Rishi Sunak: What we know about his family’s wealth

The financial affairs of Chancellor Rishi Sunak and his family have been under intense scrutiny in recent weeks, after a series of revelations.

Mr Sunak's wife, Akshata Murty, last week announced she would start paying UK tax on her overseas earnings to relieve political pressure on her husband.

And Mr Sunak has referred himself to the prime minister's ethics adviser over opposition claims he has not been transparent about his tax arrangements.

He says he his confident he followed all the rules - but Labour says he still has questions to answer.

Here is what we know about the Sunak family finances.

Mr Sunak was born in Southampton in 1980 to Indian parents who had emigrated from East Africa. His father was a GP and his mother ran her own pharmacy.

After being educated at a private boarding school, Winchester College - and working as a waiter at a curry house in Southampton during his summer holidays - he studied politics, philosophy and economics at Oxford University, achieving a first-class degree. He later gained an Masters of Business Administration (MBA) at Stanford University in California, where he met Ms Murty.

From 2001 to 2004, Mr Sunak was an analyst for the investment bank, Goldman Sachs, and was later a partner in two hedge funds.

In 2015, Mr Sunak entered parliament as MP for Richmond in North Yorkshire and served as a junior minister in former Prime Minister Theresa May's government.

He was then made chief secretary to the Treasury by her successor, Boris Johnson, before being promoted to chancellor in February 2020.

As an MP and chancellor, Mr Sunak's government salary is £151,649.

But before entering politics, he was a partner at two highly-profitable hedge funds and is now thought to be one of the richest MPs.

According to The Times, he was a "multimillionaire in his mid-twenties", but he has never commented publicly on how much he is worth.

He recently attracted criticism from Labour for donating more than £100,000 to his former school, to fund bursaries for children who could not afford to attend it.

Labour has posed a number of questions, including: Has Mr Sunak ever benefited from the use of tax havens?

The Independent suggested he had, with a report claiming he was listed as a beneficiary of tax haven trusts in the British Virgin Islands and Cayman Islands in 2020. A spokesperson for Mr Sunak said they "did not recognise" the claims.

Politicians with share portfolios and investments routinely set up "blind trusts" when they get government jobs. This allows them to continue earning income from their investments without knowing where the money is invested.

The aim is to remove potential conflicts of interest, when they are taking economic policy decisions that might make them more money - but the practice is controversial.

Mr Sunak is one of six ministers, including Zac Goldsmith, son of billionaire financier James Goldsmith, to register blind trusts in the List of Ministers' Interests.

Mr Sunak set up his trust in 2019, when he was promoted to second-in-command to then chancellor Sajid Javid, in 2019.

Labour says Mr Sunak is the first chancellor to have registered a holding in an investment fund since the ministerial interests list was set up, and have questioned whether such an arrangement should be allowed.

The opposition party is calling on Mr Sunak to publish details of what is contained in the trust, and to say whether he has had an update on how well the investments are doing since he became chancellor in February 2020.

The Treasury has said Mr Sunak "followed the ministerial code to the letter".

Sajid Javid had wealth in an offshore trust, but disposed of it when he became a minister in 2012, paying 50% tax on the money he brought into the UK. Mr Javid has also admitted to holding non-dom status for six years, when he was a banker.

The Sunaks are understood to own four properties.

A Grade II-listed manor house in the village of Kirby Sigston, near Northallerton, in his Richmond constituency, was bought for £1.5m in 2015. A five-bedroom townhouse in South Kensington, London, which records show was last sold for £4.5m in 2010.

The couple also own a flat in South Kensington; and a penthouse apartment with views of the Pacific Ocean in Santa Monica, California.

Mr Sunak also has the use of a taxpayer-owned flat in Downing Street, and Dorneywood, a grace-and-favour mansion in Buckinghamshire.

An heiress to a fortune worth billions, Ms Murty was born into a high-achieving Indian family with a flair for entrepreneurship.

Not long after her birth in 1980, she was sent to live with her paternal grandparents as her mother, Sudha Murty, and father, Narayana Murthy, advanced their careers in Mumbai.

A year later, Mr Murthy would co-found Infosys, an IT services company that would propel him onto India's rich-list. His daughter would build on his legacy.

Ms Murty was educated in the US, where she studied economics and French at the private liberal Claremont McKenna College in California. She then earned a diploma at a fashion college before working at Deloitte and Unilever and studying for an MBA at Stanford University.

The couple, who have two daughters, met at at Stanford and married in 2009.

Under the chairmanship of Mr Murthy, Infosys became one of the biggest companies in India. It currently operates in around 50 countries, including the UK, where it has public sector contracts.

Headquartered in Bangalore, the company reported revenues of more than $11.8bn (£9bn) in 2019, $12.8bn in 2020, and $13.5bn in 2021.

He has served on the boards of companies worldwide, including multinational banks HSBC and ICIC. He is also the chairman of Catamaran Ventures, an investment firm that manages over $1bn in assets.

His wife, Sudha, is chairperson of the Infosys Foundation, a non-profit organisation that supports charity initiatives. She is best known for her philanthropy and literature including her novel Dollar Bahu (Dollar Daughter-in-Law in English), which was adapted into a TV series.

Ms Murty's stake in Infosys became a subject of controversy over its operations in Russia following President Vladimir Putin's invasion of Ukraine. The firm told the BBC it was closing its office in Russia.

But the money she makes from her shares came back into focus when she confirmed her non-dom status.

Infosys's latest annual report shows Ms Murty owns a 0.9% stake in Infosys. Her stake fluctuates in value but is estimated to be worth about £700m.

Ms Murty receives annual dividend payments on the shares, which last year added up to £11.6m. In future, she will pay UK tax on this income.

In the UK, one of her main business interests is the London-based offshoot of Catamaran Ventures, which invests in start-ups.

Ms Murty's Linkedin profile says the company looks at "British brands that need capital, management expertise and network partners to grow strategically".

She and Mr Sunak founded the company in 2013. The chancellor stood down as director in 2015 when he became an MP and a year later his wife became the majority shareholder.

In 2020 Catamaran Ventures UK listed the value of its investments as £3.5m, up from £1.5m in 2019.

Ms Murty has had interests in several other companies in the UK.

On Companies House, she is listed as a director of Digme Fitness, a pay-as-you-go gym chain.

The company was put into administration in February this year after revenues dropped during the Covid-19 pandemic, despite receiving furlough funds. Ms Murty owned 4.4% of the company, which owes creditors, including HM Revenue and Customs, millions of pounds.

Her Linkedin also lists her as director of New & Lingwood, which sells high-end menswear including silk pyjamas costing hundreds of pounds.