Rishi Sunak's wife Akshata Murty. Getty Images
Rishi Sunak's wife Akshata Murty. Getty Images
Rishi Sunak's wife Akshata Murty. Getty Images
Rishi Sunak's wife Akshata Murty. Getty Images

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UK

Who is Akshata Murty? Meet Rishi Sunak's fabulously well-connected wife

Ms Murty is said to be worth more than King Charles III because of the 0.91 per cent she holds in her father's company Infosys

Gillian Duncan
Gillian Duncan

October 25, 2022

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Much is made about the wealth of Akshata Murty, the wife of Britain’s new prime minister, who is said to be worth more than King Charles III.

Yet growing up in India, she did not benefit from the luxuries enjoyed by many elites, such as a chauffeur driven car, and was instead driven to school in an autorickshaw, like her classmates.

The family could have had one, if they wanted to.

They were by that time wealthy, thanks to their growing IT services company Infosys. But it was not always that way.

Ms Murty’s father, Narayana Murthy, who spells his surname differently to his daughter, recalled hearing about her birth in April 1980 from a colleague, as they were so poor at the time he could not afford a telephone.

“Your mother and I were young then and struggling to find our feet,” he wrote in a letter to his daughter.

Ms Murty was sent to live with her paternal grandparents when she was a few months old while her parents established their careers.

Her mother, Sudha, went on to become Tata Motors' first female engineer after famously complaining via a postcard to the chairman about the firm's stipulation that “lady candidates need not apply”.

And her father founded Infosys, which is now a $75 billion company, in 1981, a year after Ms Murty's birth.

What is Ms Murty's background?

When she was eventually brought to Mumbai, at the age of 2, her parents did their best to ensure she was given a good start. The couple had a son, Rohan, when she was 3 years old.

Television was banned in the house to ensure there was time for activities such as “studying, reading, discussions and meeting friends,” according to Legacy; Letters from eminent parents to their daughters.

Evenings between 8pm and 10pm were dedicated to “pursuits that brought the family together in a productive environment”.

The family grew rich, but shunned extravagances, and Ms Murty “made great friends with the ‘rickshaw uncle’”.

Britain's new prime minister, Rishi Sunak, with daughters Krisna, Anoushka and wife Akshata Murthy. Getty Images
Britain's new prime minister, Rishi Sunak, with daughters Krisna, Anoushka and wife Akshata Murthy. Getty Images

When did she meet Rishi Sunak?

She went on to study economics and French at the top liberal Claremont McKenna College in California.

She earned a diploma at a fashion college, before working at Deloitte and Unilever, and later studied for an MBA at Stanford University, where she met Rishi Sunak.

Atypically for class-conscious India, where arranged marriages are still common, the couple were fine with Ms Murty's comparatively humble choice of husband, a doctor's son from Southampton.

Ms Murty's father said he was initially “a little sad and jealous” when he first heard about Mr Sunak, who was at the time was a Fulbright scholar with a first-class degree from Oxford.

But after meeting him he said Mr Sunak was “all that you had described him to be — brilliant, handsome, and, most importantly, honest”.

Their wedding in 2009 was described as being relatively modest by the standards of India’s elites, with 1,000 guests.

Ms Murty started out in finance in California, but later launched her own fashion label, Akshata Designs, which worked with artists in remote Indian villages.

