akshata Murty visit BAPS Swaminarayan Akshardham Temple. Picture by Simon Walker / No 10 Downing Street.

However, not all prominent billionaires have experienced growth in their fortunes. Sir Jim Ratcliffe, Manchester United investor and Ineos founder, witnessed the most significant decline, with his net worth plummeting by over 6 billion pounds to 23.52 billion pounds.

Similarly, Sir James Dyson saw his wealth diminish to 20.8 billion pounds from 23 billion pounds, while Sir Richard Branson’s fortunes dwindled to 2.4 billion pounds from 4.2 billion pounds, owing to challenges faced by his company, Virgin Galactic, throughout the year, iTV reported. (ANI)

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Sunak jabs Akshata Murty critics

Sunak said people were not bothered by his wealth when reporters asked him if he gets upset by personal attacks on his family…reports Asian Lite News

Rishi Sunak said people were not bothered by his wealth when reporters asked him if he gets upset by personal attacks on his family.

“These things don’t bother me”, PM Rishi Sunak said as he was criticised for his family’s tax arrangements. UK has “moved beyond” judging people on their money, the Indian-origin UK premier said as a new estimate revealed that his fortune had fallen to around £500 million. Sunak is the wealthiest British prime minister ever on account of his wife Akshata Murty’s shareholdings.

The new Sunday Times rich list estimated that his family’s wealth had dropped by £200 million in the past year. Rishi Sunak and his wife, Akshata Murty, had an estimated worth of about £529m, a fall from £730m in 2022, it revealed. Akshata Murty owns a small stake in Infosys.

But Rishi Sunak said people were not bothered by his wealth when reporters asked him if he gets upset by personal attacks on his family. One UK opposition attack advertisement said, “Do you think it’s right to raise taxes for working people when your family has benefited from a tax loophole? Rishi Sunak does.”

Rishi Sunak, however, said, “I haven’t really actually focused on it or seen all of it. The bits at PMQs I probably hear but the rest of it I don’t. These things generally don’t worry me. I don’t think most people sitting at home actually are much bothered about these things either.”

“What they care about is what am I doing for them to make their lives better. As I talked a lot about last summer, I think we’ve moved beyond judging people by what’s in their bank account,” he added.

Akshata Murty was at the centre of a political storm last year after it emerged she had potentially avoided up to £20 million in UK tax by being non-domiciled

“I think in our country, we judge people not by their bank account, we judge them by their character and their actions. And yes, I’m really fortunate to be in the situation I’m in now, but I wasn’t born like this,” Rishi Sunak had earlier said.

Besides, the power couple, who recently visited Japan for G7 Summit kept a low public profile.

Sunak and Murty are always being scrutinised by global media, as well as, Britain’s opposition government and critics over their wealth status.

Murty, who has received a barrage of criticism for her luxurious dresses and handbags, was seen in a £275 bright pink cashmere top from Chinti & Parker and neon green tailored trousers from Me+Em, the Guardian reported.

Later, she was pictured in a £675 sage-coloured dress from Joseph and carried a £375 mini bag from the Edinburgh-based brand Strathberry.

Whereas Sunak appeared in a black suit, crisp white shirts, and primary-coloured ties. The Prada footwear is still there, too.

Sunak’s red socks also caught the attention of the fashion world. The Britan PM, while removing his shoes before dinner with his Japanese counterpart Fumio Kishida, as is customary in Japan, was seen in red-colured socks emblazoned with Carp logo–Kishida’s favorite baseball team. The pair of socks in Japan’s market cost around GBP 8, according to The Guardian report.

The Guardian report said that fashion consultant Isabel Spearman is behind Murty’s dressing approach of late. Notably, Michelle Obama also adopted a similar approach.

Asked whether it was hurtful when Labour leader Sir Keir Starmer talked about his family, Sunak said: “These things don’t bother me.”

In recent sessions of Prime Minister’s Questions, Sir Keir has accused the prime minister of being “clueless about life outside his bubble”.

In the run-up to the local elections in England earlier this month, Labour also put out a number of adverts on Twitter attacking Sunak personally.

The most controversial claimed the prime minister did not think adults convicted of child sexual assaults should go to prison.

Sir Keir defended the advert, saying it highlighted the government’s failures on crime, but there was uneasiness about the move among some in Labour.

