Rishi Sunak‘s wife has shares in her family’s tech firm that are worth £430million, making her one of Britain’s wealthiest women.
Akshata Murthy and her relatives hold a multimillion pound portfolio of shareholdings which the Chancellor, who met his future wife while studying at Stanford University, California, has not declared in the register of ministers’ interests.
The assets make Akshata richer than the Queen, who is estimated to be worth £350million, according to the Sunday Times Rich List.
The latest revelation comes after Mr Sunak faced demands to reveal details of his financial interests last month, after it emerged he set up a ‘blind trust’ when he was made Chief Secretary to the Treasury in July last year.
But critics said there was still risk of conflict as Mr Sunak – reputed to be the richest MP – is aware what he put into the trust.
Chancellor Rishi Sunak’s wife Akshata Murthy (pictured together at their wedding) has shares in her family’s tech business worth £430million, making her richer than the Queen – according to the Sunday Times Rich List
He became a household name after he married Akshata Murthy, the daughter of the billionaire founder of a staggeringly successful IT company. Pictured: The couple at the wedding with Murthy’s parents
Sunday Times Rich List details The Queen’s worth to be an estimated £350million
Sunak’s wife is the daughter of an entrepreneur in India, co-founding technology company Infosys – in which she owns 0.91% shares, totalling £430million.
Her family are also said to have a joint venture with Amazon worth £900million a year and shares in the firm running Jamie Oliver in the UK and burger chain Wendy’s in India.
Before becoming Chancellor, Sunak was better known in India than he was in Britain, after he became a household name when he married Akshata, the daughter of a self-made billionaire.
After taking a first in Philosophy, Politics and Economics at Oxford, Southampton-born Sunak travelled on a Fulbright scholarship to Stanford University in California where met his future wife.
It was revealed last month that when taking on ministerial duties the Chancellor set up a ‘blind trust’, meaning he did not know where his assets were being invested. Pictured: Sunak with his wife, Akshata, and their children
Sunak is locally he is dubbed the ‘Maharaja of the Dales’ (pictured, their magnificent Georgian manor in North Yorkshire)
Rishi Sunak, pictured with his wife Akshata Murthy, was better known in India than Britain before he became Chancellor
At the time, Akshata’s father’s company was worth around £2billion and is today valued at around £33.3billion.
The couple married in 2009 in her home city of Bangalore in a two-day ceremony attended by 1,000 guests.
Before entering politics, Mr Sunak, who is now a multi-millionaire in his own right and a graduate of £42,000-per-year Winchester College and Oxford University.
During his time in business, he worked in California, India and Britain for various investment firms including Goldman Sachs.
He later set up his own business, Theleme Partners, in 2010 with an initial fund of £536million.
After taking a first in Philosophy, Politics and Economics at Oxford, Southampton-born Sunak travelled on a Fulbright scholarship to Stanford University in California where met his future wife (pictured with her family, second from right)
By setting up the ‘blind trust’ it means he does not have to disclose fuller details of his investment portfolio. Pictured: Sunak with his wife and children during the recent election
The new Chancellor of the Exchequer is pictured with his wife, Akshata, and their two children during a Santa run
While building the hedge fund he spent a couple of days doing voluntary work for the Conservatives – which was when he decided he would like to go into politics full-time.
Every year they throw a summer garden party for local villagers at their magnificent Georgian £1.5million manor house in Kirby Sigston, just outside Northallerton, Yorkshire – leading to Sunak being dubbed the ‘Maharaja of the Dales’.
Sir Alistair Graham, a former chairman of the committee on standards in public life, said the Chancellor appeared to have ‘taken the most minimalist approach possible’ to divulging information.
He told The Guardian: ‘Perhaps Rishi Sunak should carefully read the “Seven principles of Public Life” to make sure he is fulfilling the two principles of “Honesty and Leadership”.’
But a Treasury spokesman said Mr Sunak had ‘followed the ministerial code to the letter in his declaration of interests’.
It follows Mr Sunak facing demands to reveal details of his financial interests last month, after it emerged he set up a ‘blind trust’ on becoming a minister.
The Chancellor deployed the arrangement, meaning that he does not know how his assets are being invested, when he was made Chief Secretary to the Treasury in July last year.
The couple married in 2009 in her home city of Bangalore in a two-day ceremony attended by 1,000 guests
Before entering politics, Mr Sunak, who is now a multi-millionaire in his own right and a graduate of £42,000-per-year Winchester College and Oxford University graduate
But critics said there was still risk of conflict as Mr Sunak – reputed to be the richest MP – is aware what he put into the trust.
It also means he does not have to disclose fuller details of his investment portfolio. The presence of the trust was revealed in the latest register of ministerial interests.
It came as other official documents revealed that he did not take his salary for five months when he joined the Treasury last year. He waived the £34,000 top up to his MP’s salary until just before Christmas.
Theresa May also attracted controversy as she made a similar move when she became Prime Minister in 2016.
And in the mid-1990s the Tories attacked Tony Blair as it emerged he used a blind trust, when leader of the opposition, to fund his office.
Former standards tsar Sir Alex Allan, who quit his role last week after Boris Johnson overruled his conclusion that the Home Secretary Priti Patel breached the ministerial code, is said to have signed off on Sunak’s disclosures.
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