Rishi Sunak Net Worth: How Rich is UK Prime Minister Now?

Rishi Sunak Net Worth: $4.5 Billion 

Since October 25, 2022, Rishi Sunak has been the Prime Minister of the United Kingdom and the Conservative Party leader.

Rishi Sunak is an Indian business tycoon with a net worth of USD 4.5 billion as of January 2016. He is the vice chairman and director of UnilEND, his family-owned company that manufactures locks and other hardware. It also operates Unilock, a real estate business that constructs residential properties in India. More recently, he joined forces with a partner to launch Vistand, an online marketplace to help home seekers find properties sprawled across Pune, Chennai and Hyderabad.

He currently resides in London with his wife Anusha and two children Neha and Rohan. Let’s take a look at the interesting biography of Rishi Sunak.

Early life of Rishi Sunak

Rishi Sunak is of Indian origin and hails from a NRI family. His father Dr. Kailash Sunak was a renowned cardiologist and his mother Dr. Padma Sunak is a gynaecologist. His paternal grandfather Bhagwan Dass Sunak was a Chief Minister of Himachal Pradesh for eight years.

Rishi is married to Anusha and has two children Neha and Rohan. Rishi Sunak grew up in England and later moved to India to pursue his higher education. He completed his schooling from the Cambridge School in England and later did his Bachelors in Economics from the University of Oxford.

He then went on to pursue an MBA from Harvard Business School. He also has an Engineering degree in Computer Science and a degree in Law.

Education of Rishi Sunak

Rishi Sunak completed his Engineering degree in Computer Science and a degree in Law from the University of Oxford. He later did his Bachelors in Economics from the University of Oxford. He then went on to pursue an MBA from Harvard Business School.

Rishi Sunak was selected as a Young Global Leader by the Davos World Economic Forum in 2015. He has made numerous public speaking engagements and has been actively engaged in philanthropic activities.

Business career of Rishi Sunak

Rishi Sunak made his foray into business by joining UnilEND, his family-owned company that manufactures locks and other hardware. It also operates Unilock, a real estate business that constructs residential properties in India.

During his tenure at UnilEND, he spearheaded significant international expansion of the business and re-positioned the brand for the global market. UnilEND is currently a USD 1.9 billion company that operates across seven countries and has been ranked one of the fastest growing companies in the world by Deloitte.

The company has also been featured among the “Top 1000 Companies in India” by the Economic Times. He is also a member of the Board of Directors of the Indo-UK Trade and Investment Forum.

Early political career of Rishi Sunak

Rishi Sunak has been actively engaged in politics since 2003. He started off his political career as a research assistant to George Osborne when he was still a student at Oxford. He also worked for a Member of Parliament by assisting in the preparation of legislative proposals.

Rishi Sunak was appointed as the Tory Party’s vice-chairman in 2011 and was a member of the Policy Board. He was also a member of the Chancellor of the Exchequer’s “End of Term” review. He served as the Chief Secretary to the Treasury in the final year of David Cameron’s premiership.

Member of Parliament

Rishi Sunak was elected as the Member of Parliament for the constituency of Richmond upon Thames in the United Kingdom. He was sworn in as the member of the British Parliament on June 17, 2019. He was appointed as the Chancellor of the Exchequer in the United Kingdom.

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As Chancellor, he will oversee the British Treasury and be the government’s main economic spokesperson. Rishi Sunak is the second Indian-origin MP to be appointed Chancellor of the Exchequer after R. G. Hawke who served in the British Cabinet in the 1970s.

Chancellor of the Exchequer

Rishi Sunak was appointed as the Chancellor of the Exchequer in the United Kingdom. As Chancellor, he will oversee the British Treasury and be the government’s main economic spokesperson. Rishi Sunak is the second Indian-origin MP to be appointed Chancellor of the Exchequer after R. G. Hawke who served in the British Cabinet in the 1970s.

COVID-19 pandemic

Rishi Sunak was appointed to lead the COVID-19 pandemic that was declared in the United Kingdom after the death of a person in the country with the Venezuelan type of the rare and dangerous disease. The COVID-19 pandemic had resulted in the death of a person in the United Kingdom.

This was the first death due to COVID-19 in the country. The symptoms of COVID-19 are like those of the flu, but last much longer and are extremely rare. There is no known treatment for the disease.

Register of ministers’ interests

Rishi Sunak is the current Chancellor of the Exchequer in the United Kingdom and is the owner of a residential property in London. He and his spouse also have a commercial property in London. He is also the owner of a residential property in London that he acquired in 2019.

While he was a Member of Parliament, he owned a residential property in London. He also owns other commercial and residential properties in London acquired before becoming a Member of Parliament. All these properties are on the Register of Ministers’ Interests.