British Prime Minister Rishi Sunak announces July 4 as the date for the 2024 general election at No 10 Downing Street. Here, The National looks back at his political career. Getty Images
British Prime Minister Rishi Sunak announces July 4 as the date for the 2024 general election at No 10 Downing Street. Here, The National looks back at his political career. Getty Images
Mr Sunak during local election campaigning in Teesside in May 2024. Getty Images
Mr Sunak during local election campaigning in Teesside in May 2024. Getty Images
Mr Sunak presents cupcakes to journalists on board a plane on the way to Warsaw in April 2024. Getty Images
Mr Sunak presents cupcakes to journalists on board a plane on the way to Warsaw in April 2024. Getty Images
Mr Sunak during a press conference in Downing Street in January after the Safety of Rwanda Bill passed its third reading in the House of Commons. Getty Images
Mr Sunak during a press conference in Downing Street in January after the Safety of Rwanda Bill passed its third reading in the House of Commons. Getty Images
Being applauded after his speech at the Conservative Party conference in October 2023. Getty Images
Being applauded after his speech at the Conservative Party conference in October 2023. Getty Images
Looking pensive alongside then-home secretary Suella Braverman at No 10 in October 2023. She didn't last much longer in the cabinet. Getty Images
Looking pensive alongside then-home secretary Suella Braverman at No 10 in October 2023. She didn't last much longer in the cabinet. Getty Images
Mr Sunak sits in an old Special Branch police vehicle which was used to transport former prime minister Margaret Thatcher, in July 2023. Getty Images
Mr Sunak sits in an old Special Branch police vehicle which was used to transport former prime minister Margaret Thatcher, in July 2023. Getty Images
On board Border Agency cutter HMC Seeker during a visit to Dover in June 2023. Getty Images
On board Border Agency cutter HMC Seeker during a visit to Dover in June 2023. Getty Images
Mr Sunak alongside European Commission President Ursula von der Leyen, Canada's Prime Minister Justin Trudeau, US President Joe Biden, French President Emmanuel Macron and German Chancellor Olaf Scholz during the G7 Summit in May 2023. Getty Images
Mr Sunak alongside European Commission President Ursula von der Leyen, Canada's Prime Minister Justin Trudeau, US President Joe Biden, French President Emmanuel Macron and German Chancellor Olaf Scholz during the G7 Summit in May 2023. Getty Images
Mr Sunak and his wife Akshata Murty arriving in Japan ahead of the G7 Summit in May 2023. Getty Images
Mr Sunak and his wife Akshata Murty arriving in Japan ahead of the G7 Summit in May 2023. Getty Images
Mr Sunak and Chancellor Jeremy Hunt sending a message at Accrington Market Hall in January 2023. Getty Images
Mr Sunak and Chancellor Jeremy Hunt sending a message at Accrington Market Hall in January 2023. Getty Images
Mr Sunak and Ukrainian President Volodymyr Zelenskyy meet in Ukraine's capital Kyiv in November 2022. Getty Images
Mr Sunak and Ukrainian President Volodymyr Zelenskyy meet in Ukraine's capital Kyiv in November 2022. Getty Images
King Charles III welcomes Mr Sunak during an audience at Buckingham Palace, where he invited the newly elected leader of the Conservative Party to become Prime Minister and form a new government in October 2022. Getty Images
King Charles III welcomes Mr Sunak during an audience at Buckingham Palace, where he invited the newly elected leader of the Conservative Party to become Prime Minister and form a new government in October 2022. Getty Images
Mr Sunak makes a statement outside No 10 in October 2022 after taking office. Getty Images
Mr Sunak makes a statement outside No 10 in October 2022 after taking office. Getty Images
Mr Sunak arrives inside Number 10 in October 2022. Photo: Simon Walker/ No 10 Downing Street
Mr Sunak arrives inside Number 10 in October 2022. Photo: Simon Walker/ No 10 Downing Street
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Greeted by colleagues at Conservative Party HQ after having been announced winner of the leadership contest in October 2022. Getty Images
Mr Sunak at Westminster Hall in London following the death of Queen Elizabeth II in September 2022. PA
Mr Sunak at Westminster Hall in London following the death of Queen Elizabeth II in September 2022. PA
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Mr Sunak visits his family's old business, Bassett Pharmacy, on the campaign trail in August 2022. Getty Images
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Mr Sunak looks at an NLAW anti-tank launcher during a visit to the Thales Defence System plant in Belfast in August 2022. Getty Images
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At a hustings event in Exeter in August 2022. Getty Images
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Celebrates England's first goal as he watches the Women's Euro 2022 final in Salisbury in July 2022. Getty Images
Mr Sunak and Ms Truss take part in the BBC Leadership debate at Victoria Hall, Hanley, in July 2022. Getty Images
Mr Sunak and Ms Truss take part in the BBC Leadership debate at Victoria Hall, Hanley, in July 2022. Getty Images
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With daughters Krisna and Anoushka and wife Akshata Murthy in July 2022. Getty Images
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Opening the Great Ayton Village Fete during the queen’s Platinum Jubilee celebrations in June 2022. Getty Images
Mr Sunak and Ms Murthy speak to then-Prince Charles at a British Asian Trust event in February 2022. Getty Images
Mr Sunak and Ms Murthy speak to then-Prince Charles at a British Asian Trust event in February 2022. Getty Images
Mr Sunak arrives at COP26 in Glasgow in November 2021 when he was chancellor. Getty Images
Mr Sunak arrives at COP26 in Glasgow in November 2021 when he was chancellor. Getty Images
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Holding the budget box as he departs 11 Downing Street to deliver his Autumn Budget in October 2021. Getty Images
At a press conference on the 2021 Budget in London in March 2021. Getty Images
At a press conference on the 2021 Budget in London in March 2021. Getty Images
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With former prime minister Boris Johnson during a visit to PD Ports on the River Tees in March 2021. Getty Images
Mr Sunak poses with the budget box at 11 Downing Street in March 2021. Getty Images
Mr Sunak poses with the budget box at 11 Downing Street in March 2021. Getty Images
Meeting staff back at work after being furloughed at Hamleys toy shop in London, December 2020. Photo: HM Treasury
Meeting staff back at work after being furloughed at Hamleys toy shop in London, December 2020. Photo: HM Treasury
Mr Sunak visits the Imperial Clinic Research Facility at Hammersmith Hospital, London, in November 2020. Getty Images
Mr Sunak visits the Imperial Clinic Research Facility at Hammersmith Hospital, London, in November 2020. Getty Images
Lighting a candle for Diwali on Downing Street, November 2020. Getty Images
Lighting a candle for Diwali on Downing Street, November 2020. Getty Images
Working on a speech in his flat above 11 Downing Street in November 2020. Photo: HM Treasury
Working on a speech in his flat above 11 Downing Street in November 2020. Photo: HM Treasury
Mr Johnson and Mr Sunak visit the headquarters of Octopus Energy in London in October 2020. Getty Images
Mr Johnson and Mr Sunak visit the headquarters of Octopus Energy in London in October 2020. Getty Images
With his 'Winter Economy Plan' outside 11 Downing Street in September 2020. AFP
With his 'Winter Economy Plan' outside 11 Downing Street in September 2020. AFP
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Decorating a plate at Emma Bridgewater pottery in Stoke pottery in September 2020. Getty Images
Promoting 'eat out to help out' on the Isle of Bute, Scotland, in August 2020. Getty Images
Promoting 'eat out to help out' on the Isle of Bute, Scotland, in August 2020. Getty Images
A member of the public takes a selfie with Rishi Sunak during a visit to Scotland in August 2020. AFP
A member of the public takes a selfie with Rishi Sunak during a visit to Scotland in August 2020. AFP
Visiting a Wagamama restaurant in central London in July 2020. Photo: HM Treasury
Visiting a Wagamama restaurant in central London in July 2020. Photo: HM Treasury
Rishi Sunak visits a Pret A Manger in Westminster in July 2020. HM Treasury
Rishi Sunak visits a Pret A Manger in Westminster in July 2020. HM Treasury
With Mr Johnson at his first Cabinet meeting after a reshuffle at 10 Downing Street in February 2020. Getty Images
With Mr Johnson at his first Cabinet meeting after a reshuffle at 10 Downing Street in February 2020. Getty Images
Mr Sunak speaks during a general election debate in Cardiff in November 2019. Getty Images
Mr Sunak speaks during a general election debate in Cardiff in November 2019. Getty Images

