Rishi Sunak and wife Akshata Murty's wealth soars by £120m in just one year

The personal wealth of Prime Minister Rishi Sunak and his wife Akshata Murty has seen a significant increase of over £120 million in the past year, according to the latest annual Sunday Times Rich List. Despite challenging economic conditions bringing the UK's billionaire boom "to an end", the couple's fortune has grown considerably.

Their wealth was listed as £651 million, a substantial increase from £529 million in 2023. This rise is attributed to Ms Murty's minor stake in Infosys, the Indian IT giant worth 70 billion dollars (£55.3 billion), which was co-founded by her billionaire father.

Her shares saw an increase in value of £108.8 million, reaching nearly £590 million for the year. However, the couple's wealth is still lower than its 2022 level, when it was approximately £730 million.

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Meanwhile, the list also revealed that King Charles' wealth increased over the year, rising from £600 million to £610 million. The list noted a continued decrease in the number of British billionaires, a trend observed since 2023.

The peak number of billionaires was 177 in 2022, which fell to 171 and further dropped to 165 this year. This decline is due to some billionaires experiencing a contraction in their private wealth due to high borrowing rates, while others have left the country, reports Bristol Live.

Robert Watts, the compiler of the rich list, remarked: "This year's Sunday Times Rich List suggests Britain's billionaire boom has come to an end. Many of our home-grown entrepreneurs have seen their fortunes fall and some of the global super-rich who came here are moving away.

"Thousands of British livelihoods rely on the super-rich to some extent. We'll have to wait and see whether we have now reached peak billionaire, and what that means for our economy."

The latest figures show that the collective wealth of Britain's 350 richest individuals and families stands at £795.36 billion. Topping this year's list once again were Gopi Hinduja and his family, the controllers of the Indian conglomerate Hinduja Group.

The Hinduja family's fortune increased to £37.2 billion this year, up from £35 billion. In contrast, several of the UK's most prominent billionaires experienced a decrease in their wealth over the year due to tough times for numerous businesses and investments.

Among them, Manchester United backer and founder of Ineos, Sir Jim Ratcliffe, saw the largest drop, with his net worth plummeting by more than £6 billion to £23.52 billion. Sir James Dyson and Sir Richard Branson also witnessed declines during the year.

Sir James Dyson experienced the second largest decrease, with his wealth falling from £23 billion to £20.8 billion. In addition, Sir Richard Branson's fortune also took a hit, dropping from £4.2 billion to £2.4 billion following a difficult year for Virgin Galactic.