British PM Rishi Sunak and Wife Face Wealth Decline as Share Values Plummet
British Prime Minister Rishi Sunak and his wife, Akshata Murty, experienced a significant loss of approximately GBP 201 million as a consequence of the devaluation of Murty’s shares in Infosys, reports “The Sunday Times Rich List” 2023. This setback caused the couple to drop from their 222nd position last year to 275th in the latest ranking, estimating their combined wealth at GBP 529 million. The majority of their fortune can be attributed to Infosys, an Indian IT giant co-founded by Murty’s father, Narayana Murthy.
According to the analysis of the rich list, Infosys’ shares suffered a decline due to reduced revenues from various sectors, including banking and technology, leading to a daily wealth loss exceeding half a million pounds over the past year. When Sunak and Murty made their initial appearance on the Rich List a year ago, their stake in Infosys was valued at approximately GBP 690 million.
In other news, the Hinduja family, of Indian origin, has once again secured the top spot on the list with a remarkable wealth increase, reaching GBP 35 billion. This achievement comes shortly after the passing of Srichand P. Hinduja, the patriarch of the family. The rich list sheds light on the long-standing mantra of the Hinduja household, emphasizing communal ownership.
The publication also highlights an eight-year courtroom battle within the Hinduja family, exposing tensions within the billionaire dynasty. The dispute arose when Sri, who passed away at the age of 87, claimed that his three uncles attempted to seize control of Hinduja Bank. The family feud revealed the intricate dynamics within the household, where Sri’s eldest daughter, Shanu, serves as the bank’s chairperson, and her son, Karam, assumes the role of chief executive.
The 2023 “Sunday Times Rich List” features several other prominent individuals of Indian origin. Notably, the Reuben brothers secure the fourth position with an estimated fortune of GBP 24.399 billion. Lakshmi N. Mittal, the NRI tycoon of ArcelorMittal steelworks, stands at sixth place with GBP 16 billion, while industrialist Anil Agarwal of Vedanta Resources holds the 22nd position with an estimated GBP 8 billion.
The list further includes entrepreneurs such as Prakash Lohia, the textile magnate at 33rd place with GBP 5.846 billion, and retail giants Mohsin and Zuber Issa at 40th place with GBP 5.05 billion. Pharma leaders Navin and Varsha Engineer follow at 61st place with GBP 2.8 billion. Notably, the publication reveals that the actual wealth of the country’s richest individuals may exceed the estimated figures, as the list only accounts for identifiable assets and excludes inaccessible bank accounts.
Significantly, the 2023 list records the first decline in the number of billionaires since the 2007-08 financial crisis, with a total of 171 billionaires—six fewer than the previous year. Additionally, the new British monarch, King Charles III, enters the list with an estimated fortune of GBP 600 million, surpassing the late Queen Elizabeth II, who had an estimated wealth of GBP 370 million at the time of her passing in 2022.
Re-Reported from the story originally published in India Today.