Rishi Sunak may have seen his political fortunes tumble in recent months, but it does not appear to have dented his financial situation.
The UK chancellor and his wife, Akshata Murty, this made the Sunday Times Rich List for the first time with their joint £730 million ($910.38 million) fortune. Russian billionaires, meanwhile, tumbled down this year’s rankings.
There were a record 177 billionaires in the UK, according to the rankings.
Mr Sunak and his wife’s finances have come under intense scrutiny in recent months.
Last month, it was revealed that Ms Murty had non-dom status, which typically applies to someone who was born overseas and spends much of their time in the UK but still considers another country to be their permanent residence, or “domicile”.
It is estimated that Ms Murty’s non-dom status could have saved her £20 million in taxes on dividends from her shares in Infosys, an Indian IT company founded by her father.
She later agreed to pay UK taxes on her worldwide income.
Mr Sunak was cleared of breaching the ministerial code by Boris Johnson’s standards adviser after considering the tax affairs.
His financial affairs came under particular scrutiny as pressure mounted on him to produce a package of support to ease the cost of living for millions of people struggling with higher food and energy bills. A windfall tax on energy companies is one possibility.
He and his wife donated more than £100,000 to his alma mater, Winchester College, one of the most expensive private schools in Britain.
He also saw his political fortunes dive after he was fined, with Prime Minister Boris Johnson, over a breach of Covid regulations at Downing Street.
Justice Secretary Dominic Raab said it is “fantastic” that Mr Sunak has joined the rich list.
Mr Raab told Times Radio: “He’s a fantastic example of someone who’s been successful in business, who’s coming to make a big impact in public service.
“I think we want more of those people. I think it’s fantastic that you’ve got someone of British-Indian origin, showing all people in our country that you can get to the top of politics.
“And frankly, I think if I understood correctly, the Sunday Times Rich List was a reflection of not just him but his wife. His wife is an incredibly successful entrepreneur in her own right.
“Again someone that’s here, British-Indian, and actually I think we want to see more women succeeding in both business and politics.”
On Friday morning, the Sunday Times Rich List revealed the couple featured at 222 in the list with the joint forecast of £730 million, driven by Ms Murty’s £690 million stake in Infosys.
Meanwhile, Sri and Gopi Hinduja, who run the Mumbai-based conglomerate Hinduja Group, jumped to the top of the list after their wealth grew by more than £11 billion to £28.47 billion.
Entrepreneur Sir James Dyson and his family moved up to second in the list after a £6.7 billion increase to £23 billion.
Property investors David and Simon Reuben meanwhile were third with £22.26 billion, while Ukrainian-born Sir Leonard Blavatnik dropped from top spot to fourth.
One notable absentee from the upper reaches of the list is Roman Abramovich.
The former Chelsea FC owner slid from eighth to 28th in the rankings after his finances plummeted from £12.2 billion last year to £6 billion this year after sanctions, the enforced sale of Chelsea and the sharp fall in his Evraz shares.
Fellow Russians Alisher Usmanov and Mikhail Fridman dropped down the list after the value of their assets was hammered by financial measures in response to Russia’s invasion of Ukraine.
It comes as typical UK households face increased financial pressure from rampant inflation, which struck a 40-year high of 9 per cent in April.
Overall, the richest 250 in the UK this year are worth £710.72 billion, compared with £658.09 billion in 2021, an 8 per cent rise on last year, The Sunday Times said.
The 20 richest people in the UK according to the Sunday Times Rich List
- Sri and Gopi Hinduja and family – £28.47 billion
- Sir James Dyson and family – £23 billion
- David and Simon Reuben and family – £22.26 billion
- Sir Leonard Blavatnik – £20 billion
- Guillaume Pousaz – £19.26 billion
- Lakshmi Mittal and family – £17 billion
- Christoph Henkel and family – £15 billion
- Guy, George, Alannah and Galen Weston and family – £13.5 billion
- Kirsten and Jorn Rausing – £12 billion
- Charlene de Carvalho-Heineken and Michel de Carvalho – £11.42 billion
- Michael Platt – £10 billion
- Alisher Usmanov – £10 billion
- The Duke of Westminster and the Grosvenor family – £9.73 billion
- Barnaby and Merlin Swire and family – £9.6 billion
- Marit, Lisbet, Sigrid and Hans Rausing – £9.49 billion
- Anil Agarwal – £9.2 billion
- Denise, John and Peter Coates – £8.64 billion
- John Fredriksen and family – £8.31 billion
- Mikhail Fridman – £8.22 billion
- Moshe Kantor – £8 billion
if you go
The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles.
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
UAE currency: the story behind the money in your pockets
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Match info
Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Mobile phone packages comparison
Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars
The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Results
Stage three:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Tom Dumoulin (NED) Jumbo-Visma, at 14s
4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
5. Joao Almeida (POR) UAE-Team Emirates, at 22s
6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s
General Classification:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s
4. Tom Dumoulin (NED) Jumbo-Visma, at 14s
5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
6. Joao Almeida (POR) UAE-Team Emirates, at 22s
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
MATCH INFO
Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)
TV: BeIN Sports
More coverage from the Future Forum
UAE currency: the story behind the money in your pockets
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
ARSENAL IN 1977
Feb 05 Arsenal 0-0 Sunderland
Feb 12 Manchester City 1-0 Arsenal
Feb 15 Middlesbrough 3-0 Arsenal
Feb 19 Arsenal 2-3 West Ham
Feb 26 Middlesbrough 4-1 Arsenal (FA Cup)
Mar 01 Everton 2-1 Arsenal
Mar 05 Arsenal 1-4 ipswich
March 08 Arsenal 1-2 West Brom
Mar 12 QPR 2-1 Arsenal
Mar 23 Stoke 1-1 Arsenal
Apr 02 Arsenal 3-0 Leicester
THE BIO
BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
UAE currency: the story behind the money in your pockets
