The richest ministers in the British government

Criticism of Rishi Sunak’s family tax affairs has shone a spotlight on the immense personal wealth of some MPs. There are also questions about whether people with huge fortunes can fully understand the impact of their decisions on people living on the margins.

As people face huge pressures with rising costs for heating their homes and feeding families, the spectacle of a chancellor with huge family wealth giving to poorer families the less aid in its budget has raised concerns. With Universal Credit up just 3% while inflation is at 8%, less well-off families will face huge pressures in the coming year. This was compounded by details of Sunak’s family wealth, as well as the revelation that his wife avoided paying UK tax as a ‘non dom’.

While there is nothing inherently wrong with wealthy people holding public office of state, some would argue that if a decision maker is exceptionally wealthy, it is difficult for them to put themselves in people’s shoes. who will be directly affected by its policy. choices.

WalesOnline has reviewed a list of the cabinet’s richest members.

Read more: Is Rishi Sunak correct that there are 1 million fewer people in poverty today than 10 years ago?

Rishi Sunak – Chancellor

Rishi Sunak alongside his wife Akshata Murthy

Rishi Sunak is one of the wealthiest MPs in the House of Commons. Privately educated at Winchester College boarding school, he was, according to The Times, a “multi-millionaire in his twenties”.

In the early 2000s, he spent four years working as an analyst for investment bank Goldman Sachs and later was a partner in two hedge funds. He became an MP in 2015 and since becoming Chancellor his salary has been £151,649.

His family are believed to own four properties, including a Grade II listed mansion in the village of Kirby Sigston, near Northallerton, in his Richmond constituency, which was bought for £1.5million in 2015 and a house five-bedroom townhouse in South Kensington, London, which records show was last sold for £4.5million in 2010. He is also believed to have a flat in South Kensington in addition of a penthouse apartment overlooking the Pacific Ocean in Santa Monica, California.

However, the overwhelming majority of the Sunak family’s wealth comes from his wife Akshata Murty whom he married in 2009. She is the daughter of one of India’s most successful entrepreneurs. His father is the co-founder of Indian tech giant Infosys and his shares in the company are worth around £430m. It would make her richer than the queen. The i reported that her family also had a £900m joint venture with Amazon in India, while Ms Murty herself owns a UK-based venture capital firm called Catamaran Ventures UK Ltd, and she uses to store his private wealth, and is a director or direct shareholder of five other UK companies. Rishi Sunak owned shares in the company which he transferred to his wife before entering the House of Commons.

Jacob Rees-Mogg – Brexit Opportunities Secretary

Jacob Rees Mogg

Mr Rees-Mogg is considered one of the wealthiest MPs in Parliament. He founded and remains a major shareholder in Somerset Capital, an asset management company which he co-founded in 2007. In 2020 he received a dividend payment of around £800,000 after the company declared distributable profits of £14.9 million. There have been criticisms that his new role as Brexit Opportunities Secretary could be exploited to increase his personal wealth. Steve Goodrich, head of research and investigations at Transparency International, told LeftFootForward: ‘It’s a risky business when ministers hold memoirs about their personal financial affairs, and even more so when there’s a lot of money at stake. In theory, there are rules in place to prevent them from blurring the lines between their public roles and their private interests, but in practice, these have proven to be just words on paper.

Mr Rees-Mogg lives with his wife and six children in West Harptree, in their Grade II listed 17th century Gournay Court mansion, with other assets including a £5.625million property behind the Abbey of Westminster and the £4million freehold of a building in Pall Shopping Center plus the £1.5million lease of a flat inside. He also owns a 1968 T-Series Bentley, a 1936 3.5-litre Bentley, as well as a Lexus.

Nadhim Zahawi – Education Secretary

Nadhim Zahawi

Nadhim Zahawi, his wife and their businesses have built up a £100million property portfolio of which more than half was purchased while Mr Zahawi served as a government minister, a Mirror investigation has revealed.

The portfolio includes a country mansion with stables, a £20million London townhouse, a series of high street properties and an industrial estate. The Zahawis personally own five residential properties worth at least £17million – three in London, one in Warwickshire and one in Dubai.

According to The Mirror, documents show their constituency home near Warwick, a country house and stable bought for £875,000 in 2011, was purchased using a loan from offshore firm Berkford Investments. It is unclear who owns Berkford, but he is based in the same office as another firm controlled by Mr Zahawi’s father. Mr Zahawi said: “I am not involved in any Berkford Investments decision-making process.” Over the past six years, businesses set up by the Zahawis have spent over £80m on commercial properties.

Alister Jack – Scottish Secretary

Alister Jack

Mr. Jack is a businessman who made a lot of money by founding tent rental and self-storage businesses. Self-storage businesses are said to have already helped build a fortune of £20million. He currently owns a 1200 acre farm at Courance, near Lockerbie.

Farmer Jack has declared shares in 16 companies, in 10 of which his personal stake is worth at least £70,000. The Herald reported that one of the entities is the “industrial conglomerate” JMH, which is an Asia-based group of companies. It is listed on the London Stock Exchange and provides management services to wider group companies. However, JMH was incorporated in 1984 in Bermuda, a British Overseas Territory which in 2016 was named by Oxfam as the worst of 15 corporate tax havens.

Sajid Javid – health secretary

Sajid Javid

Estimates put Sajid Javid’s wealth at around £8million. Much of this sum was accumulated during his banking career before he became an MP.

During 18 years working in finance, he started working at the Chase Manhattan Bank in New York and during this period he became the bank’s youngest vice president. In 1997, Sajid Javid moved to the London office of Chase before being recruited by Deutsche Bank. When he left that position, his annual salary was around £3million. Javid applied for and held non-domicile status for six years during this banking career, which enabled him to avoid paying UK tax on overseas income.

Boris Johnson – Prime Minister

Boris Johnson

As Prime Minister, Mr Johnson receives just over £160,000 a year in salary. With his wife Carrie Johnson, he owns a £1.2million London residence as well as a 20% stake in his family’s Exmoor estate.

He also made big money from speaking engagements with his record of interests showing he was paid £407,895 for just eight speaking engagements – a rate of £20,000 an hour. A Brexit speech for India Today at the five-star Taj Palace hotel in New Delhi, India, earned him £122,899.74. He was also paid £275,000 by the Telegraph for a weekly column.

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