Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

London's No. 10 Downing Street Gets Its First Billionaire Family

London's No. 10 Downing Street Gets Its First Billionaire Family

Rishi Sunak's spouse Akshata Murty is the reason he's part of the first billionaire family atop British politics.

Rishi Sunak's elevation to the top of UK politics brings a number of firsts. He's the youngest prime minister in more than two centuries; the first Hindu to hold the office; and his family will -- in nominal terms -- be the wealthiest to occupy 10 Downing Street.

His spouse Akshata Murty is the reason he's part of the first billionaire family atop British politics, with investments spanning everything from a luxury furniture marketplace to an outfitter for students of Eton College.

Murty, 42, who was born in India and is still an Indian citizen, has a net worth of about $1 billion thanks largely to her stake in Infosys Ltd., the software giant founded by her father, according to an estimate by the Bloomberg Billionaires Index.

Murty's net worth is larger than the roughly $400 million fortune of the late Queen Elizabeth II. Her son, King Charles III, formally appointed Sunak as prime minister on Tuesday.

The Bangalore-based company's shares have surged more than 1,500% since Murty was first publicly disclosed as a shareholder in 2001, though they have struggled this year in the face of a broad tech selloff as policymakers worldwide move to curb rising inflation.

Murty didn't immediately respond to a request for comment. Her father, Infosys founder Narayana Murthy, congratulated Sunak in an emailed statement.

"We are proud of him and we wish him success," Murthy said. "We are confident he will do his best for the people of the United Kingdom."

Political Headache


The material blessings of his in-laws have proven a political headache at times.

The revelation in April that Murty enjoyed "non-domiciled" tax status in the UK, meaning she paid no local taxes on overseas income, made her wealth a contentious topic just as a cost-of-living crisis began to bite across Britain. The furore saw Sunak's approval ratings plunge and prompted her to commit to paying UK taxes on her global income.

Their wealth is likely to remain in the spotlight. Sunak is taking charge with the UK facing what he described as "profound economic challenge," with many worrying about how to pay for heating or even groceries. That could make him an easy target for opposition lawmakers, who have also seized on the fact Sunak spent the bulk of his private sector days working for hedge funds, including one of the financial industry's most prominent activist investors.

Murty has links to some of the world's richest families through her investment firm, Catamaran Ventures UK. She was an early backer of dara5, a private investment community for "the next generation of global leaders," co-founded in 2019 by a member of Qatar's ruling dynasty, the Al-Thani family.

Catamaran has also acquired a stake in luxury British furniture marketplace the New Craftsmen, whose shareholders include Rupert Murdoch's oldest daughter, Prudence, and the Al Tajir family, the Emirati owners of the Park Tower hotel in London's Knightsbridge district.

Murty has been directly involved in some of her UK investments. She became a director in 2017 of New & Lingwood, an outfitter for students of England's prestigious Eton College -- former Prime Minister Boris Johnson's alma mater -- which charges tuition fees of about £45,000 a year. She stepped down from the role in February.

Catamaran Ventures is the name of Murty and her family's main investment entity, based in Bangalore, which employs about 15 staff in India overseeing holdings worth more than $1 billion spanning e-sports, insurance and Elon Musk's Space Exploration Technologies Corp.

Murty and Sunak met while studying for MBAs at Stanford University in mid-2000s. Sunak has said that he took certain classes just to be able to sit next to Akshata. The two married in the summer of 2009 in a wedding in Bangalore attended by thousands. They still own a property in California, a penthouse overlooking the ocean.

Sunak's elevation is drawing plenty of attention in India. After the news broke, a huge swarm of TV cameramen and reporters thronged the Murthys' home in Bangalore and Prime Minister Narendra Modi tweeted his congratulations.

Sunak may get inspiration from his father-in-law's approach to business.

In private, Sunak has said many times that he tries to live by his father-in-law's favored one-liner while building Infosys: "In god we trust, everybody else brings data to the table."

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Trump to hit Europe with 10% tariffs until Greenland deal is agreed
Cybercrime, Inc.: When Crime Becomes an Economy. How the World Accidentally Built a Twenty-Trillion-Dollar Criminal Economy
Woman Claiming to Be Freddie Mercury’s Secret Daughter Dies at Forty-Eight After Rare Cancer Battle
EU Seeks ‘Farage Clause’ in Brexit Reset Talks With Britain
Germany Hit by Major Airport Strikes Disrupting European Travel
Russia Deploys Hypersonic Missile in Strike on Ukraine
There is no sovereign immunity for poisoning millions with drugs.
Béla Tarr, Visionary Hungarian Filmmaker, Dies at Seventy After Long Illness
German Intelligence Secretly Intercepted Obama’s Air Force One Communications
The U.S. State Department’s account in Persian: “President Trump is a man of action. If you didn’t know it until now, now you do—do not play games with President Trump.”
President Trump Says United States Will Administer Venezuela Until a Secure Leadership Transition
Delta Force Identified as Unit Behind U.S. Operation That Captured Venezuela’s President
Europe’s Luxury Sanctions Punish Russian Consumers While a Sanctions-Circumvention Industry Thrives
Europe’s Largest Defence Groups Set to Return Nearly Five Billion Dollars to Shareholders in Twenty Twenty-Five
Diamonds Are Powering a New Quantum Revolution
The Battle Over the Internet Explodes: The United States Bars European Officials and Ignites a Diplomatic Crisis
Fine Wine Investors Find Little Cheer in Third Year of Falls
Caviar and Foie Gras? China Is Becoming a Luxury Food Powerhouse
Hackers Are Hiding Malware in Open-Source Tools and IDE Extensions
Traveling to USA? Homeland Security moving toward requiring foreign travelers to share social media history
Trump in Direct Assault: European Leaders Are Weak, Immigration a Disaster. Russia Is Strong and Big — and Will Win
EU Firms Struggle with 3,000-Hour Paperwork Load — While Automakers Fear De Facto 2030 Petrol Car Ban
White House launches ‘Hall of Shame’ site to publicly condemn media outlets for alleged bias
European States Approve First-ever Military-Grade Surveillance Network via ESA
The Ukrainian Sumo Wrestler Who Escaped the War — and Is Captivating Japan
MediaWorld Sold iPad Air for €15 — Then Asked Customers to Return Them or Pay More
Car Parts Leader Warns Europe Faces Heavy Job Losses in ‘Darwinian’ Auto Shake-Out
Families Accuse OpenAI of Enabling ‘AI-Driven Delusions’ After Multiple Suicides
U.S. Envoys Deliver Ultimatum to Ukraine: Sign Peace Deal by Thursday or Risk Losing American Support
The U.S. State Department Announces That Mass Migration Constitutes an Existential Threat to Western Civilization and Undermines the Stability of Key American Allies
A Decade of Innovation Stagnation at Apple: The Cook Era Critique
German Entertainment Icons Alice and Ellen Kessler Die Together at Age 89
AI Researchers Claim Human-Level General Intelligence Is Already Here
Tragedy in Serbia: Coach Mladen Žižović Collapses During Match and Dies at 44
Trump–Putin Budapest Summit Cancelled After Moscow Memo Raises Conditions for Ukraine Talks
Elon Musk Unveils Grokipedia: An AI-Driven Alternative to Wikipedia
Russia’s President Putin Declares Burevestnik Nuclear Cruise Missile Ready for Deployment
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
White House Announces No Imminent Summit Between Trump and Putin
China Presses Netherlands to “properly” Resolve the Nexperia Seizure as Supply Chain Risks Grow
Merz Attacks Migrants, Sparks Uproar, and Refuses to Apologize: “Ask Your Daughters”
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
×