Rishi Sunak and Akshata Murty rise up rich list as fortune increases by £120m
Matthew Weaver
Kate Nicholson
Jake Holden
Fri, 17 May 2024
Rishi Sunak said he was 'intimidated' coming on the Loose Women panel show on ITV -Credit:ITV
Rishi Sunak underwent a severe grilling on Loose Women on Thursday (May 17) as one of the panellists pressed him on poverty at a time when his own wealth has skyrocketed. Judi Love did not hold back in asking him about poverty in the UK and when his government would help out those who were suffering.
The toasting on the all-female panel show created waves online, with Rishi himself saying he was 'intimidated' coming on the show, as social media showed its appreciation. Judi Love asked about what Mr Sunak's government will be doing for people in social housing and when.
She said: "I was in social housing, I lived in a home that had damp that was affecting my child's health. We've got NHS workers right now as we're having this interview, queuing to go to food banks."
READ MORE: Daniel Anjorin laid to rest in East London with over 100 people paying tribute to 'gentle-spirited' teen
She added: "People are suffering right now, what are you going to do and when are you going to do it?" to which there was a round of applause. In response, Mr Sunak spoke about online safety saying that the regulator Ofcom is setting out exactly what is permissible to post online with the threat of 'enormous fines' to those who don't comply - seemingly avoiding Judi's point about social housing.
Judi Love said she had lived in social housing with damp affecting her child's health and asked Mr Sunak what he would do for people still living like that -Credit:Kate Green/BAFTA/Getty Images for BAFTA
Judi brings him back on topic quickly, enquiring about people who might not have internet access as they can't afford to pay the bills. Judi says these people are "looking to you [Sunak] for a save line. We've got people going to work who are not eating because we're in a state of poverty. What is going to take place now? What are you going to do now to address this?"
Mr Sunak, whose own personal wealth combined with his wife's this week was reported to have risen to £651m, then began to look into the past rather than the present and spoke about financial security during the pandemic with furlough and struggles with the war in Ukraine. "None of this has been easy for anybody, Judi. What we've done during that time is continually provide support. You saw that with me during the pandemic and furlough - there were millions of people who thought they were going to lose their jobs and we stepped in to provide support - we did the same with energy bills."
Kaye Adams interjected: "But there are four million children living in poverty, Prime Minister", but she was ignored by Mr Sunak. Instead, he said that the welfare system was being upgraded and that for those in work, he claimed there had been a tax cut - though for many this is not actually the case in real terms as income tax brackets remained static in the face of inflation.
Judi brought up the point that as the UK's richest-ever Prime Minister, he might be out of touch with the needs of people living in poverty. She said: "A lot of people are concerned that you [Sunak] cannot emotionally connect with them because you haven't and don't live the life they've lived.
"But there are four million children living in poverty, Prime Minister," Kaye Adams said to Rishi Sunak -Credit:Mike Marsland/WireImage/Getty Images
"How can you connect to people when they're saying to you that they're worried to send their child to the local shop because of knife crime? When they're worried to sleep in their home because of damp? When they're worried to take the day off sick even though they're suffering from mental health because they don't want to miss that pay cheque?"
Again Mr Sunak pointed back to the pandemic furlough saying: "I think I'd ask people to judge me by my actions and whenever the country's been in these moments, that's what I've done and that's how I was raised."
"How were you raised?" Judi asked defiantly, cutting him off.
Matthew Weaver
THE GUARDIAN
Fri, 17 May 2024
Rishi Sunak and his wife, Akshata Murty. The couple’s wealth was estimated at £651m, up from £529m in 2023.Photograph: Oli Scarff/AFP/Getty Images
The personal fortune of Rishi Sunak and his wife, Akshata Murty, has increased by £120m in the run-up to the next general election, figures reveal.
The latest annual Sunday Times rich list shows the couple’s fortune grew substantially at a time when millions of Britons struggled with the cost of living. Sunak and Murty’s wealth is estimated at £651m in the latest list, up from £529m in 2023.
The figures will reinforce public perceptions of Sunak’s wealth. In previous surveys, the public have overwhelmingly used the word “rich” to describe the prime minister.
Last year’s rise in the couple’s fortune was linked to Murty’s stake in Infosys, the $70bn (£55.3bn) Indian IT firm co-founded by her billionaire father. Her shares grew in value by £108.8m to nearly £590m for the year.
The couple’s wealth remains below its level in 2022, when it was estimated at about £730m.
