The personal fortune of Prime Minister Rishi Sunak and his wife Akshata Murty has taken a hit, with a decrease of over £200 million over the past year. The decline can
be attributed to the plummeting value of Ms. Murty's stake in her father's company.
According to the latest Sunday Times Rich List, the couple's wealth is now estimated to be around £529 million, down from £730 million in the previous year. This decrease comes amidst global economic instability and has raised concerns about the future prosperity of the UK's super-rich.
The 2023 Rich List revealed that the number of billionaires in the UK has fallen by six, totaling 171 billionaires this year. However, despite this decline, the combined wealth of the remaining billionaires has risen by £30.7 billion to reach £683.9 billion.
Gopi Hinduja and his family claimed the top spot on the list, following the recent passing of his brother SP Hinduja. Other notable names on the list include chemicals billionaire Sir Jim Ratcliffe, who saw a substantial increase in wealth by more than £23.6 billion, bringing his total net worth to £29.7 billion. Meanwhile, Sir Richard Branson and his family dropped to the 44th position after losing £1.8 billion last year, leaving them with a total of £4.2 billion.
The decline in wealth among the super-rich has been attributed to various factors, including the bursting of the tech bubble, the end of rock-bottom interest rates, and concerns within the banking industry. These challenges have impacted not only the billionaires themselves but also small investors who have suffered losses in overvalued stock market offerings. Furthermore, the financial setbacks experienced by billionaires can have wider implications for the general population, as many people rely on their businesses for employment.
The 2023 Rich List serves as a reminder that the golden age for the UK's super-rich has come to an end. With the first decrease in the number of billionaires in 14 years, coupled with significant losses faced by prominent individuals like Richard Branson and Rishi Sunak, it is evident that the landscape of wealth distribution is shifting. As economic uncertainties persist, the financial fortunes of the super-rich are being reshaped, potentially influencing the broader economy and society as a whole. Photo by Chatham House, Wikimedia commons.