Rishi Sunak Net worth 2024 and Political Career

British politician Rishi Sunak was born on May 12, 1980, and has been the country's prime minister since October 25, 2022. From 2020 until 2022, he served as the Boris Johnson administration's Chancellor of the Exchequer. Since the general election of 2015, he has served as a Member of Parliament and is a member of the Conservative Party. 

Sunak left his role as Chancellor of the Exchequer in July 2022 to express his disapproval of the Boris Johnson administration. This led to a crisis in the government. Later on, Sunak declared that he would run for the position of Conservative Party Leader in the 2022 election. 

In September, he lost the election to Liz Truss. But Truss resigned a month later, and Sunak entered the second 2022 leadership contest. On October 24, 2022, he was elected as the new head of the Conservative Party without any opposition. Sunak is the first Hindu, British Indian, and non-white person to hold the position of prime minister in the United Kingdom.

Rishi Sunak Net Worth 2024

Rishi Sunak net worth is estimated to be $800 million. According to the returns produced by accounting firm Evelyn Partners, Mr. Sunak made more than $2.38 million in revenue last year alone. This amount included $2 million in capital gains and more than $375763 in earnings and investment income.

 The Independent examines Mr. Sunak's fortune accumulation and the government positions that shaped his rise to No. 10 as Chancellor Jeremy Hunt releases his autumn statement.

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Rishi Sunak family background

Sunak was raised in a family with a history of immigration. Rishi Sunak parents were born in Tanzania and Kenya, respectively, after his grandfather left Punjab in northwest India and immigrated to East Africa.

After their families moved to Southampton, England, in the 1960s, they married together. Sunak's father joined the National Health Service as a general practitioner. Sunak, the oldest of their three children, eventually handled the books for the little pharmacy his mother, a pharmacist, owned and ran.

Later in his political career, Sunak would compare the principles he acquired from working in the family business to those of Margaret Thatcher, the famous Conservative Party leader a grocery store owner raised.

Personal Life

He wed fashion designer Akshata Murty in 2009. She is the daughter of businesswoman Sudha Murty and billionaire N. R. Narayana Murthy from India. They are parents of two kids. They reside in a manor house in the North Yorkshire village of Kirby Sigston, close to Northallerton.

 In addition, they own a penthouse apartment in Santa Monica, California, a home in South Kensington, London, and a mews house in Kensington in central London.

Political Career

Sunak was elected to Richmond during the 2015 general election. In Theresa May's second cabinet, he served as Parliamentary Under-Secretary of State for Local cabinet. He supported May's Brexit separation agreement three times. After May resigned, Sunak backed Boris Johnson's campaign for Conservative leader.

After Johnson was elected, he named Sunak Chief Secretary to the Treasury. Sunak took over as Chancellor of the Exchequer in February 2020, following the resignation of Sajid Javid.

Chancellor of Exchequer

Sunak, as Chancellor, oversaw the UK government's economic reaction to the COVID-19 epidemic and the decision to lockdown. In April 2022, he violated COVID-19 standards during a lockdown.

He was the first Chancellor in British history to be sentenced for breaching the law while in office. He resigned as Chancellor on July 5, 2022, since he opposed Johnson's leadership.

Elections for the Conservative leadership in 2022

Sunak declared his intention to challenge Johnson for the Conservative party leadership on July 8, 2022. He won the first five rounds and advanced to the election's final round against Liz Truss on July 20.

Election results were declared on September 5, 2022, showing that Truss had received 81,326 votes while Sunak had received 60,399 votes.

October saw Truss step down as prime minister a month later. In 2022, Sunak emerged as the front-runner to succeed her in the second leadership race. On October 23, 2022, he made his candidacy known.

 After Penny Mordaunt withdrew from the campaign and Boris Johnson declared he would not run again, he emerged as the lone contender for the leadership on October 24. He was declared the next leader of the Conservative Party.

Is Rishi Sunak a Billionaire?

Rishi Sunak has recently qualified as a billionaire thanks to his wife's wealth. Still, there's a catch: Rishi has never been a billionaire if you measure billions of pounds of currency. Conversely, when discussing US dollars, the couple's wealth has been valued at approximately $1 billion at different times, particularly toward the close of 2021 and the start of 2022.

In addition, changes in the value of the British pound relative to the US dollar have altered the couple's technical position as billionaires. At the beginning of 2022, Rishi and Akshata were ranked as the 222nd richest people in the United Kingdom by the Sunday Times Rich List, with a fortune estimated to be around 730 million pounds. 

The ratio of pounds to dollars was 1.35 to 1 then, and 985 million pounds was the equivalent of 730 million pounds. Their US dollar equivalent wealth was $788 million in September 2022, when the pound's value dropped to as low as 1.08 to 1. Additionally, between January and September, Infosys's market cap dropped from $110 billion to $77 billion, significantly diminishing the couple's wealth.

Real Estate

Rishi Sunak and Akshata Murty own approximately $20 million in fundamental properties worldwide. The couple's primary residence is a five-bedroom mansion in Kensington, west London, which is worth $10 million.

On weekends, they go to a country house named Kirby Sigston Manor. The estate in North Yorkshire, England, is a grade II National Heritage manor built in 1826. In 2015, the family purchased the mansion for 1.5 million pounds. 

After purchasing the home, they spent an additional £400,000 turning parts into a wellness retreat with a new pool, spa, and gymnasium. They pay around $20,000 per year only to heat the pool, which measures 50 by 16 feet.

Rishi spent several years running a hedge fund in California, and the pair still has a $7 million penthouse condominium in Santa Monica's beachside enclave.

Hedge Funds

The couple's other source of riches is not Akshata Murty's family fortune. Before working for Children's Investment Fund Management, a hedge fund, Rishi was employed by Goldman Sachs from 2001 until 2004.

After leaving that fund in 2000, he relocated to California and started his company, Theleme Partners, with a few friends. October 2010 marked the start of Theleme Partners. The company raised $700 million in assets when it first launched.

And lastly, Rishi was a director of Catamaran Ventures, his father-in-law's family office investment vehicle, from 2013 to 2015.