On Thursday Sunak, whose government is trailing in in the polls behind Labour, insisted he would remain an MP if the Conservatives lose the next election. Speaking on ITV’s Loose Women, he said: “Yes of course I’m staying, I love being an MP, I love my constituents, I love my home in North Yorkshire, it’s wonderful – and I love being able to get back there.”
His family own an apartment in Santa Monica, California. Sunak spent much of his 20s and early 30s on the US west coast and met Murty at Stanford business school. Sunak’s interest in technology and AI has led to suggestions he could get a job in Silicon Valley.
The rich list shows that King Charles’s wealth also grew in the year, from £600m to £610m.
The list records that the number of British billionaires tumbled again, continuing a theme seen in 2023. The number of billionaires reached a peak of 177 in 2022 before dropping to 171 last year and falling again to 165 this year, driven by the private wealth of some contracting amid high borrowing rates, and others leaving the country.
Related: British asylum housing tycoon breaks into Sunday Times rich list
Robert Watts, the compiler of the list, said: “This year’s Sunday Times rich list suggests Britain’s billionaire boom has come to an end. Many of our homegrown entrepreneurs have seen their fortunes fall and some of the global super-rich who came here are moving away.
“Thousands of British livelihoods rely on the super-rich to some extent. We’ll have to wait and see whether we have now reached peak billionaire, and what that means for our economy.”
The list of Britain’s 350 wealthiest individuals and families together hold combined wealth of £795.36bn, according to the data. This year’s list is once again topped by Gopi Hinduja and his family, who control the Indian conglomerate Hinduja Group. Hinduja and his family’s wealth rose to £37.2bn, from £35bn.
Meanwhile, the fortunes of a number of the UK’s highest-profile billionaires shrank over the year amid challenging periods for many businesses and investments. Jim Ratcliffe, James Dyson and Richard Branson also recorded declines for the year.
Ratcliffe, the Manchester United investor and Ineos founder, was the biggest faller on the list, with his net worth dropping by more than £6bn to £23.52bn.
Dyson was the second largest faller, dropping from £23bn to £20.8bn. Meanwhile, Branson’s wealth fell from £4.2bn to £2.4bn after a challenging year for Virgin Galactic.
Rishi Just Got Even Richer: Sunak And His Wife Climb Up List Of UK's Wealthiest People
Fri, 17 May 2024
Rishi Sunak and his wife, Akshata Murty. The couple’s wealth was estimated at £651m, up from £529m in 2023.Photograph: Oli Scarff/AFP/Getty Images
The personal fortune of Rishi Sunak and his wife, Akshata Murty, has increased by £120m in the run-up to the next general election, figures reveal.
The latest annual Sunday Times rich list shows the couple’s fortune grew substantially at a time when millions of Britons struggled with the cost of living. Sunak and Murty’s wealth is estimated at £651m in the latest list, up from £529m in 2023.
The figures will reinforce public perceptions of Sunak’s wealth. In previous surveys, the public have overwhelmingly used the word “rich” to describe the prime minister.
Last year’s rise in the couple’s fortune was linked to Murty’s stake in Infosys, the $70bn (£55.3bn) Indian IT firm co-founded by her billionaire father. Her shares grew in value by £108.8m to nearly £590m for the year.
The couple’s wealth remains below its level in 2022, when it was estimated at about £730m.
On Thursday Sunak, whose government is trailing in in the polls behind Labour, insisted he would remain an MP if the Conservatives lose the next election. Speaking on ITV’s Loose Women, he said: “Yes of course I’m staying, I love being an MP, I love my constituents, I love my home in North Yorkshire, it’s wonderful – and I love being able to get back there.”
His family own an apartment in Santa Monica, California. Sunak spent much of his 20s and early 30s on the US west coast and met Murty at Stanford business school. Sunak’s interest in technology and AI has led to suggestions he could get a job in Silicon Valley.
The rich list shows that King Charles’s wealth also grew in the year, from £600m to £610m.
The list records that the number of British billionaires tumbled again, continuing a theme seen in 2023. The number of billionaires reached a peak of 177 in 2022 before dropping to 171 last year and falling again to 165 this year, driven by the private wealth of some contracting amid high borrowing rates, and others leaving the country.
Related: British asylum housing tycoon breaks into Sunday Times rich list
Robert Watts, the compiler of the list, said: “This year’s Sunday Times rich list suggests Britain’s billionaire boom has come to an end. Many of our homegrown entrepreneurs have seen their fortunes fall and some of the global super-rich who came here are moving away.
“Thousands of British livelihoods rely on the super-rich to some extent. We’ll have to wait and see whether we have now reached peak billionaire, and what that means for our economy.”
