One of the leading candidates to become the next Prime Minister of the United Kingdom is British politician Rishi Sunak, who is of Indian descent. He is in a three-way race with Penny Mordaunt, Liz Truss, and Liz Spann. Sunak served as UK Finance Minister from 2015 to 2017 and is now a member of the Conservative Party.
One of the wealthiest members of parliament, Sunak is currently a frontrunner in the Conservative leadership contest. The public’s interest in his wealth and net worth increased after he was included in a list of the wealthiest people in the United Kingdom.
Who is Rishi Sunak?
The Kenyan- and Tanzanian-born Yashvir Sunak and the Indian-born Usha Sunak had their son, Rishi Sunak, born in Southampton. Sunak attended Winchester University, Lincoln College, Oxford University, and Stanford University.
Conservative Party members nominated Rishi Sunak in 2014 to run for the seat once held by William Hague in Richmond (Yorks). Rishi Sunak announced his candidacy for the leadership of the Conservative Party on July 9, 2022, one day after Boris Johnson resigned as Prime Minister of the United Kingdom.
Rishi Sunak’s Net Worth
Not only has Rishi Sunak been in the news as a possible future Prime Minister of the United Kingdom, but also because of his enormous riches. Sunday Times Rich List, which compiles information about the wealthiest people in the United Kingdom, placed Rishi Sunak and his wife Akshata Murty at number 222 in 2022, with a combined fortune of 730 million pounds.
In its 29-year history since its start in 1989, Rishi Sunak is said to be the first serving politician to make the cut. Reportedly worth a combined £15 million, Rishi Sunak and Akshata Murty have four residences spread around the United Kingdom, including two in London, one in Yorkshire, and one in Los Angeles. All of these mansions are enormous, covering a total area of many acres.
Rishi Sunak Family
Yashvir Sunak and Usha Sunak, the parents of Rishi Sunak, are of Indian ancestry and were born in Kenya and Tanzania, respectively. In the year 1980, on May 12th, Rishi Sunak was born to his parents in Southampton, Hampshire, Southeast England.
His father was a doctor and his mother ran a small pharmacy in the neighborhood where they lived. Sunak’s grandparents were reared by a family that had emigrated to East Africa from Punjab Province in British India and eventually made its way to the United Kingdom in the 1960s.
Sunak has one younger brother and one younger sister. His brother Sanjay practices therapy, while his sibling Rakhi oversees the United Nations’ Humanitarian, Peacebuilding, and Development Funds and Programmes at the Foreign, Commonwealth, and Development Office.
Political Life of Rishi Sunak
After William Hague’s long tenure in the seat of Richmond (Yorks), the Conservative Party chose him to run in the 2014 election. As far back as records go, the Conservative Party has held this seat without interruption. As the head of Policy Exchange’s Black and Minority Ethnic Research Unit, he also authored research on the experiences of BME groups in the United Kingdom.
In 2015, he was elected as the representative of Richmond in the House of Commons (Yorks) (Yorks). Since 2015, he has been a member of the Select Committee on Agriculture, Food, and Rural Affairs. He voted yes in the 2016 EU referendum.
In addition, after Brexit, he authored a report for the Centre for Policy Studies supporting the expansion of free ports. A year later, he published a paper that called for the creation of a retail bond market catering to micro, small, and medium-sized businesses. He was successfully re-elected as an MP for the same district in the 2017 general election.
The office of Parliamentary Under-Secretary was his from January 2018 till July 2019. In the 2019 election for the leadership of the Conservative Party, he supported current Prime Minister Boris Johnson. The two of them worked together on an essay supporting Johnson that was published in a prominent British publication in June of 2019.
How Did Rishi Sunak Make His Money?
According to the BBC, Rishi Sunak is the wealthiest member of the House of Commons, with a salary of £151,649 when he served as Chancellor. To add insult to injury, Sunak stands to gain even more financial stability with a victory in the upcoming leadership election, for which TV debates(opens in new tab) will soon be held.
On September 5, when the next Prime Minister is widely expected to be named, he will finally find out. Labour Party members demanded an explanation from Sunak in April about allegations that he was named as a beneficiary of the British Virgin Islands and the Cayman Islands offshore trusts. According to a Treasury Department official, neither Mr. Sunak nor his wife nor her family is aware of any trusts that name the Chancellor as a beneficiary.
How He Entered Uk’s Super Rich List?
While Rishi Sunak himself has a fair proportion of personal money he obtained in his life, a big portion of his wealth can be traced back to his marriage with Akshata Murty in 2009. In light of the news that Akshata Murty had claimed non-dom status to avoid paying tax on the annual dividends she receives from her 690 million pound share in the Indian IT company Infosys, Rishi Sunak reportedly joined the ranks of the UK’s super-rich.
As the pressure continued, though, she finally conceded and paid the tax. But Rishi Sunak is on record as declaring, “I have a plan to steer our country through headwinds.” We’ll finally have inflation under control, and then I’ll work to reduce tax rates. One must ask when, rather than if, something like this will happen.
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