UK Prime Minister Rishi Sunak and his wife Akshata Murthy have seen a significant increase in their wealth, with their wealth increasing by £122 million last year.
The increase lifted them from 275th to 245th in the Sunday Times Rich List.
Wealth surpassing that of King Charles
The couple's net worth now stands at £651 million, surpassing King Charles' estimated £610 million.
Sunak and Murthy are the richest in No. 10 Downing Street, boosted by Murthy's substantial stake in Infosys, a Bangalore-based IT firm co-founded by his father.
Infosys Shares and Dividends
Murthy's stake in Infosys has risen significantly, increasing by £108.8 million to almost £590 million in the past year.
In addition, he received a £13 million dividend from the company and is expected to receive a further £10.5 million this year.
Disputed tax situation
Murthy's wealth and his administration created controversy.
His “non-resident” tax status allowed him to avoid paying UK tax on overseas income, including dividends from Infosys.
This position allowed tax savings of £20.6 million. The issue became particularly contentious during Sunak's tenure as chancellor.
After public scrutiny, Murthy agreed to pay UK tax on his overseas income from 2021.
Sources of income and financial history
Murthy is the main income earner of the family, but Sunak's income is also substantial. Before his political career, Sunak was a hedge fund manager.
His Parliamentary salary (£91,346) and Prime Minister's salary (£80,807) make up just 6.5% of his income. He earned £2.2m in the 2022/23 financial year, mainly from his investment portfolio, which was above the average British salary.
Public opinion and political implications
Despite their growing wealth, Sunak and Murthy's financial situation fluctuates. Before Sunak becomes Conservative leader and Prime Minister at the end of 2022, their combined worth is estimated at £730 million.
An increase in his wealth this year will not help Sunak's public image, especially as the Conservative Party struggles in the election and Sunak faces criticism for his wealthy background.
Responding to public concerns
Sunak says he doesn't mind talking about his wealth, saying some people talk about it with him.
However, the timing of the news may affect public opinion, as many Britons already associate Sunak primarily with the rich.
As the couple's financial journey continues to be in the public eye, the implications for Sunak's political career and public image remain to be seen.
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