London:
The wealth of British Prime Minister Rishi Sunak and his wife Akshata Murty has plummeted over the past 12 months, but at £529 million ($668 million), he is still immune to the cost-of-living crisis that dominates Britain’s political agenda.
The pair is now ranked 275th according to the Sunday Times Rich List, down from 222nd last year due to the fall in value of their stake in Infosys, the Indian IT giant founded by Murty’s father.
As Prime Minister, Sunak is entitled to an annual salary of around £165,000. When he became prime minister last October, his income rose relative to the general legislature rate, but not nearly enough to offset the fall in his wealth from an estimated £730 million last year to £529 million in 2023.
His fortune has opened him up to regular attacks from opposition politicians who say he has lost contact with ordinary people at a time when many Britons are getting poorer.
Inflation is over 10% and wages are not rising as fast, putting pressure on household incomes and creating a “cost of living crisis” that dominates the headlines. Sunak has promised to cut inflation in half and grow the economy to tackle the problem.
Sunak is the richest-ever resident of No. 10 Downing Street, but has said people shouldn’t hold his wealth against him.
“I think in our country we don’t judge people by their bank account, but by their character and their actions. And yes, I’m really lucky to be in the situation I’m in now, but I wasn’t born that way,” he said last year.
Last year, Sunak’s wife faced criticism and public anger in April over her “non-resident” tax status, meaning she paid no tax in Britain on her earnings abroad. She subsequently gave up the status and said she would pay UK tax on her worldwide income.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)