Rishi Sunak's lavish life with billionaire wife - with overseas home and 4 cars
Today will see Prime Minister Rishi Sunak give his first speech as Tory leader to the Conservative Party Conference in Manchester. But as the PM faces some tough questions, not least about the northern extension of HS2, we take a look at his lavish life away from politics.
Rishi is married to Akshata Murthy, the daughter of an IT mogul who is reported to have assets worth around £3.5billion, is a registered non-domicile, meaning she doesn't have to pay UK tax on her income abroad. The status is legal, with a spokesperson for Ms Murthy stating that she was automatically given it due to her being a citizen of India - although this has also been disputed.
Ms Murthy's tax history is the latest glimpse into Sunak's lavish lifestyle, with questions raised recently over whether the Chancellor is "out of touch" with the rest of the UK population. These are some of the ways Sunak's life may differ from most Brits today.
Property Empire
Sunak and his wife are thought to own at least four properties together, including their main four-storey, five-bedroom home in Kensington, London. They also have a Georgian mansion in the Chancellor's North Yorkshire constituency, which is set in 12 acres of land and has its own ornamental lake and boating house.
One of the Sunaks' four lavish homes (Richard Rayner)Sunak recently secured planning permission to build a separate outbuilding for a 20-metre swimming pool and a tennis court on the site. The Sunday Mirror revealed how work was well under way on the fitness complex at the Chancellor’s weekend retreat. The couple also own a flat in Kensington, which they reportedly use as a holiday home for visiting relatives, and a property in Santa Monica, California. The California property reportedly offers an around-the-clock concierge and a fitness centre “stocked with the latest equipment for those looking to improve their cardiovascular or muscular endurance”.
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Multiple cars
Sunak was recently accused of being out of touch with the British public, after claiming he and his family used an "aging" Volkswagen Golf to get about in London. However, this was later found to be by far the cheapest of the Tory's selection of four cars - which is kept at his different properties.
Sunak had faced ridicule after he posed for photos filling up a Sainsbury's employee's Kia Rio car at the petrol pump to promote his 5p-a-litre cut in fuel duties. When asked about his own vehicle by Labour MP Siobhain McDonagh, Sunak remarked that his Volkswagen was older than hers - but did not reference his three other vehicles. He also owns a "high-specification Range Rover", which costs from £94,000 new, and a top-of-the-range Lexus and a BMW in California.
Huge wealth
Sunak is believed to be the richest MP serving in the Prime Minister's Cabinet, and is worth a reported £200million. However, this is nothing compared to his wife - as Ms Murthy is estimated to be worth a whopping £430million, making her richer than even the Queen. The fashion mogul, who runs Akshata Designs, is the daughter of the sixth-richest man in India, billionaire N.R Narayana Murthy. She has a stake in her father’s IT company worth hundreds of millions, The Times reported in February 2020.
Lavish holiday
Sunak has also faced criticism after it was revealed he used Parliamentary Easter recess to go on holiday in California last year, according to Newsnight. He and Ms Murthy have close ties to California, having met while studying at Stanford University, and will stay in their own property, it was said.
The trip was Sunak's first week off since he became Chancellor in 2020 due to the Covid pandemic, Newsnight reports. Political editor Nicholas Watt said: "It's perfectly normal for families that can afford to take a holiday to take a holiday, but that's the point - families that can afford to take a holiday. Many families can't afford to take a holiday. Many families are going to struggle to pay their heating bill and certainly a miniscule proportion of the population can manage to sustain a property in California."
Financial links to Russia
In March it was reported that Ms Murthy has a £490million stake in Infosys, owned by her father, which is still operating in Moscow and has links to a major Russian bank. Indian Prime Minister Narendra Modi has refused to impose sanctions on Russia despite the ongoing war in Ukraine.
Infosys has also reportedly worked with Russia’s Alfa-Bank, which was on Thursday named in the latest round of sanctions by the UK government. Its founder oligarch Mikhail Friedman - who owns a £150 million mansion overlooking Hampstead Heath - was sanctioned earlier this month.
Some have claimed Sunak’s alleged financial links to Russia mean he is not a “fit" to be in charge of the nation’s purse. Speaking to the Mirror, Professor Richard Murphy, Director of Tax Research UK, said: “Sunak’s wife has close ties through her family to a company that is trading and profiting from Russia, and which has been a significant source of business for them over recent years, which has led to her being worth hundreds of millions of pounds.
“The Chancellor lives in a family of untold wealth and some of that wealth is presently being supported by commercial links with Russia, which they appear to have no sign of wishing to break. I’m quite sure they are not breaking them because it pays them to keep them going.
“I follow a rule which is commonplace in finance, which is to ask the question whether someone is a fit and proper person to undertake the job. The person has to prove that they are independent, to be able to offer objective advice on which people can rely, and that their opinion making is free from influence. Rishi Sunak is the man in charge of our nation’s finances. My question is, is he a fit and proper person to be in charge? Is he objective and able to form an uninfluenced opinion about what is best for this country, independent of Russia’s influence on his family’s fortune? I don’t think he is.”
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Vaccine shares
In 2020, Sunak refused to to disclose whether he will profit from a surge in the share price of Covid vaccine manufacturer Moderna. The vaccine was one of the biggest investments held by hedge fund Theleme Partners, which Sunak co-founded before leaving in 2013. It is not clear whether Sunak has retained any investment in the fund since joining parliament. Theleme is registered in the Cayman Islands, meaning the company records are not available to the public.
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