Rich List 2022: Who are the wealthiest people in the UK?

The changing fortunes of Britain’s Rich List 2022: Roman Abramovich’s wealth HALVES to £6bn, Rishi Sunak and his wife are a new entry with £730m… while £28.47BN Hinduja brothers top list and Duke of Westminster makes top 20

  • Hinduja Brothers have made 11.4billion more in a year taking them to the top of the Sunday Times richlist
  • Sir James Dyson is now at £23billion – up £6.7billion in the past year – after having a good end to the pandemic
  • Top riser was Guillaume Pousaz, founder of Checkout.com, who is worth £19billion – up £13billion in a year 
  • Rishi Sunak has become the first MP to join the list. He is worth £730million with his wife Akshata Murty
  • Oligarchs have seen their fortunes hammered over Ukraine. Abramovich, Usmanov and Fridman all hit

Britain’s super wealthy have accumulated even more cash during the worst cost of living crisis for 40 years with a record number of 177 billionaires now worth £710billion now living in the UK, the new Sunday Times Rich List revealed today – as Rishi Sunak was named the richest serving MP in history and Roman Abramovich lost £6billion.

Sri and Gopi Hinduja, who run the Mumbai-based conglomerate Hinduja Group that owns businesses in automotive, oil, chemicals, banking, IT, media and real estate, have jumped to the top of the list after their wealth grew by more than £11billion in the past year to £28.47billion. 

Entrepreneur, inventor and vacuum mogul Sir James Dyson and his family moved up to second in the list after a £6.7billion increase to £23 billion in 2022. Property investors David and Simon Reuben meanwhile were third with £22.26 billion, while Ukrainian-born Sir Leonard Blavatnik dropped from top spot to fourth.

The top riser was Guillaume Pousaz, founder of Checkout.com, who is up to fifth worth £19billion – up an extraordinary £13billion in a year – due to a growing business and a huge increase in online sales during the pandemic.

One notable absentee from the top of the list is Roman Abramovich – one of many oligarchs who have taken a financial hammering because of Russia’s war with Ukraine. Abramovich’s £12billion fortune in 2021 is believed to have halved to £6billion after he was sanctioned, which saw his assets frozen, shares in his in Evraz company collapse and forced him to put Chelsea up for sale. The fortunes of billionaire oligarchs Alisher Usmanov and Mikhail Fridman have also taken a hammering.

And it was revealed Rishi Sunak and his wife Akshata Murty have built up a joint fortune of £730million as the Chancellor became the first serving MP to be named in the Sunday Times Rich List. 

Mr Sunak, 42, has been named at 222 in the top 250 richest people in the UK – the first frontline politician since the wealth rankings’ inception in 1989 – just hours after he warned Britons they face ‘tough’ time due to the spiking cost of living and crippling inflation.

No 222: Akshata Murthy, whose father is one of India ‘s richest men, has also made her husband Rishi Sunak the richest ever serving MP with a net worth of £730m

No 28: Roman Abramovich, pictured with his captain Cesar Azpilicueta in 2019 after Chelsea won the Europa League, has seen his fortune halve from £12billion to £6billion 

No 1: Sri and Gopi Hinduja and family are worth £28billion and come first on the Sunday Times Rich List. They have made £11.472bn in the past year through businesses in media, chemicals, oil and IT

No 2: Sir James Dyson, is up to second in the list. He is now worth £23billion  – up £6billion in a year

No 3: David and Simon Reuben are worth £22billion – up £800million in the past year


No 4 and No5: Owner of Warner Music Leonard Blavatnik (left) is worth £20billion. Guillaume Pousaz (right) founder of Checkout.com is worth £19billion – up £13billion

1 (previously 3) Hinduja and family £28.472bn

▲ £11.472bn

2 (4) Sir James Dyson and family £23bn

▲ £6.7bn 

3 (2) David and Simon Reuben and family £22.265bn

▲ £800m

4 (1) Sir Leonard Blavatnik £20bn

▼ £3bn 

5 (33) Guillaume Pousaz £19.259bn

▲ £13.716bn 

6 (5) Lakshmi Mittal and family 

▲ £2.320bn 

7 (120=) Christoph Henkel and family £15bn

▲ £13.6bn 

8 (10) Weston family £13.5bn

▲ £2.5bn 

9 (7) Kirsten and Jorn Rausing £12bn

▼ £1bn 

10 (9) Charlene de Carvalho-Heineken and Michel de Carvalho £11.421bn

▼ £592m Inheritance, brewing and banking

Selected others

11= (6)  Alisher Usmanov £10bn

▼ £3.406bn

19 (11) Mikhail Fridman £8.222bn

▼ £2.575bn 

28 (8) Roman Abramovich £6bn

▼ £6.101bn Oil and industry

222= (New) Akshata Murty and Rishi Sunak £730m

No change (New entry) 

