Rishi Sunak’s wealth jumps £120 million amid UK billionaire slowdown

Despite economic challenges, the Sunday Times Rich List showed significant wealth growth for its members, even as the broader UK billionaire surge tapered off.

London: The fortune of Prime Minister Rishi Sunak and his wife, Akshata Murty, has experienced a remarkable surge, exceeding 120 million pounds in growth over the past year, thus elevating their combined wealth to a substantial 651 million pounds, UK-based broadcasting network iTV reported.

The latest annual Sunday Times Rich List revealed their wealth grew substantially despite the wider UK billionaire boom coming “to an end” in the face of tough economic conditions.

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Despite a noted slowdown in the broader UK billionaire landscape due to challenging economic circumstances, Sunak and Murty have witnessed a significant increase in their wealth, which now stands at 651 million pounds compared to 529 million pounds in the previous year.

This impressive rise can be attributed largely to Akshata Murty’s ownership stake in Infosys, the esteemed Indian IT giant co-founded by her billionaire father. Murty’s shares in Infosys experienced a remarkable increase in value, soaring by 108.8 million pounds to nearly 590 million pounds within the span of a year, as reported by iTV.

However, it’s worth noting that the couple’s current wealth still falls short of its peak in 2022, when it reached approximately 730 million pounds.

The upward trajectory in wealth isn’t unique to Sunak and Murty alone; King Charles has also seen his fortune grow, climbing to 610 million pounds from 600 million pounds over the past year.

Despite these individual successes, the overall landscape for British billionaires is shifting. The number of billionaires in the UK has experienced a decline for the third consecutive year, dropping from a peak of 177 in 2022 to 165 in the current year. This decline is attributed to various factors, including some individuals witnessing a contraction in their private wealth due to high borrowing rates, while others have chosen to relocate from the country.

Robert Watts, the compiler of the rich list, suggests that Britain’s billionaire boom may have reached its zenith. He notes that while many homegrown entrepreneurs have seen their fortunes diminish, some of the global super-rich, who once favoured the UK as a base, are now seeking opportunities elsewhere. This trend raises questions about the implications for the British economy, as thousands of livelihoods are interconnected with the fortunes of the super-rich, according to iTV.

The latest data reveals that Britain’s 350 wealthiest individuals and families collectively possess a staggering combined wealth of 795.36 billion pounds. Topping the list once again are Gopi Hinduja and his family, who oversee the renowned Indian conglomerate Hinduja Group. Their wealth has ascended to 37.2 billion pounds from 35 billion pounds in the previous year.

However, not all prominent billionaires have experienced growth in their fortunes. Sir Jim Ratcliffe, Manchester United investor and Ineos founder, witnessed the most significant decline, with his net worth plummeting by over 6 billion pounds to 23.52 billion pounds.

Similarly, Sir James Dyson saw his wealth diminish to 20.8 billion pounds from 23 billion pounds, while Sir Richard Branson’s fortunes dwindled to 2.4 billion pounds from 4.2 billion pounds, owing to challenges faced by his company, Virgin Galactic, throughout the year, iTV reported.