Sunak fortune hits £651m in 2023

Sunak fortune hits £651m in 2023

May 24, 2024

The Prime Minister and his wife Akshata Murty have risen 30 spots in The Times rich list for 2024, growing their wealth by £122m

The technology and hedge fund company Infosys, owned by Murty’s father, has helped the couple reach 245th on the list, with a total net worth of £651m, rising from £529m in 2023. This was a significant turnaround after they lost £200m in 2023, dropping 53 places.

Sunak published a summary of his tax bill in February, showing that he paid £508,308 at a rate of just 22.8% and earned £2.3m so the bulk of his wealth is thanks to his wife.

The PM is richer than King Charles, who was ranked 258th with wealth of £610m, up £10m.

There was no change at the top of the list with Gopi Hinduja and family, increasing their wealth by £2.2bn in 2023. Their total wealth based on earnings and assets from industry and finance was £37.2bn.

Last year’s number two, Sir Jim Ratcliffe, the CEO of Ineos, has dropped two spots to fourth after the purchase of his stake in Manchester United Football Club. His wealth fell £6.16bn to £23.5bn.

Sir Richard Branson also fell further down the list, losing £10m overall, although he still came in as the 74th richest man in the UK with a net worth of £2.4bn.

Also falling slightly was Peter Hargreaves, founder of Hargreaves Lansdown and a chartered accountant, dropping £22m to £1.84bn. Co-founder Steve Lansdown lost £11m, bringing his total wealth to £1.16bn.

With the sale of Everton Football Club to 777 looking to be abandoned, majority owner Farhad Moshiri will be looking to find a replacement buyer after losing £130m in 2023. His total net worth is now £1.5bn, which would have been closer to £2bn had the rumoured £500m sale of his share in Everton FC gone ahead.

A recent addition to the billionaire list is Sir Paul McCartney who made £50m in 2023, making him the 165th richest man in the UK with £1bn.

Robert Watts, compiler of the Sunday Times Rich List, said: ‘Many of our home-grown entrepreneurs have seen their fortunes fall and some of the global super rich who came here are moving away.

‘Thousands of British livelihoods rely on the super-rich to some extent. We’ll have to wait and see whether we have now reached peak billionaire, and what that means for our economy.