The Chancellor and his heiress wife Akshata Murty have amassed a combined fortune of £730 million, making him the first frontline politician to be listed in the Sunday Times Rich List.
The duo is ranked 222 out of the top 250 wealthiest persons in the UK, only hours after Mr Sunak warned Britons that they are in for a “tough” time due to rising living costs and debilitating inflation.
According to the Times, the Chancellor, 42, whose wife holds a £430 million share in her Indian tech billionaire father’s IT firm, is the first frontline politician to appear in the annual wealth rankings since 1989.
Mr Sunak’s presence on the list was described as “fantastic” by colleague minister Dominic Raab, who is estimated to be worth £1.3 million.
However, social media users have expressed surprise at the announcement, with some wondering how a multimillionaire Chancellor will relate to the millions of Britons who are struggling to make ends meet.
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.’
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 vocal critic of the Conservatives, joked about Mr Sunak today, calling him “Richie Sunak.”
But Justice Secretary Dominic Raab backed Mr Sunak today, calling his inclusion on the Sunday Times Rich List “fantastic.”
‘He’s a fantastic example of someone who’s been successful in business, who’s coming to make a big impact in public service,’ Mr Raab said on Times Radio.
Mr Sunak, who was recently cleared of breaking the ministerial code after Boris Johnson’s standards adviser looked into his tax affairs, made a lot of money in the City of London before going into politics.
Mr Sunak is under fire after inflation hit a 40-year high of 9%, with food and energy costs looming as the main concerns.
The idea of putting a windfall tax on oil and gas producers — who have profited from high world prices – to fund measures to help with family bills has sparked debate within the Cabinet.
Benefits and pensions grew by 3.1% in April, linked to the inflation rate of September last year, falling substantially behind inflation. The Chancellor is still facing calls to enhance them.