Rishi Sunak's estimated net worth is $251 million.
In 2014, Sunak became the MP for Richmond (Yorks) and has risen through the ranks of the Conservative party at a meteoric rate. He was appointed Chief Secretary to the Treasury and became a member of the Privy Council in 2019.
He was promoted to Chancellor of the Exchequer on 13 February 2020 and is tipped by many to become a future Prime Minister.
Early life
Rishi Sunak was born in Southampton on 12 May 1980. Both his parents were born in Africa but are of Indian descent. Their families came from the Punjab Province of India.
His father, Yashvir, was born and raised in Kenya, and his mother, Usha, in what is now Tanzania. When they moved to the UK, his father worked as a GP and his mother was a pharmacist.
He has a younger brother called Sanjay and a sister called Raakhi. When Rishi was born, they lived in Portswood, but they moved to a 6-bedroom house in Bassett after their third child was born.
His parents worked long hours but did take them on annual holidays, usually to the Isle of Wight.
Education
Rishi's education began at Oakmount prep school in Southampton where he impressed his teachers. Because he was academically gifted, he was moved up a year.
When the school closed in 1989, Rishi was enrolled at Stroud School in Romsey, Hampshire. Again, he made an impression on his teachers who said he was going to be the Prime Minister one day.
In his final year at Stroud, Rishi became head boy. He was also the editor of the school paper.
He won a place at the prestigious Winchester College but did not secure a scholarship, so his parents worked extra hours to cover his school fees. Again, he was the head boy and the editor of the school's paper.
From there he went to Lincoln College at Oxford University where he secured a first in Philosophy, Politics, and Economics. He also gained an MBA from Stanford University and became a Fulbright scholar.
How did Rishi Sunak build his net worth?
Rishi´s first job was as a waiter in an Indian restaurant. While at university, he worked at the Conservative Campaign Headquarters as an intern.
He started his adult working life as an analyst for Goldman Sachs, the Wall Street investment bank. At that time, someone in that position typically earned around £63,000, per year rising to £115,000 for associates.
Rishi stayed at Goldman Sachs for 3 years and then left to take his MBA at Stamford, a move that ensured he could easily command a higher salary.
He joined The Children´s Investment Fund Management (TCI) hedge fund, which turned pre-tax profits of between £320 million and £556 million and paid out substantial bonuses on top of a £100,000+ salary while he was working there. When he was made a partner in 2008, he would have become a multi-millionaire.
In 2009, he joined Theleme Partners, a private investment partnership based in London which was set up by his former colleagues. They launched with $700 million (£536.8m) under management. One year later, he quit and stood for parliament.
Upon securing his Richmond (Yorks) seat, in 2015, UK MPs were paid £74,000, plus expenses.
When he became the Chancellor of the Exchequer in February 2020, he received a second wage. In 2022, he is due to be paid £84,144 for his duties as an MP and around £71,673 for being the Chancellor.
Many sources report that Rishi Sunak is the richest sitting MP, with a personal wealth of £200 million.
He also owns a property portfolio with his wife, which is thought to be worth around £10 million.
His wife Akshata Murthy comes from an extremely wealthy family. Her net worth is estimated to be around £430 million thanks to her minority shareholding in her father's company, consulting and outsourcing giant, Infosys.
FAQs
Is Rishi Sunak a millionaire?
Based on his estimated net worth, Rishi Sunak is a millionaire.
Was Rishi Sunak born rich?
Rishi Sunak was born into an upper-middle-class family. His father was a GP and his mother was a pharmacist. They had enough income to send Rishi to Winchester College Independent Boarding School, which would cost more than £43,000 per annum to attend at today's rate.