 

The latest ranking of the 250 richest people in Britain also revealed a record 177 billionaires in the UK this year, up from 2021.  This year’s top 250 have more cash than all 1,000 entries in the 2017 Rich List.

It comes as typical UK households come under increased financial pressure from rampant inflation, which struck a 40-year-high of 9% in April.

Overall, the richest 250 in the UK this year are worth £710.72 billion, compared to £658.09 billion in 2021, an 8% rise on last year, the Sunday Times said.

Rishi Sunak and his wife Akshata Murty have built up a joint fortune of £730million as the Chancellor became the first serving MP to be named in the Sunday Times Rich List.

Mr Sunak, 42, has been named at 222 in the top 250 richest people in the UK – the first frontline politician since the wealth rankings’ inception in 1989 – just hours after he warned Britons they face ‘tough’ time due to the spiking cost of living and crippling inflation.

The Chancellor and his wife’s finances have come under intense scrutiny. Last month MailOnline revealed the extraordinary £15million property portfolio and £700million-plus fortune Mr Sunak shares with his Indian wife.

The furore came after was revealed that Ms Murty had non-dom status, which typically applies to someone who was born overseas and spends much of their time in the UK but still considers another country to be their permanent residence or ‘domicile’.

It has been estimated Ms Murty’s non-dom status could have saved her £20million in taxes on dividends from her shares in Infosys, an Indian IT company founded by her father. She later agreed to pay UK taxes on her worldwide income.

Mr Sunak, was cleared of breaching the ministerial code by Boris Johnson’s standards adviser after considering the tax affairs, made big money in the City of London before entering politics.

But the bulk of the cash is from his wife’s £690million stake in IT giant Infosys, set up by her father. Ms Murty has enjoyed around £54million in dividends over the past seven and a half years alone.

It appears then, Mr Sunak may be worth around £40million himself.

Justice Secretary Dominic Raab has said it’s ‘fantastic’ that Chancellor Rishi Sunak has joined the Sunday Times Rich List

Mr Raab told Times Radio: ‘He’s a fantastic example of someone who’s been successful in business, who’s coming to make a big impact in public service.

‘I think we want more of those people. I think it’s fantastic that you’ve got someone of British-Indian origin, showing all people in our country that you can get to the top of politics.

‘And frankly, I think if I understood correctly, the Sunday Times Rich List was a reflection of not just him but his wife. His wife is an incredibly successful entrepreneur in her own right.

‘Again someone that’s here, British-Indian, and actually I think we want to see more women succeeding in both business and politics.’

These are the top ten richest people in the UK. Sri and Gopi Hinduja and family – £28.47 billion Sir James Dyson and family – £23 billion David and Simon Reuben and family – £22.26 billion Sir Leonard Blavatnik – £20 billion Guillaume Pousaz – £19.26 billion Lakshmi Mittal and family – £17 billion Christoph Henkel and family – £15 billion Guy Weston and family – £13.5 billion Kirsten and Jorn Rausing – £12 billion Charlene de Carvalho-Heineken and Michel de Carvalho – £11.42 billion (top left to bottom right)

Half of Scotland’s 10 billionaires saw their fortunes fall over the last year, the Sunday Times Rich List 2022 has revealed.

The richest person in Scotland is fashion tycoon Anders Holch Povlsen, who owns popular brand ASOS. He is worth around £6.5 billion and saw an increase of £500 million since last year, the newspaper said.

Glenn Gordon and family who own spirits company William Grant and Sons saw their wealth dip by around £200 million since 2021.

Pharmaceutical giants Kiran Mazumdar-Shaw and John Shaw and family also saw their fortune fall by an estimated £400 million.

The annual list reveals the wealth of the 250 richest people in Britain and published its 34th edition online at thesundaytimes.co.uk/richlist on Friday.

