Rishi Sunak won the Conservative leadership election to become Britain’s next Prime Minister and one of the richest men to hold the post, but his wealth comes from an unlikely source. is his wife.
Akshata Murthy is the daughter of billionaire tech founder Nagavara Ramarao Narayana Murthy, who founded Indian IT company Infosys. King Charles’ estimated fortune is hers at $420 million, and Mercy’s estimated fortune is hers at just over $800 million, thanks to her father’s company shares.
Sharing wealth with Sunak made him the only prime minister to be wealthier than the incumbent monarch.
And that wealth comes from ownership of just under 1% of the company. Infosys’ current market value is INR 1.5 trillion, which is worth just over $12 billion.
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Murthy’s father has retired from the company but still owns a minority stake in Infosys, bringing him a personal fortune of over $4 billion.
Sunak himself worked as a banker at Goldman Sachs and later joined Children’s Investment Fund Management. He met his Murthy while studying at Stanford University as a Fulbright Scholar to pursue his MBA.
Murthy’s parents left her to live with her grandparents while they worked to start a company that would make NR Narayana Murthy the ‘father of the Indian tech industry’.
Her mother, on the other hand, works as a computer scientist and was the first female engineer at India’s largest automaker, part of the Tata Conglomerate, according to The Guardian.
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This change of fortune took some time, but Mercy was able to attend Claremont McKenna College in California. There she earned degrees in Economics and French before moving to her Institute of Design and Merchandising in Fashion in Los Angeles.
She married Sunak four years after meeting him at Stanford University. At the time, Murthy had moved to join Holland’s Clean Her Technology incubator in San Francisco, but left shortly thereafter to launch her own fashion brand, Akshata Designs. This business failed within her three years.
Mercy’s wealth has proven to be a difficult topic at times. Recent Tax Status Controversy According to the BBC, she continued to declare her non-resident status while living in the UK with her husband, so she did not have to pay UK tax on her earnings abroad.
Her wealth is derived almost entirely from her family’s company in India, so she had practically no money to pay to the UK while living there. The arrangement provoked accusations of hypocrisy against Sunak because he had not paid his taxes while the rest of the country was struggling with inflation and rising costs.
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Mercy had to pay an estimated $321 million in inheritance tax in the UK, but her Indian citizenship and homeless status shielded her from such taxes.
According to The Guardian, the couple own a more than $450,000 Georgian mansion in the North Yorkshire village of Kirby Sigston, which includes an indoor spa and swimming pool, gym and yoga. It has a studio, hot tub and tennis court.
The huge wealth imbalance has given rise to claims that Sunak is too wealthy to understand the struggles of the average British citizen, with one Labor MP calling him “out of touch” and “living on another planet”. criticized.
Mercy eventually agreed to change the tax arrangement because she thought it might be a “distraction” for her husband, and at the time said, “many people thought it was my husband’s role as prime minister. It became clear that he felt that he was incompatible with [of the Exchequer].”
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“I understand and appreciate the British sense of fairness. I don’t want my tax status to distract my husband or affect our family,” she added. rice field.
She will now pay UK tax on all income worldwide, including dividends and capital gains, “wherever the income arises” backdated to the 2021-22 tax year.