Rishi Sunak is a British politician who served as Chancellor of the Exchequer from 2020 to 2022, and Chief Secretary to the Treasury from 2019 to 2020. A member of the Conservative Party, he has been the Member of Parliament for Richmond since 2015.
Rishi Sunak Biography
|Net Worth||£200 Million|
|Date Of Birth||12 May 1980|
Rishi Sunak Net Worth
|Net Worth:||£200 Million|
|Age:||42 Years Old|
|Born:||12 May 1980|
|Salary and Income:||$30 Million|
Sunak was born in Southampton on May 12, 1980, to an Indian father, Yashvir, a medical practitioner, and a British mother, Usha, a pharmacist who owned a neighborhood pharmacy. His father Yashvir was born and nurtured in Kenya’s Colony and Protectorate, while Usha was born in Tanganyika (which later became part of Tanzania). In the 1960s, his grandparents and their offspring moved to the United Kingdom from East Africa. Sunak worked as a waiter in a Southampton curry house throughout his summer vacations as a teen. He received a first at Lincoln College, Oxford, where he studied Politics, Philosophy, and Economics. He worked as an intern at Conservative Campaign Headquarters throughout his tenure at the institution. He earned an MBA from Stanford University in 2006 while studying as a Fulbright fellow.
Sunak met Akshata Murthy, his future wife, the daughter of N. R. Narayana Murthy, the Indian billionaire entrepreneur who formed Infosys while studying at Stanford. The pair has two daughters, Krishna and Anoushka. Akshata, Sunak’s wife, serves as a director at Catamaran Ventures which is her father’s investment firm and also runs her self-built fashion brand. She owns £430 million worth of Catamaran shareholdings, making her one of Britain’s richest women. Sunak is a teetotaler who, since 2017, has embraced the Bhagavad Gita as part of his annual parliamentary oath. Sunak’s brother Sanjay is a psychotherapist, and his sister Raakhi works for the Foreign, Commonwealth, and Development Office as the Head of Humanitarian, Peacebuilding, UN Funds & Programmes. He used to be a governor at East London Science School, and he and his wife live in North Yorkshire. They also own houses in Kensington, London, in London’s Old Brompton Road, and in Santa Monica, California. Sunak has been chastised for his wife’s financial ties to the Russian-owned IT firm Infosys, which has maintained a foothold in Russia since Ukraine’s invasion. His wife, Akshata Murthy, has non-domiciled standing, which means she is exempt from paying taxes on money generated outside of India. The business has ties to Russia and its president, Vladimir Putin, who is close to the Kremlin.
Career in Business
Between 2001 to 2004, Sunak worked as an analyst at Goldman Sachs. He then went off to work for the hedge fund management company The Children’s Investment Fund Management, where he rose through the ranks to become a partner in 2006. Before leaving in 2009 to attend to old colleagues at Theleme Partners, a new hedge fund that was introduced in 2016 with $700 million under management. In addition, he was a director of his father-in-law’s investment firm, Catamaran Ventures.
In 2014, he joined the Conservative Party and in 2015, he won the Richmond (Yorks) seat previously held by former Tory leader Lord William Hague. In 2017, Mr. Sunak was also re-elected. At the time, he was highly popular in his constituency, winning with more than 27,000 votes. George Sunak, the Chancellor of the Exchequer, backed Theresa May’s Brexit withdrawal agreement and backed Boris Johnson’s quest for the Tory leadership. Following Sajid Javid’s resignation in 2020, he took over as Chancellor and has held the position ever since. Perhaps his most notable decisions since becoming Chancellor in 2020 have been the unveiling of the furlough scheme, Job Retention Scheme, and the Eat Out To Help Out scheme which has played a key role in the government’s response to the COVID-19 pandemic’s economic impact in the UK.
A tax reform deal was agreed upon in 2017 at the G7 meeting in London, hosted by Sunak with the goal of establishing a worldwide minimum tax on multinationals and online technology companies. The OECD struck an agreement to join the tax reform proposal in 2021. Sunak presented his 3rd budget in 2021. It included significant investment commitments, much of which were dedicated to science and education. He lowered gasoline taxes, eliminated VAT on energy-saving devices, and slashed small-business national insurance payments. The tax burden would be the greatest it has been since the 1940s. Sunak also gave some assistance to help needy individuals cope with increased living costs, which most powerful figures deemed insufficient.