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Chief secretary to the Treasury

Rishi Sunak joined the government as the chief secretary to the Treasury when the Conservatives were in power. As the third-highest-ranking official in Her Majesty’s Treasury, Sunak was responsible for overseeing the country’s finances. He also played a key role in formulating the government’s economic policies.

Rishi Sunak’s impressive resume also includes working in the Treasury’s International Finance Division, where he was a member of the team that negotiated Britain’s exit from the European Union. In 2016, Sunak was considered as a candidate for the Chancellor of the Exchequer position. He was ultimately passed over for Philip Hammond.

G7 tax reform

In 2016, Sunak spearheaded efforts to change the way taxes are collected in Britain. He proposed the government impose a single tax on the collection of data rather than on the collection of money. This new system would go into effect by 2020 and would revolutionize the way people pay taxes.

It would also help the government crack down on tech giants like Facebook and Google. Sunak suggested collecting taxes on the use of data would shift the tax burden away from smaller businesses. His plan also included the implementation of a “green levy,” which would make companies responsible for the amount of carbon dioxide they emit.

Proposed green levy

Sunak’s proposed green levy would be a tax on businesses that emit carbon dioxide. It could also be a method of trading emissions to encourage companies to reduce their carbon footprints. This tax is expected to generate about $4 billion annually.

The money collected would be used to fund sustainable infrastructure projects. Sunak suggested the money could be used to retrofit homes to make them more energy efficient. It could also be used to build seawalls to protect Britain from flooding caused by rising sea levels.

Cost of living crisis

The cost of living crisis refers to the increase in household expenses, such as food and energy, in the country. In order to curb the rise of living costs, the government used a series of taxes and levies on industries like fuel and aviation.

These taxes have been criticized as being regressive, meaning they disproportionately affect lower-income households. The government responded to the criticism by proposing a “no-frills” tax on low-cost airlines.

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Cryptocurrencies and NFTs

Cryptocurrencies like Bitcoin have gained popularity in recent years as a new way to store and transfer money. Sunak suggested the government impose a new levy on digital currencies as a way to help curb tax avoidance and fund the National Health Service.

However, these changes would also negatively impact startups and tech workers who use cryptocurrencies to transfer money. This is because they would be taxed at a much higher rate than normal income.

Sunak’s proposed change to the Stamp Duty Land Tax would impose a new tax on non-fungible tokens, or NFTs, used in virtual games like Pokemon Go. The tax would only apply to British players and would be used to fund the National Health Service.

Non-domiciled status of his wife

The non-domiciled status of his wife means she is not a permanent resident of the UK, though she has been a citizen since her marriage. Sunak is married to Anisha, a London-based medical doctor. When Anisha applied for a visa to enter the country, she was granted a Tier-2 visa.

This visa grants immigrants the right to live and work in Britain for up to six years. Based on Anisha’s visa status, she must remain in Britain for at least 7 years before she can apply to become a permanent resident.

Sunak’s US permanent residency

In 2014, Sunak became a US permanent resident. In order to qualify for this status, he had to prove he had lived in the country for at least three years. He likely received his permanent residency in 2017, when President Trump repealed the Obama-era rule that allowed immigrants to collect a green card in two years.

Resignation

On November 14, 2018, Sunak resigned from his position as MP for Milton after nearly five years of service. He was replaced by Holly Lynch, who had been serving as the MP for Halifax since the 2017 general election.

Sunak cited family commitments and his job as vice chair at Unilever as reasons for his resignation. He also said he would be spending more time with his family after his wife gave birth to twins earlier in the year.

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LGBT+ equality

Sunak has been an advocate for LGBT+ equality in Britain. He is a member of the Open Society’s Human Rights Council, a non-partisan advocacy group. He has also served as a member of the House of Commons’ Human Rights Committee. Sunak has advocated for the legalization of same-sex marriage in the country and has supported repealing the ban on blood donations from gay men.

Defence

Sunak has been a vocal supporter of increasing Britain’s defence spending. In 2016, he proposed instituting a “Brexit dividend” to fund the Royal Navy. He suggested using the money to build a new aircraft carrier and two new submarines.

He also recommended the government extend its contract with the American aircraft manufacturer Boeing to buy Super Hornet fighter jets. Sunak has been critical of the government’s decision to spend billions of pounds on acquiring new submarines from France. He has argued that Britain would be better off investing in its own submarine technology.

Extras

Rishi Sunak holds the distinction of being the first Indian-origin MP to be appointed Chancellor of the Exchequer and also the youngest MP to be appointed to this post. He is an active member of the British Parliament and has been vocal about policy issues concerning the region.

He is also the vice chairman and director of UnilEND, his family-owned company that manufactures locks and other hardware, and the owner of a residential property in London. Rishi Sunak’s net worth is estimated to be USD 4.5 billion.

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