Rishi Sunak’s wealth makes him one of the richest British Prime Ministers | Job Binary


Explanation

LONDON – Rishi Sunak is one of Britain’s richest men and will soon become the most powerful when he becomes prime minister. This may be the first time in history that Downing Street residents are richer than those in Buckingham Palace.

Britons are used to being ruled by elites – Boris Johnson was as elite as they come – but Sunak isn’t just rich, he’s very rich, prompting some to ask whether his wealth makes him too rich to be prime minister.

However, his supporters believe that his experience as chancellor and the years he spent earning money make him well suited to lead a country hit hard by a period of economic instability.

Boris Johnson has abandoned his bid to return to power in the UK, leaving Rishi Sunak in the strong lead

Sunak, a former banker, and his wife, Indian tech heiress Akshata Murthy, are worth an estimated £730 million ($830 million), according to the Sunday Times Rich List. In this year’s list, which was published before her death, Queen Elizabeth II had a relative fortune of around £370 million ($420 million).

Former banker Rishi Sunak and his wife, Indian tech heiress Akshata Murthy, are worth an estimated $827 million, according to the Sunday Times. (Video: The Washington Post)

The couple’s money comes primarily from Murty’s father’s stake in Infosys. He also owns startup incubator Catamaran Ventures UK and has stakes in around a dozen other companies. The couple own at least three homes in the UK, as well as a property in Santa Monica, California worth around $6 million.

According to the Guardian, the Sunak family, who have two daughters, Krishna and Anushka, spend the week in their five-bedroom house in west London and their weekends in a Georgian house in North Yorkshire. The paper claimed it had been “turned into a wellness retreat with an indoor pool, gym, yoga studio, hot tub and tennis court.”

Does it have anything to do with voters?

“It’s not a binary,” said Robert Ford, a professor of politics at the University of Manchester. “Britons as a whole don’t think being rich is bad or disqualifying. There are many people who are very famous among the people.

“People care that the rich make the rules. It’s non-dom status for your wife when you’re chancellor, it’s green cards in case things go south in the US, it’s family tax numbers being lowered. “People say, ‘I don’t mind if you pay your taxes, but if you don’t, it really annoys me,'” he said.

Earlier this year, Sunak’s wife was at the center of a tax scandal after it emerged that she had filed as a “non-resident” in the UK, allowing her to avoid paying UK tax on her substantial overseas earnings. . The family lived at 10 Downing Street, an apartment designated for the British Chancellor of the Exchequer (the apartments are smaller than 11 Downing Street, where prime ministers usually prefer to live). The moving vans arrived while the conflict was still simmering.

It was also revealed at the time that Sunak held a green card while serving as the US Chancellor of the Treasury or Secretary of the Treasury. His spokeswoman said he was reinstated last year.

A poll released on Monday asked people to describe Sunak in one word. In the cloud stands out: rich.

Sunak’s critics tried to play down his privileged upbringing. They said he studied at the 600-year-old Winchester College, where annual fees for those who sit like him today are more than $52,000.

Who is Rishi Sunak? What you need to know about the favorite of the British Prime Minister.

In this summer’s leadership election, they aired a clip from a 2007 BBC documentary showing he had no “worker friends”.

He was also attacked this summer for a speech to key Conservative Party members in which he said he had sought to change funding formulas that “shove all the funding to deprived cities” to help wealthier cities.

In a time of rising energy prices and inflation, however, Sunak’s supporters counter that his experience in finance and treasury — not his wealth — makes him the right man for the job right now.

Before becoming a lawmaker – just seven years ago, a rapid rise in British politics – Sunak worked as an investment banker and hedge fund manager at Goldman Sachs. Most recently, he served as chancellor in the government, where he was very popular when it came to spending during the pandemic.

He has consistently polled better than any of his contenders in this leadership race for economic competence. In the latest race against Liz Truss, Sunak said Truss’s plans were based on “fantasy” economics – a prediction that proved predictable when her “tiny budget” caused widespread turmoil in the markets.

British Chancellor Jeremy Hunt, hoping to keep his job, has backed Sunak. In the Daily Telegraph, he said that the British are looking for someone who can handle the crisis.

“Our public finances, market credibility and international reputation have been hit hard. To restore stability and trust, we need a leader who can be trusted to make difficult choices,” he wrote. “We also need someone who can explain this choice to members of the public who are concerned about jobs, mortgages and public services. We have a leader in Rishi Sunak who can do just that.”

However, the issue of its wealth may still be vulnerable. Stephen Fielding, professor of politics at the University of Nottingham, said when Sunak won, the opposition Labor Party could try to score points on Sunak for being “out of touch”, as they did earlier in the year. During a discussion about rising food prices, he described “the different breads in my house.”

And given the economic crisis, the cost of living is expected to get much worse for millions of Britons who are already feeling the pinch.

Fielding also said Truss’s disastrous economic policies meant the market quickly rejected her unfunded tax cut plans, meaning the next leader’s policies would “basically be a prisoner of Liz Truss and a consequence of Liz Truss”.



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