UK Prime Minister Rishi Sunak and his wife Akshata Murthy have seen a significant increase in their wealth, rising by £122 million over the past year.
This surge has propelled them from 275th to 245th place on The Sunday Times Rich List, making them some of the wealthiest individuals in the UK.
Wealth surpasses King Charles
The couple’s net worth now stands at £651 million, surpassing King Charles, whose fortune is estimated at £610 million.
Sunak and Murthy remain the richest occupants of No.10 Downing Street, a position bolstered by Murthy’s substantial shareholding in Infosys, the Bangalore-based IT company co-founded by her father.
Infosys shares and dividends
Murthy’s stake in Infosys has appreciated significantly, increasing by £108.8 million to nearly £590 million over the last year.
Additionally, she received £13 million in dividends from the company and is expected to receive another £10.5 million this year.
Controversial tax status
Murthy’s wealth and its management have not been without controversy.
Her “non-dom” tax status previously allowed her to avoid paying UK tax on overseas earnings, including Infosys dividends.
This status enabled her to save £20.6 million in taxes. The issue became particularly contentious when Sunak was serving as Chancellor.
Following public scrutiny, Murthy agreed to pay UK taxes on her overseas income starting from 2021.
Income sources and financial background
Murthy is the primary earner in their household, but Sunak’s income is also substantial. Before his political career, Sunak was a hedge fund manager.
His parliamentary salary (£91,346) and prime ministerial salary (£80,807) account for just 6.5% of his income. In the 2022/23 fiscal year, he earned £2.2 million, primarily from his investment portfolio, far exceeding the average British salary.
Public perception and political implications
Despite their growing wealth, Sunak and Murthy’s financial status has fluctuated. Before Sunak became Tory leader and prime minister in late 2022, their combined worth was estimated at £730 million.
This year’s increase in their wealth may not help Sunak’s public image, especially as the Conservative Party struggles in the polls and Sunak faces criticism for his affluent background.
Addressing public concerns
Sunak has stated that he does not mind discussing his wealth, claiming that few people bring it up with him.
However, the timing of this news may affect public perception, as many Britons already associate Sunak primarily with being wealthy.
As the couple’s financial journey continues to be a point of public interest, the implications for Sunak’s political career and public image remain to be seen.
This article first appeared on Invezz.com