Also featuring on this year’s Scottish list are new entrants The Easedale Brothers, who are worth around £1.3 billion. The pair were formerly directors of Rangers and have built their wealth through transport and property acquisitions.

Owners of media firm DC Thomson, the Thomson family, have seen their fortune grow by £314 million since 2021.

There are now 10 billionaires in Scotland, with head of Clyde Blowers, Jim McColl coming in 11th place having recently lost his billionaire status.

Harry Potter author JK Rowling follows, with her wealth estimated to be around £870 million.

Robert Watts, the compiler of The Sunday Times Rich List, said: “Scotland’s richest people have fared less well than those elsewhere in the UK, with half of this year’s 10 Scottish billionaires seeing their fortunes fall over the past year.

“The combined wealth of the country’s 10 billionaires is still up, at nearly 2% on 2021.

“As the economy continues to work through the damage wrought by the pandemic, surging inflation and the disruption to markets caused by the war in Ukraine are now making the business environment difficult.”

 

#1 Sri and Gopi Hinduja and family –  £28billion

Industry: Diversified 

Siblings Srichand, Gopichand, Prakash and Ashok control the expansive Hinduja conglomerate that boasts businesses including transportation to banking to real estate. 

They own the Old War Office building in Whitehall, which will soon be transformed into a Raffles hotel.

Hinduja group employs over 150,000 people worldwide. The brother are all devout Hindus and are vegetarian and tee-total. 

However, Sri, 85, has recently become embroiled in a legal battle with his three brothers Gopi, 81, Prakash, 75, and Ashok, 70.

Sri is claiming personal ownership of the Switzerland-based Hinduja Bank, which is overseen by his daughter Shanu and her son Karam.

His brothers have contested this claim and argue their eldest sibling has dementia.   

Srichand and Gopichand Hinduja, who, along with Prakash and Ashok, control the expansive Hinduja conglomerate

#2 Sir James Dyson and family – £23billion

Age: 74 

Industry: Vacuums and tech

Sir James revolutionised cleaning in the late 1970s by inventing a vacuum this uses a cyclone to suck up dirt.

Today he employs more than 5,800 engineers worldwide, and was a vocal backer of Brexit. 

He now lives at Dodington Estate in Gloucestershire, a 300-acre Georgian estate, built in the early 19th century by James Wyatt, and recognised as being of ‘exceptional architectural and historic interest’.

Sir James Dyson (seen with Emily Dyson and Deirdre Couverture) revolutionised cleaning in the late 1970s by inventing a vacuum this uses a cyclone to suck up dirt

#3 David and Simon Reuben – £22billion

Industry: Property and internet 

For billionaires, the Mumbai-born brothers are notoriously secretive. 

They decline interviews, and don’t like it when details about their lives are leaked.  

However, ahead of Christmas, David and Reuben bought the 189-room hotel The Surrey in Manhattan for an estimated $151 million.  

Pictured: Simon Reuben, Lord Jonathan Marland and David Reuben in May 2010

They also have a stake in Miami’s Turnberry Resort, which has boasted past celebrity guests such as Bing Crosby and Luciano Pavarotti.

The brothers, who came to Britain in the 1950s, have also invested in buildings let to luxury brands such as Tiffany, Armani and Alexander McQueen in the US.

Elsewhere, they have invested in property in Mallorca and Spain. 

It is understood they plan to build hundreds of luxury resorts in their place, reports the Sunday Times.  

#4 – Sir Leonard Blavatnik – £20billion

The Ukrainian-born magnate sits atop an empire that spans from entertainment to chemicals

Age: 63 

Industry: Music and chemicals 

The Ukrainian-born magnate sits atop an empire that spans from entertainment to chemicals.

After graduating from Colombia University with a degree in computer science, he made investments in Russian energy companies following the fall of the Soviet Union.

In 2013 he sold his stake in oil company TNK-BP, netting him more than £5billion.  Two years prior, he had bought Warner Music for £2.4billion. 

The philanthropist currently lives in London and has donated to UK institutions including Oxford University, which named its Blavatnik School of Government after him.

He has also donated to both U.S. Republicans and Democrats, including to Donald Trump’s presidential inaugural committee.