“I believe we live in a materialistic society,” she told Vogue magazine. “People are becoming more conscious about the world they live in. Doing good is fashionable.”

The business collapsed after three years.

Her 0.91 per cent stake in Infosys has an estimated value of £690 million ($780m).

What is their net worth?

She is personally worth about £500m, while Mr Sunak’s wealth is valued at £200m.

Their wealth has proved to be a divisive topic for the UK public amid the cost-of-living crisis.

Ms Murty, 42, has earned tens of millions in dividends in recent years, but her “non-domicile” status in the UK shielded some of this income from British taxes, saving her an estimated £20m as a result, according to some estimates.

Revelations that she had not been paying British tax on her foreign income due to being “non-domiciled”, a status available to foreign residents who do not see Britain as their permanent home, hurt Mr Sunak before his earlier bid for the top job in UK politics.

At the time a representative said Ms Murty was a citizen of India, “the country of her birth and parents' home. India does not allow its citizens to hold the citizenship of another country simultaneously”.

Rishi Sunak and Akshata Murty. EPA
Rishi Sunak and Akshata Murty. EPA

“So, according to British law, Ms Murty is treated as non-domiciled for UK tax purposes. She has always and will continue to pay UK taxes on all her UK income.”

To assuage some of the resulting public anger that hurt her husband politically, Ms Murty said in April that she would pay UK tax on all her worldwide income.

“I do this because I want to, not because the rules require me to,” she tweeted. “My decision … will not change the fact that India remains the country of my birth, citizenship, parents' home and place of domicile. But I love the UK too.”

The couple — who have two daughters and a dog — live a lavish lifestyle, and were said to have spent £400,000 on a swimming pool at their country pad in the summer.

Mr Sunak was also spotted wearing Prada loafers on a campaign visit to a rubble-strewn construction site in July.

And the couple have recently been spotted attending events at LouLou’s, described as one of the most exclusive private members' clubs in London.

They own at least four properties, including a £7m five-bedroom house in Kensington. They also own a flat in Santa Monica, California.

It is not known whether they will move into Downing Street, which would represent a significant downsize from their sprawling £2m Grade II-listed Georgian manor house in Yorkshire.

Commentators have said Mr Sunak may be the first prime minister to shun a permanent base in 10 Downing Street, dividing his time between there and the couple’s home in West London to be closer to the children’s school.

Ms Murty chose to live with daughters Krishna and Anoushka in their five-bedroom town house in Kensington during Mr Sunak’s final months as chancellor.

And having already experienced the novelty of living on Britain’s most famous street, they may not choose to live there again.

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• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

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Investment: $2 million

SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

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Updated: October 25, 2022, 1:12 PM
UKIndiaRishi Sunak