The list of Britain’s 350 wealthiest individuals and families together hold combined wealth of £795.36bn, according to the data. This year’s list is once again topped by Gopi Hinduja and his family, who control the Indian conglomerate Hinduja Group. Hinduja and his family’s wealth rose to £37.2bn, from £35bn.
Meanwhile, the fortunes of a number of the UK’s highest-profile billionaires shrank over the year amid challenging periods for many businesses and investments. Jim Ratcliffe, James Dyson and Richard Branson also recorded declines for the year.
Ratcliffe, the Manchester United investor and Ineos founder, was the biggest faller on the list, with his net worth dropping by more than £6bn to £23.52bn.
Dyson was the second largest faller, dropping from £23bn to £20.8bn. Meanwhile, Branson’s wealth fell from £4.2bn to £2.4bn after a challenging year for Virgin Galactic.
Rishi Just Got Even Richer: Sunak And His Wife Climb Up List Of UK's Wealthiest People
Kate Nicholson
HUFFOOST
Fri, 17 May 2024
Rishi Sunak and his wife Akshata Murthy are now in 245th place on The Sunday Times Rich List. via Associated Press
Rishi Sunak and Akshata Murty have raked in the money over the last year and are now in the top 250 wealthiest people in the UK.
The prime minister and his wife were already the richest people to ever live in No.10 Downing Street – and are just getting even richer.
They have climbed up The Sunday Times’ Rich List in the last year moving from 275th place to to 245th, as their net worth soared from £529m in 2023 to £651m.
For context, that means they are wealthier than King Charles, whose own fortunes crept up from £600m to a not inconsiderable £610m this year.
Most of their wealth comes from Murty’s shareholding in Infosys, an IT company co-founded by her father and based in Bangalore, India.
Shares have ballooned in value over the last 12 months, increasing by £108.8m to nearly £590m.
Murty received £13m in dividends over the last year from Infosys and is expected to receive another £10.5m this year.
This source of income was a source of great controversy at one point as it was revealed Murty had “non-dom” tax status.
That meant she claimed her permanent home was outside the UK and therefore she only had to pay tax on earnings made here – not on the Bangalore-based Infosys dividends.
She was able to avoid paying £20.6m in tax because of this status.
To make matters worse for the couple, her husband was the chancellor when this information made it to the media.
Murty later agreed to pay UK tax on her overseas income from 2021.
Murty is still the breadwinner in their household by a long shot – although it’s worth remembering the prime minister is a former hedge fund manager.
Sunak’s MP (£91,346) salary and PM salary (£80,807) account for just 6.5% of his personal income, with his hefty investment portfolio returns making up the rest.
He made £2.2m in 2022/23, more than 60 times the average British salary, according to the Rich List. It’s not known how much he made per year before entering parliament in 2015.
But, this is not the wealthiest Sunak and Murty have ever been.
Prior to Sunak’s election as Tory leader and PM in late 2022, the pair were worth an estimated £730m.
Still, this year’s increase is unlikely to do Sunak any favours in the public eye.
The news comes at a time when the Conservatives are dragging in the polls and the public already associate the prime minister solely with being “rich”.
Sunak claims that he does not mind being asked about his money, and said last year that “very few people bring it up with me”.
Loose Women's Judi Love demolishes Rishi Sunak in grilling over poverty as his wealth rises to £651m
Fri, 17 May 2024
Rishi Sunak and his wife Akshata Murthy are now in 245th place on The Sunday Times Rich List. via Associated Press
Rishi Sunak and Akshata Murty have raked in the money over the last year and are now in the top 250 wealthiest people in the UK.
The prime minister and his wife were already the richest people to ever live in No.10 Downing Street – and are just getting even richer.
They have climbed up The Sunday Times’ Rich List in the last year moving from 275th place to to 245th, as their net worth soared from £529m in 2023 to £651m.
For context, that means they are wealthier than King Charles, whose own fortunes crept up from £600m to a not inconsiderable £610m this year.
Most of their wealth comes from Murty’s shareholding in Infosys, an IT company co-founded by her father and based in Bangalore, India.
Shares have ballooned in value over the last 12 months, increasing by £108.8m to nearly £590m.
Murty received £13m in dividends over the last year from Infosys and is expected to receive another £10.5m this year.
This source of income was a source of great controversy at one point as it was revealed Murty had “non-dom” tax status.
That meant she claimed her permanent home was outside the UK and therefore she only had to pay tax on earnings made here – not on the Bangalore-based Infosys dividends.