‘He must have a unique insight into the cost of living crisis’: Eyebrows raised as Rishi Sunak and billionaire heiress wife appear number 222 on UK’s Rich List – with couple worth an estimated £730MILLION 

Rishi Sunak and his wife Akshata Murty have built up a joint fortune of £730million – with the Chancellor now the first frontline politician to be named in the Sunday Times Rich List.

Mr Sunak, 42, and his wife have been named at 222 in the top 250 richest people in the UK – just hours after he warned Britons they face ‘tough’ time due to the spiking cost of living and crippling inflation.

The Chancellor is now the first frontline politician to feature in the annual wealth rankings since its inception in 1989. 

Today, fellow minister Dominic Raab, who is himself estimated to be worth £1.3million, praised Mr Sunak’s inclusion on the list describing it as ‘fantastic’. 

But social media users have raised eyebrows at the announcement, with some questioning how a multimillionaire Chancellor will be able to relate to millions of Britons facing a cost of living squeeze.

One wrote: ‘Does Rishi Sunak appearing in the Times Rich List give him a unique insight into working class families managing the cost of living crisis?’

Another wrote: ‘Rishi Sunak and his wife are in the Times Rich List. They’re in the top 250 richest in the country! He’s definitely going to help ordinary people isn’t he.’


Ms Murthy used the valuable tax status as recently as April 2020, two months after her husband was made Chancellor




Another Twitter user described Mr Sunak’s inclusion as a ‘bitter pill to take’. She wrote: Rishi Sunak and his wife making the Rich List is a bitter pill to take from a man in charge of the country’s purse strings – when so many have been forced into poverty with the current cost of living crisis.’

Robert Palmer, who works with pressure group TaxJustice, added: ‘It is particularly striking that Rishi Sunak is the first politician to make the list.

‘He had the power to ease the cost of living but has done far too little. It is way past the time for the Chancellor to act.’ While the Times describes Mr Sunak as the first ‘frontline politician’ to feature on the list, he is not the first politician. 

Meanwhile, journalist and writer Otto English, a keen critic of the the Tories, today shared the news with a pun, calling Mr Sunak ‘Richie Sunak’.

Scottish writer Darren McGarvey also joined in the reaction, writing: ‘I hear Rishi Sunak is the hottest new entry on the Sunday Times Rich list. 

‘Enjoy your cost of living crisis plebs and keep the noise down will you? Your chancellor is concentrating hard on counting all his sweet sweet cash while navigating a path to the highest office in the land.’  

But Justice Secretary Dominic Raab today defended Mr Sunak, saying it was ‘fantastic’ that the Chancellor had joined the Sunday Times Rich List

Mr Raab told Times Radio: ‘He’s a fantastic example of someone who’s been successful in business, who’s coming to make a big impact in public service.

‘I think we want more of those people. I think it’s fantastic that you’ve got someone of British-Indian origin, showing all people in our country that you can get to the top of politics.

‘And frankly, I think if I understood correctly, the Sunday Times Rich List was a reflection of not just him but his wife. His wife is an incredibly successful entrepreneur in her own right.

‘Again someone that’s here, British-Indian, and actually I think we want to see more women succeeding in both business and politics.’

It comes as the Chancellor and his wife’s finances have come under intense scrutiny this year.

Last month MailOnline revealed the extraordinary £15million property portfolio and £700million-plus fortune Mr Sunak shares with his Indian wife.

The furore came after was revealed that Ms Murty had non-dom status, which typically applies to someone who was born overseas and spends much of their time in the UK but still considers another country to be their permanent residence or ‘domicile’.

It has been estimated Ms Murty’s non-dom status could have saved her £20million in taxes on dividends from her shares in Infosys, an Indian IT company founded by her father. She later agreed to pay UK taxes on her worldwide income.

Mr Sunak, was cleared of breaching the ministerial code by Boris Johnson’s standards adviser after considering the tax affairs, made big money in the City of London before entering politics.

Business leaders, charities and former chancellor Lord Lamont lined up yesterday to urge Rishi Sunak to unveil a package of measures now to help families cope with the rising cost of living. The chancellor pictured at the Confederation of British Industry’s annual dinner on Thursday

But the bulk of the cash is from his wife’s £690million stake in IT giant Infosys, set up by her father. Ms Murty has enjoyed around £54million in dividends over the past seven and a half years alone. It appears then, Mr Sunak may be worth around £40million himself.

