Rishi Sunak makes Rich List as UK inflation hits 40-year high

Rishi Sunak. Photo / Getty Images

Rishi Sunak has become the first working MP on the Sunday Times Rich List as pressure grows on the UK Government to ease the cost-of-living crisis.

The Chancellor and his wife, Akshata Murty, are equally ranked at 222nd with a joint fortune of £730 million ($1,426m).

Murty owns a stake estimated to be worth £690 million in Infosys, India's second largest IT company. The firm was started by N R Narayana Murthy, her father, in the 1980s.

Infosys's revenue increased by 22.7 per cent between January and March, leading the company to forecast annual revenue growth of 13 to 15 per cent. This increased the worth of Murty's stake, which had previously been estimated to be £430 million.

She owns 0.93 per cent of the company, or 39 million shares, according to Bloomberg, and is thought to have received almost £12 million in dividends in the past year.

Sunak, 42, began his career as an analyst at investment bank Goldman Sachs before he moved to the Children's Investment Fund, a hedge fund run by Sir Chris Hohn, in 2006.

Robert Watts, who compiles the list, said: "This year's Sunday Times Rich List again uncovers record wealth and more billionaires than ever before. While many of us are experiencing the greatest cost-of-living squeeze we can remember, the super-rich have had another record year." It comes as pressure grows on Sunak to take more action to ease the cost-of-living crisis as inflation in the UK surges to a 40-year high.

The Treasury has confirmed £22 billion ($42b) of direct support, such as a council tax rebate and a rise in the national insurance threshold to £12,500.

Earlier this week, Mr Sunak said the Treasury was "ready to do more" to help the most vulnerable, but many in his party have urged him to go further.

Robert Halfon, chairman of the education select committee, last week urged the Government to bring in further measures to support struggling families and said the "extreme circumstances" justify a windfall tax.

Lord Frost yesterday added to calls for an emergency Budget.