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London’s 10 Downing Street welcomes its first billionaire family

Rishi Sunak’s wife Akshata Murty has a net worth of around $1 billion

Rishi Sunak’s rise to the pinnacle of British politics brings a number of firsts. He is the youngest prime minister for more than two centuries; the first Hindu to hold the post; and his family will be – in nominal terms – the wealthiest to occupy 10 Downing Street.

His wife Akshata Murty is the reason he is part of the first family of billionaires at the top of British politics, with investments ranging from a luxury furniture market to an outfitter for Eton College students.

Murty, 42, who was born in India and is still an Indian citizen, has a net worth of around $1 billion thanks largely to his stake in Infosys Ltd., the software giant founded by his father, according to a report. Bloomberg Billionaires estimate. Index.

Murty’s net worth exceeds the approximately $400 million fortune of the late Queen Elizabeth II. His son, King Charles III, officially appointed Sunak prime minister on Tuesday.

Shares of the Bangalore-based company have jumped more than 1,500% since Murty first disclosed publicly as a shareholder in 2001, although it has struggled this year amid a large selloff technology as policymakers around the world struggle to rein in rising inflation.

Murty did not immediately respond to a request for comment. His father, Infosys founder Narayana Murthy, praised Sunak in an emailed statement.

“We are proud of him and wish him success,” Murthy said. “We are confident he will do his best for the people of the UK.”

political headache

The material blessings of his in-laws sometimes proved a political headache.

The revelation in April that Murty had ‘non-domiciled’ tax status in the UK, meaning she paid no local tax on overseas income, made her wealth a contentious issue at the time. even when a cost of living crisis was beginning to hit Britain. The fury saw Sunak’s approval ratings plunge and prompted her to pledge to pay UK tax on her worldwide income.

Their wealth is likely to stay in the spotlight. Sunak is taking charge of the UK in the face of what he described as a “deep economic challenge”, with many worrying about how to pay for heating or even groceries. That could make him an easy target for opposition lawmakers, who have also seized on the fact that Sunak has spent most of his days in the private sector working for hedge funds, including one of the activist investors. most important in the financial sector.

Murty has connections to some of the world’s wealthiest families through his investment company, Catamaran Ventures UK. She was an early backer of dara5, a private investment community for “the next generation of global leaders”, co-founded in 2019 by a member of Qatar’s ruling dynasty, the Al-Thani family.

Catamaran has also acquired a stake in UK luxury furniture market The New Craftsmen, whose shareholders include Rupert Murdoch’s eldest daughter, Prudence, and the Al Tajir family, the Emirati owners of the Park Tower hotel in the London Borough. of Knightsbridge.

Murty has been directly involved in some of his UK investments. She became director in 2017 of New & Lingwood, a provider for students at England’s prestigious Eton College – the alma mater of former Prime Minister Boris Johnson – which charges tuition fees of around £45,000 per year. She left the post in February.

Catamaran Ventures is the name of Murty and his family’s principal investment entity, based in Bangalore, which employs around 15 people in India and oversees holdings worth over $1 billion spanning esports. , insurance and Elon Musk’s Space Exploration Technologies Corp.

Murty and Sunak met while studying for an MBA at Stanford University in the mid-2000s. Sunak said he took certain classes just so he could sit next to Akshata. The two got married in the summer of 2009 in a Bangalore wedding attended by thousands of people. They still own a property in California, a penthouse overlooking the ocean.

Sunak’s rise is attracting a lot of attention in India. After the news broke, a huge swarm of TV cameramen and journalists swarmed the Murthys’ home in Bangalore and Prime Minister Narendra Modi tweeted his congratulations.

Sunak can learn from his father-in-law’s approach to business.

Privately, Sunak has repeatedly said he was trying to follow his father-in-law’s favorite line when founding Infosys: “In God we trust, everyone brings data to the table.”

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)


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