The rich list reveal comes as business leaders, charities and a former chancellor lined up yesterday to urge Mr Sunak to unveil a package of measures now to help families cope with the rising cost of living.

The Confederation of British Industry called on the Treasury to announce help for the ‘hardest hit’, while the Resolution Foundation said ministers should increase benefits and pensions as soon as possible.

Tory peer Lord Lamont, chancellor under Sir John Major, demanded an increase in Universal Credit to ease the pain for the most vulnerable.

And financial expert Martin Lewis warned of the risk of ‘civil unrest’ as the price of food spirals.

The pleas came as £43billion was wiped off the FTSE 100. The London stock market ended down 1.82 per cent or 135.35 points, while there were also falls on Wall Street. Consumer-focused stocks were the worst hit.

Chancellor Mr Sunak is under pressure after inflation hit a 40-year high of nine per cent, with food and energy costs among the main concerns.

But wrangling has continued within the Cabinet over the idea of using a windfall tax on oil and gas producers – who have benefited from high global prices – to fund measures to help with household bills.

It was reported that Boris Johnson was ‘intrinsically opposed’ to the levy, despite the Treasury being more open to the idea. But Downing Street insisted ‘the Prime Minister and the Chancellor are aligned’.

The Prime Minister’s official spokesman said: ‘You’ve heard them both say effectively the same thing when it comes to these sorts of taxes. We want to see significant investment by these sorts of companies into British jobs to grow the economy, to secure our energy supply for the long term.’

Mr Sunak appeared to acknowledge the need for further support for the poorest in a speech to the CBI on Wednesday night, saying: ‘Right now, we have a collective responsibility to help the most vulnerable in our society.’

 

 

Rishi’s non-dom wife’s global empire: Billionaire heiress boasts properties worth £15m as well as £727m shares in her father’s Bangalore-based IT firm – and has links to tax-reducing Mauritian company that owns Jamie’s Italian and Wendy’s in India

The extraordinary £15million property portfolio and £700million-plus fortune Rishi Sunak shares with his non-dom wife was laid bare by MailOnline last month.

The Chancellor’s hopes of being Prime Minister have been badly damaged by the revelation that his wife Akshata Murty, who lives with him and their two children in Downing Street and moved to the UK permanently in 2013, is probably paying more tax abroad.

Ms Murty, who is wealthier than the Queen as heiress to her father’s IT firm, is registered as non-domiciled for UK tax purposes, a legal way to avoid paying taxes in Britain on overseas income. The status is often used by the super-wealthy to save thousands or even millions of pounds in tax.

In a short statement Akshata, worth £200million more than a year ago, insisted she pays taxes on all UK income and said the set-up is required because she is an Indian citizen. But a number of tax and accounting experts have disputed this. 

The revelations came on the very day that Mr Sunak asked working Britons and their employers to pay an extra 1.25p in every pound for National Insurance. 

The bulk of Akshata’s wealth comes from Infosys, the Bangalore-based IT firm founded by her now billionaire father. It is reported she holds a 0.91 per cent stake, around 39million shares, worth about £727million. Experts say this is  an increase of more than £200million compared to a year ago, due to a jump in the share price during the pandemic.  

But her non-dom status means she was not liable for tax on overseas earnings, including dividends from her father’s company that reportedly came to £11.6million last year. That sum could have meant paying £4.4million to HMRC, according to The Times.

Akshata also owns other investments, including a business that funnels investments through Mauritius. International Market Management is funding the expansion of franchise restaurants in India, including Jamie Oliver’s Italian chain that failed in the UK and US burger brand Wendy’s. This entirely legal structure allows them to reduce taxes paid in India.

The couple have at least four properties. A £1million flat in Kensington, a nearby mews house worth £7million and a £2million mansion in Rishi’s Yorkshire constituency, where he is nicknamed the ‘Maharaja of the Dales’. They also have a £5.5million penthouse in California, overlooking Santa Monica pier, which they use in the holidays.

This is the extraordinary web of homes and businesses with links to Rishi Sunak and his wife Akshata, a heiress to a billion dollar fortune

He became a household name after he married Akshata Murthy, the daughter of the billionaire founder of a staggeringly successful IT company. Pictured: The couple at their 2009 wedding with Murthy’s parents

Homes

Kensington Mews – worth £7million      

Before into Downing Street, the family lived here in their £7m London mews. They paid £4.5m, reportedly cash, in 2010

Rishi and Akshata’s five-bedroom West London property, tucked away in an exclusive corner of Kensington has been described as the couple’s main home, although they have spent most of their time in the two-bed Downing Street flat that comes with the Chancellor’s job.

