Skip to content
Search

Latest Stories

Rishi Sunak, Akshata Murty make UK rich list debut with £730m wealth together

Rishi Sunak, Akshata Murty make UK rich list debut with £730m wealth together

BRITAIN'S chancellor of the exchequer Rishi Sunak and his wife Akshata Murty are among the richest people in the UK with their combined fortune estimated at £730 million.

The couple made their debut in the annual Sunday Times Rich List on Friday (20), ranked 222. Indian-origin Hinduja brothers are at the top of the list with an estimated £28.472 billion.

Sunak, who is married to India-born Murty, the daughter of Infosys co-founder NR Narayana Murthy, is described in the analysis as the first frontline politician to appear in its annual rankings of the UK's wealthiest in its 34-year history.

The 42-year-old Indian-origin finance minister is a former hedge fund manager who left his financial career to be elected a Conservative Party member of Parliament in 2015.

“Not so long ago Sunak, 42, was touted as a future prime minister, a smooth heir to the bumbling Boris Johnson. However, the chancellor's ambitions have been derailed by last month's revelation that his wife, Akshata Murty, was a ‘non-dom’ a status that allows those who have their permanent home (domicile) outside the UK to pay tax only on earnings in this country, as well as an annual charge of £30,000,” reads The Sunday Times Rich List report.

For Murty, it notes that the entrepreneur owns 0.93 per cent of Infosys in her own name, which would be a stake worth about £690 million.

“It should have delivered about £54 million in dividends over the past seven and a half years, including £11 million in 2021. Without the non-dom status, Murty would have been liable for £20.6 million of UK tax on these payments. She has now agreed to pay tax on her 2021 dividends,” the report adds

Last month, Murty had announced that she will pay UK taxes on all her income, including from India, to avoid the row over her non-dom status being a “distraction” for her husband.

Sunak had vehemently defended his wife and has since been given a clean chit by an independent ministerial ethics advisor to the UK government over the issue.

Sri and Gopichand Hinduja and family returned to the top of the 'Sunday Times Rich List' rankings after slipping to third place last year, with the biggest fortune recorded in the list's history.

“All may not be harmonious within the Hinduja dynasty, but their business empire has enjoyed a bumper year,” notes the newspaper, with reference to a reported family feud.

“Much of their wealth is to be found in companies listed on the Indian stock market. The family's stake in the Mumbai-based IndusInd Bank is now worth £4.545 billion. Their holding in the vehicle manufacturer Ashok Leyland, which has headquarters in Chennai, has a value of £2.663 billion after a strong year and the Hindujas' stake in the IT giant Hinduja Global Solutions is worth £1.283 billion. Shares in other listed companies add another £1.174 billion," it adds.

In third place is another set of India-born brothers, David and Simon Reuben, and family with a fortune estimated at around GBP 22.265 billion.

They follow British inventor-entrepreneur Sir James Dyson and family, ranked second with an estimated GBP 23 billion.

Further down in sixth place is NRI steel tycoon Lakshmi N Mittal with £17bn, who added around £ 2.3bn to his fortunes since last year through ArcelorMittal steelworks.

Other Indian-origin billionaires on the 2022 list include metals industrialist Anil Agarwal at number 16 with an estimated £9.2 billion, retail majors Mohsin and Zuber Issa at number 39 with an estimated £4.73 billion, Prakash Lohia at number 41 with an estimated £4.37 billion and Simon, Bobby and Robin Arora at number 69 with £2.543 billion.

Also ranked within the top 100 are NRI industrialist Lord Swraj Paul and family and Varsha and Navin Engineer at a joint number 72 (£2.5 billion), followed by Biocon founders Kiran Mazumdar-Shaw and John Shaw at number 75 (£2.496 billion) and hoteliers Jasminder Singh and family at number 99 (£1.824 billion).

Overall, the UK now has a record of 177 billionaires, up six from 2021 with a combined wealth between them of £653 billion, up more than £55 billion (9.4 per cent) on the total wealth of the billionaires in last year's Sunday Times Rich List.

The annual tally measures identifiable wealth, such as land, property, racehorses, art or significant shares in publicly quoted companies.

Bank accounts, to which the newspaper says it has no access, and small shareholdings in a private equity portfolio are excluded.

More For You

Sri Lanka forms committee to address UK sanctions
Anura Kumara Dissanayake

Sri Lanka forms committee to address UK sanctions

THE Sri Lanka government on Wednesday (2) formed a committee to recommend measures regarding the UK's decision to impose sanctions on three former military commanders who led the campaign that crushed the Liberation Tigers of Tamil Eelam (LTTE) in 2009.

Health minister Nalinda Jayatissa told reporters that foreign minister Vijitha Herath, justice minister Harshana Nanayakkara and deputy minister of defence Aruna Jayasekara would comprise the committee that would consult experts for the purpose.

Keep ReadingShow less
Gujarat-blast-ANI

The blast caused the factory’s concrete roof to collapse, scattering debris and body parts across the area, officials confirmed. (Photo: ANI)

ANI

Death toll rises to 21 in Gujarat firework factory explosion

AN EXPLOSION at an illegal firecracker factory in Gujarat's Deesa town killed 21 people and injured several others on Tuesday, officials said.

The blast caused the factory’s concrete roof to collapse, scattering debris and body parts across the area, officials confirmed.

Keep ReadingShow less
Child benefit payments set to rise for UK families

Child benefit, normally paid every four weeks directly into bank accounts, has undergone significant changes in recent months (Photo: Getty Images)

Child benefit payments set to rise for UK families

MILLIONS of British families are set to receive a financial boost as child benefit payments increase from April 7, according to HM Revenue and Customs (HMRC).

From next week, parents will receive £26.05 per week for the eldest or only child, amounting to £1,354.60 annually - up from the current rate of £25.60. For each additional child, payments will rise to £17.25 weekly, totalling £897 per year - an increase from the present £16.95 rate. This represents a 1.7 per cent increase across all payment categories.

Keep ReadingShow less
Anant Ambani Walks 140 Km in Spiritual Tribute on 30th Birthday

Anant’s padyatra is a reflection of the larger cultural fabric of India

Getty

Anant Ambani embarks on a 140-kilometer spiritual journey on foot to celebrate 30th birthday

Anant Ambani, a director of Reliance Industries Limited and a prominent figure in Indian industry, has chosen a unique and spiritual way to mark his 30th birthday. As part of his celebrations, he is currently undertaking a padyatra—a traditional pilgrimage on foot—from Jamnagar to Dwarka, covering a distance of approximately 140 kilometres. The journey reflects his devotion to Lord Dwarkadhish, the presiding deity of the Dwarkadhish Temple in the city of Dwarka.

Anant began his journey from his family’s residence in Moti Khavdi, Jamnagar, and has been progressing steadily for the past five days. Walking an estimated 10-12 kilometres each night, he travels under the protection of Z+ security and local police, ensuring his safety during this significant journey. The padyatra is expected to take between seven to nine days in total, with plans to conclude at the Dwarkadhish Temple in time for his birthday on April 10.

Keep ReadingShow less
New TB action plan proposed as cases surge

Government urged experts to come forward to help draw up a new five-year TB action plan. (Photo: Getty Images)

New TB action plan proposed as cases surge

BRITAIN on Wednesday (2) urged health experts and sufferers of tuberculosis (TB) to come forward to help draw up a new five-year action plan as it deals with record rises in the disease.

In 2023, England recorded its largest annual increase (11 per cent) in cases since enhanced surveillance began in 2000.

Keep ReadingShow less