Another advert criticised Mr Sunak for raising taxes on working people, while his family benefitted from “a tax loophole” – a reference to his wife’s non-dom status.

Last year, it emerged that Mr Sunak’s wife had non-dom status, which allows people living in the UK to avoid paying UK tax on money made abroad. She later said she would start paying UK tax on her overseas earnings.

At the time Sunak, who was then chancellor, described criticism of his wife as “unpleasant smears”, arguing it was unfair to attack a private citizen. He has also previously admitted he found it “very upsetting” when his wife faced criticism over shares she owned in a tech company operating in Russia.

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Akshata Murty in hot water over teacups

Hawk-eyed Twitter users were quick to claim that the cups are from a brand named Emma Lacy and cost 38 pounds each…reports Asian Lite News

Akshata Murty, wife of former UK minister Rishi Sunak and the daughter of Infosys founder NR Narayana Murthy, is at the centre of a row at a time when her husband has launched a bid to the Prime Minister’s post following the unceremonious exit of Boris Johnson. The reason: her crockery choices.

A viral video shows Akshata walking up to the journalists waiting outside their home and serving them tea and biscuits.  

Hawk-eyed Twitter users were quick to claim that the cups are from a brand named Emma Lacy and cost 38 pounds each.

A user asked if Akshata was trying to copy Johnson’s gesture of serving tea to journalists.  

“Can’t believe Rishi Sunak spends £38 on mugs, Akshata Murty millionaire trying to copy Bo Jo for? Say what you want about walking tumble weed on legs but at least he had real mugs,” a user tweeted.

Another accused her of being “tone deaf” and said the cost of the mug could feed a family for 2 days. “Tone deaf!!! The price of that mug could feed a family for 2 days!! I would’ve dropped it,” the user tweeted.

Hike in taxes and a soaring cost of living was one of the key factors behind public discontent against the Boris Johnson-led government. Sunak, then UK Chancellor, had come under criticism over the rise in taxes. The Opposition had also targeted him over the non-domicile tax status of Akshata. 

Akshata, 42, who is still an Indian citizen, has a net worth of about $1.2 billion owing to her stake in Infosys Ltd., founded by her father Narayana Murty, according to the Bloomberg Billionaires Index.

ALSO READ-Rishi Sunak demands probe over wife Akshata Murty’s tax leak

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Questions on wife’s Russia link

Infosys statement said the multinational software services major “supports and advocates for peace” between Russia and Ukraine…reports Asian Lite News

Rishi Sunak on Thursday faced questions about the Russian presence of Infosys, the Indian software services company in which his wife Akshata Murty has a share.

With reference to stringent sanctions being imposed on Russia, the Indian-origin finance minister who is the son-in-law of Infosys co-founder Narayana Murthy was asked on air if his advice to businesses was not being followed within his own home. The minister stressed that the operations of individual companies was a matter for them.

“It’s been reported that you’ve got family links to Russia, that your wife apparently has a stake in the Indian consultancy firm Infosys,” a ‘Sky News’ reporter said during the television interview.

“They operate in Moscow, they have an office there, they have a delivery office there. They’ve got a connection to the Alpha Bank in Moscow. Are you giving advice to others that you’re not following in your own home?,” she questioned.

Sunak replied that as “an elected politician”, he was giving the interview about what he’s responsible for.

“My wife is not,” he said.

On being pushed on whether his family was “potentially benefiting” from Russian President Vladimir Putin’s regime, he said: “I don’t think that’s the case, and as I said the operations of all companies are up to them.

“We’ve put in place significant sanctions and all the companies we are responsible for are following those as they rightly should, sending a very strong message to Putin’s aggression.” He was then asked if Infosys, which also has a UK presence, was sending a similarly “strong message”.

“I have absolutely no idea because I have nothing to do with that company,” replied Sunak.

An Infosys statement said the multinational software services major “supports and advocates for peace” between Russia and Ukraine.

The statement said: “Infosys has a small team of employees based out of Russia, that services some of our global clients, locally. We do not have any active business relationships with local Russian enterprises.

“A key priority for Infosys in times of adversity, is to continue extending support to the community. The company has committed USD 1 million towards relief efforts for the victims of war from Ukraine.” The UK has imposed wide-ranging sanctions on Russian businesses and individuals, with Sunak issuing a call for all UK companies to “think very carefully” about any investments in Russia over the ongoing Ukrainian conflict.

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