An insider has said the family live above No 10 because his security people ‘won’t allow anything else’.

The couple have made a huge profit on their mews, having bought it for £4.5million, reportedly in cash, in 2010 – a year after they married in India.

The Kensington house has five bedrooms, four bathrooms and two reception rooms spread across four storeys, as well as access to a private garden.      

Kensington flat – worth £1million 

Richi Sunak has this crash pad in West London said to be used by family and friends when they need it

Rishi Sunak bought a first floor flat in the heart of Kensington, which is understood to be kept empty.

He and Akshata are reported to leave it free for friends and visiting relatives to use when visiting the capital.

It sits in a block on a busy road in West London road, close to a Tube station. 

Rishi Sunak’s Yorkshire home – £2million

The multi-millionaire Chancellor and his wife are to build a mini leisure complex in the grounds of their £2million manor house in Yorkshire

The family also own a remote country abode in  a Yorkshire village. 

Set on a 12-acre plot of land near Northallerton, the Georgian mansion is thought to cost around £1.5million, boasting an ornamental lake and a recently built pool on the property. It is now said to be worth £500,000 more than they paid for it. 

The multi-millionaire Chancellor and his wife are to build a mini leisure complex in the grounds of their £2million manor house in Yorkshire.

Councillors have approved plans for a new building on farmland to house a swimming pool, gym and shower facilities, along with an adjoining outdoor tennis court.

No doubt the Chancellor will be keen to get value for money, but even at a conservative estimate the project is likely to cost more than £400,000.

But that won’t trouble the former hedge fund financier, whose wife Akshata is a fashion designer and daughter of an Indian tech billionaire.

The couple, who have two daughters, often spend weekends at the Grade II-listed 19th century former vicarage in his North Yorkshire constituency.

And once the L-shaped building, complete with stone walls and Welsh slate roof, is completed there will be no shortage of healthy and fun activities for them to do.

Mr Sunak plans to build a 40ft by 16ft indoor pool. In the same building will be a gym which will contain a mirrored wall and ballet barre, perhaps for his daughters.

There’s also going to be a television fixed to the wall nearby, enabling them to follow fitness or dance videos.

The Chancellor has previously admitted being a devotee of keeping fit on a Peloton bike – which costs £1,750, plus a monthly membership of £39 – and a treadmill.

Santa Monica, California – £5.5million

Rishi and his wife lived together in this Santa Monica penthouse, which they use for holidays and trips to California

The penthouse flat, which the couple are reported to be visiting over the Easter holidays, is valued at £5.5million ($7.2m) 

It boasts panoramic views of the world-famous Santa Monica pier and the Pacific ocean. Ms Murthy bought the apartment – one of four in the Waverly complex on Ocean Avenue – directly from the developer in June 2014 for an undisclosed fee. But it will be less than it’s worth now.

The property is described as their holiday home, with his wife and two children believed to spend some of the school holidays there.    

Business interests  

Infosys – shares worth £727million

How can Rishi’s wife claim non-dom status when she lives in Downing Street?

Rishi Sunak’s wife, Akshata Murty, has revealed she is treated as non-domiciled for UK tax purposes because of her Indian citizenship.

The PA news agency looks at what a non-dom is and whether she is right to link the place of her birth and citizenship with her tax status in the UK.

A non-dom tax status typically applies to someone who was born overseas, spends much of their time in the UK but still considers another country to be their permanent residence or “domicile”.

In Ms Murty’s case, she would need to be claiming that the UK is not her permanent residence.

Citizenship of an individual living in the UK is irrelevant when it comes to non-dom status as it is possible for a UK citizen, or someone born in the UK, to claim they are a non-dom.

According to Home Office guidance: “A person can change nationality without it affecting their domicile, or could acquire a change of domicile whilst retaining their original nationality.

“The fact that a person has acquired a new nationality can be a relevant factor in showing a change of domicile, but is not conclusive, depending upon the reasons for the change. If a person gives up their former nationality it may suggest a change of domicile.”

Status is not given automatically because an individual must apply for the exemption in their tax status when filling out their UK tax return.