She was able to avoid paying £20.6m in tax because of this status.
To make matters worse for the couple, her husband was the chancellor when this information made it to the media.
Murty later agreed to pay UK tax on her overseas income from 2021.
Murty is still the breadwinner in their household by a long shot – although it’s worth remembering the prime minister is a former hedge fund manager.
Sunak’s MP (£91,346) salary and PM salary (£80,807) account for just 6.5% of his personal income, with his hefty investment portfolio returns making up the rest.
He made £2.2m in 2022/23, more than 60 times the average British salary, according to the Rich List. It’s not known how much he made per year before entering parliament in 2015.
But, this is not the wealthiest Sunak and Murty have ever been.
Prior to Sunak’s election as Tory leader and PM in late 2022, the pair were worth an estimated £730m.
Still, this year’s increase is unlikely to do Sunak any favours in the public eye.
The news comes at a time when the Conservatives are dragging in the polls and the public already associate the prime minister solely with being “rich”.
Sunak claims that he does not mind being asked about his money, and said last year that “very few people bring it up with me”.
Loose Women's Judi Love demolishes Rishi Sunak in grilling over poverty as his wealth rises to £651m
Jake Holden
Fri, 17 May 2024
Rishi Sunak said he was 'intimidated' coming on the Loose Women panel show on ITV -Credit:ITV
Rishi Sunak underwent a severe grilling on Loose Women on Thursday (May 17) as one of the panellists pressed him on poverty at a time when his own wealth has skyrocketed. Judi Love did not hold back in asking him about poverty in the UK and when his government would help out those who were suffering.
The toasting on the all-female panel show created waves online, with Rishi himself saying he was 'intimidated' coming on the show, as social media showed its appreciation. Judi Love asked about what Mr Sunak's government will be doing for people in social housing and when.
She said: "I was in social housing, I lived in a home that had damp that was affecting my child's health. We've got NHS workers right now as we're having this interview, queuing to go to food banks."
READ MORE: Daniel Anjorin laid to rest in East London with over 100 people paying tribute to 'gentle-spirited' teen
She added: "People are suffering right now, what are you going to do and when are you going to do it?" to which there was a round of applause. In response, Mr Sunak spoke about online safety saying that the regulator Ofcom is setting out exactly what is permissible to post online with the threat of 'enormous fines' to those who don't comply - seemingly avoiding Judi's point about social housing.
Judi Love said she had lived in social housing with damp affecting her child's health and asked Mr Sunak what he would do for people still living like that -Credit:Kate Green/BAFTA/Getty Images for BAFTA
Judi brings him back on topic quickly, enquiring about people who might not have internet access as they can't afford to pay the bills. Judi says these people are "looking to you [Sunak] for a save line. We've got people going to work who are not eating because we're in a state of poverty. What is going to take place now? What are you going to do now to address this?"
Mr Sunak, whose own personal wealth combined with his wife's this week was reported to have risen to £651m, then began to look into the past rather than the present and spoke about financial security during the pandemic with furlough and struggles with the war in Ukraine. "None of this has been easy for anybody, Judi. What we've done during that time is continually provide support. You saw that with me during the pandemic and furlough - there were millions of people who thought they were going to lose their jobs and we stepped in to provide support - we did the same with energy bills."
Kaye Adams interjected: "But there are four million children living in poverty, Prime Minister", but she was ignored by Mr Sunak. Instead, he said that the welfare system was being upgraded and that for those in work, he claimed there had been a tax cut - though for many this is not actually the case in real terms as income tax brackets remained static in the face of inflation.
Judi brought up the point that as the UK's richest-ever Prime Minister, he might be out of touch with the needs of people living in poverty. She said: "A lot of people are concerned that you [Sunak] cannot emotionally connect with them because you haven't and don't live the life they've lived.
"But there are four million children living in poverty, Prime Minister," Kaye Adams said to Rishi Sunak -Credit:Mike Marsland/WireImage/Getty Images
"How can you connect to people when they're saying to you that they're worried to send their child to the local shop because of knife crime? When they're worried to sleep in their home because of damp? When they're worried to take the day off sick even though they're suffering from mental health because they don't want to miss that pay cheque?"
Again Mr Sunak pointed back to the pandemic furlough saying: "I think I'd ask people to judge me by my actions and whenever the country's been in these moments, that's what I've done and that's how I was raised."
"How were you raised?" Judi asked defiantly, cutting him off.
