Rishi Sunak
Source: Getty

Rishi Sunak Might Be the Richest Person in the U.K. House of Commons

Mohit Oberoi, CFA - Author
By

Apr. 7 2022, Published 8:54 a.m. ET

Since 2020, Rishi Sunak has been serving as Chancellor of the U.K. Exchequer. He's widely believed to be the richest person in the country’s House of Commons. What’s Sunak’s net worth and how did he make his money?

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Rishi Sunak

Chancellor of the U.K. Exchequer

Net worth: $262 million (estimated)

In 2020, Rishi Sunak made history by becoming the Chancellor of the U.K. Exchequer. He's the first person of Indian origin to hold the post. He's also rumored to become the country's next Prime Minister after Boris Johnson.

Birthdate: May 12, 1980

Birthplace: Southhampton, U.K.

Spouse: Akshata Murthy, daughter of Infosys co-founder Narayana Murthy

Children: Krishna Sunak, Anoushka Sunak

Father: Yashvir Sunak

Mother: Usha Sunak

Education: Graduated from Oxford, MBA from Stanford University

Sunak replaced Sajid Javid just days before he was set to present the country’s first annual federal budget since officially leaving the EU. He also made history by becoming the first person of Indian origin to become head of the country’s exchequer. He made several key decisions to help bail out the country’s economy, which like the rest of the world, was hit hard by the COVID-19 pandemic.

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What’s Rishi Sunak’s net worth?

The Sun estimates Sunak’s net worth at around 200 million pounds, which comes to around $262 million. To put that in perspective, Queen Elizabeth has a net worth of around $530 million.

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Rishi Sunak’s wife is richer than Queen Elizabeth.

Sunak is married to Akshata Murthy, the daughter of Narayana Murthy who co-founded the Indian IT giant Infosys. The company has a market cap of just above $100 billion. Akshata holds a 0.93 percent stake in the company, which is valued at almost $1 billion now. This would mean that she's richer than Queen Elizabeth.

People of Indian origin, which was once a British colony, are among the richest in the U.K. now. The Hinduja Family and steel tycoon Laxmi Mittal are among the richest people in the country.

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Akshata has faced controversy due to her non-domicile tax status. Also, the fact that Infosys continued to do business in Russia despite the Ukraine war has added to the controversy. Recently, the company announced that it would shut its operations in Russia.

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How Rishi Sunak rose to the top in the U.K.

Sunak’s father Yashvir and Mother Usha were born in East Africa where the family had migrated from the Indian state of Punjab. The family migrated to the U.K. in the 1960s. Yashvir was an NHS General Practitioner in Southampton while Usha was a pharmacist.

rishi sunak career
Source: Getty
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Sunak was born on May 12, 1980. He graduated from Winchester College Oxford where his subjects were Philosophy, Politics, and Economics. In 2006, he completed his MBA from Stanford University as a Fulbright Scholar.

Rishi Sunak’s career started at Goldman Sachs.

Sunak began his career at Goldman Sachs before moving to Children’s Investment Fund Management, which is a hedge fund. In 2010, he cofounded Theleme Partners—another hedge fund. He joined the Conservative Party in 2014 and the next year he was elected as an MP (Member of Parliament) from Richmond, Yorkshire, a position he has held since then.

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Sunak also held positions in the Theresa May administration and has gradually moved up the ladder. He was rumored to be in contention for the job as the next U.K. Prime Minister when Boris Johnson faced backlash over “partygate.”

How did Rishi Sunak make his money?

Sunak built his net worth through his professional career and didn't inherit much wealth from his parents. However, his wife inherited the Infosys shares from her father. As an MP, Sunak gets a base pay of 79,468 pounds (around $104,104) and an additional Chancellor's salary of 71,090 pounds (around $93,100).

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