According to the Government, a person’s domicile is usually the country where their father considered his permanent home when the individual was born.

In Ms Murty’s case, she was born in India, so she ticks the first box for claiming she is not domiciled in the UK.

Others can also inherit their domicile from their parents, meaning they can still be born in the UK but have non-dom status.

When evaluating someone’s domicile, the taxman will consider a number of factors, including permanent country of residence and how long an individual intends to stay in the UK.

When it comes to tax, the rules state that you do not pay UK tax on foreign income or gains if they are less than £2,000 a year and you do not bring them into the UK.

If you earn more than £2,000 from overseas or bring any money into the UK you must pay UK tax on it – although this may be claimed back.

Or you can pay an annual charge, depending on how long you have been in the UK.

The charges are £30,000 if you have been in the UK for at least seven of the last nine tax years, or £60,000 for at least 12 of the previous 14 tax years.

Therefore, if you are resident in the UK but a citizen of another country, you must still pay a fee.

For high net-worth individuals, many will opt for the yearly charge because the income received from foreign businesses and investments is likely to lead to a far higher tax bill. 

Akshata Murty, the Chancellor’s wife, owns 0.93pc or 39m shares in Infosys, the Indian technology company founded by her billionaire father.

Her stake is worth about £727m today, an increase of more than £200m compared to a year ago due to a jump in the share price. 

The company is headquartered in Bangalore. 

In the past year Infosys made two dividend payments that would have netted Ms Murthy around £11.7million through her 0.93 per cent holding in the company.

As per the Indian domestic income-tax laws, dividend income from shares of an Indian company is subject to tax at 20%. 

Mauritius – £500,000 investment

According to the Guardian, Ms Murthy bought a 5 per cent share in International Market Management (IMM) for £500,000 in 2014. 

IMM is said to funnel its investments through a “letterbox” in Mauritius – with no staff – to reduce the taxes paid in India. While this is not illegal, this system is controversial because it will reduce tax liability.

IMM was founded in 2014 by David Stewart with funding for the company raised from “a group of wealthy friends” including the Chancellor’s wife, the newspaper said.

The company follows a structure where investments are funnelled through an intermediary company – called IMM Associates Mauritius.

They then invest in two Indian subsidiaries which operate restaurants in India. These include Jamie Oliver’s 11 Jamie’s Italian restaurants there. IMM also funds nine Wendy’s burger restaurants in her home country.

Catamaran Ventures – $1bn fund used to store her and her family’s vast personal wealth

Ms Murty is listed on LinkedIn as being director of capital and private equity firm Catamaran Ventures, which is headquartered in Bangalore. Any salary or shares would also be taxed at Indian rates. This was set up by her father in 2010. It has $1billion in assets. It also has an office in London and Boston.

Murthy is also a director of Catamaran Ventures UK, which she set up with her husband, who resigned as a director in 2015 and transferred his shares to his wife. In 2020 Catamaran listed the value of its investments as £3.5 million, up from £1.5 million in 2019. 

But record a net liability position of £226,572 – the difference between its assets and debts – meaning it is reliant on Murthy to meet its financial obligations. She gave her start-up investment company a £4.3 million loan in 2020. 

New and Lingwood – unknown value

Akshata, is the director of the holding company for New & Lingwood, an official outfitter to Eton which offers items such as £2,750 silk dressing gowns.

The London-based firm, owned by a private equity firm, New York based POP Capital, also received money under the Treasury’s multi-billion-pound furlough scheme. 

Rishi Sunak faced questions over his alleged failure to publicly declare the fact that his wife is a director.  

Akshata Designs – Collapsed

After Stanford, she joined a Dutch clean technology incubator fund in San Francisco as marketing director in 2007, but left quickly to start her own fashion label, Akshata Designs, around the time she married Rishi in 2009. 

The business, however, collapsed within three years.

Digme Fitness – collapsed

The high-end fitness chain backed by Rishi Sunak’s millionaire wife collapsed during the pandemic after receiving taxpayer-backed furlough payments of up to £630,000.

Digme Fitness, which called in creditors last month, owes around £6.1million in what is understood to be unpaid VAT and PAYE, and counts Akshata Murthy, 41, among its directors. 

Ms Murthy, the Chancellor’s wife, owned less than five per cent of the company – which went bust after lockdown measures forced it to reinvent itself as an online-only business.

 

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