'Why Do You Hate Pensioners?': Rishi Sunak Suffers Brutal Loose Women Grilling
Ned Simons
Thu, 16 May 2024
Rishi Sunak ITV
Rishi Sunak was left flailing as he as subjected to a brutal interview on ITV’s Loose Women.
The prime minister was tackled over child poverty and asked “why do you hate pensioners”.
Sunak was also told many voters did not believe he was able to “emotionally connect” with ordinary people.
At the start of the 15-minute grilling, Sunak indicated he was expecting a rough ride.
“I have done a lot of things in this job but being here is probably on the more intimidating end,” he said.
Presenter Janet Street-Porter told him: “You were quite smiley earlier, weren’t you? Will you be smiling in five minutes.”
Street-Porter was then loudly applauded by the audience as the took Sunak to task over pensioner poverty.
“I think you’re a decent man. I do think you work hard. Hats off to you for that. I think your heart is in the right place. But why do you hate pensioners?” she said.
As the audience applauded, Street-Porter added: “That’s the only conclusion I can come to as a result of the spring Budget. So you lowered the National Insurance by 4 pence - big deal, pensioners don’t pay it.
“Then you froze the tax thresholds. So yes you gave us more pension, but that leaves a gap of only £1,000 if you get the basic, average pension, to the threshold of paying tax.
“There’s an argument that pensioners have come out worse under your supervision.”
The prime minister said he did “care deeply about pensioners” and that people who “work hard” all their life “should have the dignity and respect in retirement”.
Sunak said his decision to maintain the triple-lock on pensions had led to a £900 boost to the state pension.
The triple-lock policy means the state pension rises every April every year in line with whichever is highest out of inflation, average wage growth or 2.5%.
Judi Love, another of the interviewers, also demanded to know what the government was going to do “now” to help the country.
“People are suffering right now,” she said. “What is happening now is we are losing kids to poverty in the UK.”
Figures show that the number of children in relative poverty - after housing costs are taken into account - now stands at 4.3 million.
Love also questioned whether the PM, who is a multi-millionaire, could understand the lives of normal people.
“A lot of people are concerned you cannot emotionally connect with them because you haven’t and don’t live the life they have lived,” she said.
The Conservatives are on course to lose the upcoming general election, but Sunk told Loose Women he would not quit parliament if that happened. “Of course I’m staying, I love being an MP,” he said.
Ned Simons
Thu, 16 May 2024
Rishi Sunak ITV
Rishi Sunak was left flailing as he as subjected to a brutal interview on ITV’s Loose Women.
The prime minister was tackled over child poverty and asked “why do you hate pensioners”.
Sunak was also told many voters did not believe he was able to “emotionally connect” with ordinary people.
At the start of the 15-minute grilling, Sunak indicated he was expecting a rough ride.
“I have done a lot of things in this job but being here is probably on the more intimidating end,” he said.
Presenter Janet Street-Porter told him: “You were quite smiley earlier, weren’t you? Will you be smiling in five minutes.”
Street-Porter was then loudly applauded by the audience as the took Sunak to task over pensioner poverty.
“I think you’re a decent man. I do think you work hard. Hats off to you for that. I think your heart is in the right place. But why do you hate pensioners?” she said.
As the audience applauded, Street-Porter added: “That’s the only conclusion I can come to as a result of the spring Budget. So you lowered the National Insurance by 4 pence - big deal, pensioners don’t pay it.
“Then you froze the tax thresholds. So yes you gave us more pension, but that leaves a gap of only £1,000 if you get the basic, average pension, to the threshold of paying tax.
“There’s an argument that pensioners have come out worse under your supervision.”
The prime minister said he did “care deeply about pensioners” and that people who “work hard” all their life “should have the dignity and respect in retirement”.
Sunak said his decision to maintain the triple-lock on pensions had led to a £900 boost to the state pension.
The triple-lock policy means the state pension rises every April every year in line with whichever is highest out of inflation, average wage growth or 2.5%.
Judi Love, another of the interviewers, also demanded to know what the government was going to do “now” to help the country.
“People are suffering right now,” she said. “What is happening now is we are losing kids to poverty in the UK.”
Figures show that the number of children in relative poverty - after housing costs are taken into account - now stands at 4.3 million.
Love also questioned whether the PM, who is a multi-millionaire, could understand the lives of normal people.
“A lot of people are concerned you cannot emotionally connect with them because you haven’t and don’t live the life they have lived,” she said.
The Conservatives are on course to lose the upcoming general election, but Sunk told Loose Women he would not quit parliament if that happened. “Of course I’m staying, I love being an MP,” he said.
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