Rishi Sunak has a fortune almost double the personal wealth of King Charles III, who today invited him to become prime minister and form a new government after the resignation of incumbent leader Liz Truss.
The newly-appointed Prime Minister shares an extraordinary fortune with his billionaire heiress wife, Akshata Murty, which consists of a sizeable portfolio of real estate and business interests.
Analysts estimate the total assets to be worth around £730m. While the royal’s exact personal fortune is unknown, it is believed to be around £370 million, as reported in the Sunday Times Rich List earlier this year.
Charles III, however, would be worth more if one took into account the Duchy of Lancaster, an estate held by the monarch since the 14th century.
Mr. Sunak’s in-laws are one of India’s richest families and most of their wealth comes from Infosys, the Bangalore-based IT company founded by the new prime minister’s father-in-law.
The prime minister’s wife, Mrs Murty, is said to have a stake of 0.91 per cent, about 39 million shares, worth about £727 million.
Experts say this is an increase of more than £200m on a year ago, due to the rise in share prices during the pandemic.
Mr Sunak and his wife also own other investments, including a company that routes investments through Mauritius.
International Market Management is financing the expansion of franchise restaurants in India, including Jamie Oliver’s bankrupt Italian chain in the UK and American hamburger brand Wendy’s. This completely legal structure allows them to reduce taxes paid in India.
The couple’s property portfolio consists of a £1m flat in Kensington, a £7m stable nearby and a £2m house in the Yorkshire constituency of Rishi, where he is nicknamed ‘The Maharaja of the Dales”.
They also have a £5.5 million penthouse in California overlooking the Santa Monica Pier, which they use during the holidays.
When it comes to wheels, Sunak has publicly claimed his family car is a Volkswagen Golf, but sources claimed earlier this year that it is the cheapest of the four vehicles he owns, including a “high-spec” Range Rover , a top-of-the-line Lexus and a BMW, which are spread across its various properties in both the UK and the US.
A £12,000 red Kia Rio, which he borrowed from a Sainsbury’s employee for a staged PR stunt about a temporary 5p fuel cut he launched because the Chancellor doesn’t seem to be in the garage.
Although King Charles has access to the Crown Estate, worth around £14.1bn, his own personal wealth is not that large and is estimated to be around half of Mr Sunak’s.
The newly-appointed Prime Minister shares an extraordinary fortune with his billionaire heiress wife, Akshata Murty, which consists of a significant portfolio of real estate and business interests.
He became a household name after marrying Akshata Murthy, the daughter of the billionaire founder of an amazingly successful IT company. Pictured: The couple at their 2009 wedding with Murthy’s parents
This is the extraordinary network of homes and businesses with connections to Rishi Sunak and his wife Akshata, the heiress to a billion dollar fortune.
Multi-millionaire Sunak claimed his family car is a Volkswagen Golf, a relatively cheap and sensible hatchback that can regularly be seen on the streets of London. But sources quoted by The Mirror say the Chancellor owns four cars in total and the ‘family wave’ is the cheapest of them all by a significant margin.
Sunak is also said to own a “high end” Range Rover (pictured), a “top of the range” Lexus and a BMW, which are scattered across the Chancellor’s various properties in both the UK and the US .
The monarch will never be short of a home – with at least nine prominent palaces to lay his weary head – but in a merry-go-round called the ‘Game of Houses’ he has also handed over the 130,000-acre duchy of Cornwall. the eldest son.
It means William technically owns his father as long as the king continues to live at his beloved Highgrove estate in Gloucestershire.
However, Charles inherited a sizeable portfolio, either directly from the Queen – including Balmoral and Sandringham – or as part of the Crown Estate, such as Buckingham Palace or Windsor Castle.
These join those he already owned, including Birkhall on the Balmoral estate, inherited from the Queen Mother; Dumfries House and Mey Castle, Scottish landmarks owned by his charitable trust; and two Romanian screw holes.
Charles is also passionate about his cars and before joining he used “a Jaguar XJ and a range of new low and zero emission vehicles”.
The King also owns a flying Aston Martin DB6, converted to run on bioethanol made from wine waste and a by-product of cheese making.
In addition, in 2018 he bought an all-electric Jaguar I-Pace, while a Rolls-Royce Phantom IV brought him to Buckingham Palace for the first time as head of state.
Robert Ford, a professor of politics at the University of Manchester, told the… Washington Post that the question of whether or not voters care that a prime minister is richer than the monarch is “not binary”.
He added: “Britons as a whole do not think that being rich is a bad or disqualifying thing. There are many very rich people who are very popular with the public.
“People care about rich people who make their own rules. It’s the non-dom status for your wife while you’re chancellor, it’s the US green cards in case things go wrong, the family tax numbers are massaged. People say, “Well, I don’t mind as long as you pay your taxes, but it really pisses me off if you don’t.”
Mr Sunak’s hopes of becoming prime minister were dashed earlier this year by the revelation that his wife, who moved to Britain permanently in 2013, is likely to pay more tax overseas.
Ms Murty is registered as non-resident for UK tax purposes, a legal way of avoiding UK tax on overseas income. The status is often used by the super rich to save thousands or even millions of pounds in tax.
In a brief statement, Sunak’s wife, who was worth £200m more than a year ago, claimed he must pay tax on all British earnings and said the arrangement was necessary as he is an Indian citizen. But a number of tax and accounting experts have disputed this.