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London, Oct 25 (IANS) <keyword id="221875" type="General" weightage="20" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword>, who will on Tuesday become the UKs 57th Prime Minister, is richer than King Charles III and, at 42, younger than every predecessor except William Pitt the Younger, the media reported. Sunak will also be the UK's first ever person of colour to lead the country, and first Hindu Prime Minister, The Guardian reported. He was born in Southampton in 1980 to Indian parents who had moved to the UK from east Africa. His father was a general practioner and his mother ran her own pharmacy. The eldest of three children, Sunak was educated at a private boarding school, Winchester College, which costs 43,335 pounds a year to attend. He was head boy, and has in recent years made multiple donations to the school. Sunak went on to study politics, philosophy and economics at the University of Oxford. He was awarded a first-class degree. He later gained an MBA at Stanford University, where he met Akshata Murty, his future wife, but where few others remember him, The Guardian reported. Murty, 42, is the daughter of the Indian billionaire NR Narayana Murthy, often described as the Bill Gates of India, who founded the software company Infosys. According to reports, his daughter has a 0.91 per cent stake in the company, worth about 700 million pounds. The couple married in her home town of Bengaluru in a two-day ceremony in 2009 attended by 1,000 guests. They have two daughters, Krishna and Anoushka. In April this year, it emerged that Murty was a non-domiciled UK resident, meaning she avoided UK taxes on her international earnings in return for paying an annual charge of 30,000 pounds. Without that non-dom status she could have been liable for more than 20 million pounds of UK taxes on these windfalls, it was reported. After a public outcry, her spokesperson announced she would start paying UK taxes on her overseas earnings to relieve political pressure on her husband, The Guardian reported. Still, Sunak and Murty's combined fortune is estimated to be 730 million pounds, double the estimated 300 million-350 million pounds wealth of King Charles III and Camilla, Queen Consort. They own four properties spread across the world and valued at more than 15 million pounds, The Guardian reported.

Rishi Sunak, Akshata Murty's combined fortune is 2x that of King Charles III

Indian-origin Conservative party politician <keyword id="221875" type="General" weightage="100" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> on Tuesday officially became the Prime Minister of the UK after meeting King <keyword id="5197699" type="General" weightage="80" keywordseo="charles-iii" source="Orion">Charles III</keyword> at Buckingham Palace, the media reported. In his first address as the Prime Minister, Sunak said: "UK is under economic distress... economic stability tops my agenda... my actions will speak louder." "I will give my all to help the people... hope to live up to the demands," he added. Sunak will be the UK's third leader in seven weeks after winning a Tory leadership contest triggered by <keyword id="2420812" type="General" weightage="80" keywordseo="liz-truss" source="Orion">Liz Truss</keyword> stepping down as the prime minister, the <keyword id="60684" type="General" weightage="50" keywordseo="bbc" source="Orion">BBC</keyword> reported. After being selected by Tory MPs on Monday, he warned the country faced a "profound economic challenge". Sunak ruled out an early general election, despite calls from Labour, the <keyword id="328029" type="General" weightage="50" keywordseo="scottish-national-party" source="Orion">Scottish National Party</keyword>, the Liberal Democrats and the Green Party. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/rishi-sunak-is-the-first-indian-origin-british-pm-know-more-about-one-of-uks-richest-premiers/slidelist/95077247.cms">Rishi Sunak is the first Indian-origin British PM – Know more about one of UK’s richest premiers</a> <a href="https://www.businessinsider.in/international/news/rishi-sunak-akshata-murtys-combined-fortune-is-2x-that-of-king-charles-iii/articleshow/95074007.cms">Rishi Sunak, Akshata Murty's combined fortune is 2x that of King Charles III</a>

Rishi Sunak officially becomes UK PM after meeting King

<ul><li><keyword id="1806167" type="General" weightage="100" keywordseo="murty" source="Orion">Murty</keyword> has a reported £<a href="https://www.bbc.com/news/uk-politics-61055789">700</a> million pounds stake in her father’s company, Infosys. </li><li>She has a networth of around $1.3 billion, according to Bloomberg. </li><li>Apart from being a fashion designer, she is the director of Digme Fitness and owns shares in Wendy’s India and Jamie Oliver restaurants. </li><li>Murty was surrounded by controversies over evading tax on foreign income from India. </li></ul>Akshata Narayana Murty was born in 1980 to a young ambitious computer engineer and a computer scientist who were finding their foot in the yet-to-evolve software market of the country. While most of her young age was spent with her paternal grandparents, it did not stop her parents — N R <keyword id="6355623" type="General" weightage="50" keywordseo="narayana-murthy" source="Orion">Narayana Murthy</keyword> and Sudha Murthy – from drawing the line in terms of parenting her and her brother both. Hence, Akshata and Rohan were one of those rare 80-born children who lived without TV and spent their time in better pursuits like reading and spending time with real people instead of TV characters. Now, even as she holds the distinction of being UK’s first Indian first lady, billionaire Akshata Murty is known for much more than that. She is a fashion designer, venture capitalist and entrepreneur. The latest title however came with its own pressures. Murty, born in India and non-domiciled in the UK, came under the spotlight after her husband <keyword id="221875" type="General" weightage="20" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword>, now the PM of UK, began his campaign. Murty comes from a family of wealth and reportedly has a £<a href="https://www.bbc.com/news/uk-politics-61055789">700</a> million pound stake in Infosys, a company her parents founded along with others. Rishi Sunak and Akshata Murty’s combined net worth is £730 million, which is reportedly more than the head of the British monarchy <a href="https://www.businessinsider.in/international/news/rishi-sunak-akshata-murtys-combined-fortune-is-2x-that-of-king-charles-iii/articleshow/95074007.cms">King Charles III</a>. Murty’s networth is $1.3 billion, according to <a href="https://www.bloomberg.com/news/articles/2022-05-30/rishi-sunak-s-wife-akshata-murty-builds-catamaran-ventures-ties-to-rich-families">Bloomberg</a>, largely due to a 0.91% stake in her father’s company Murty is one of Britain’s wealthiest businesswomen. They met at Stanford Born in Hubli in Karnataka, the daughter of N R Narayana Murthy, considered ‘father of the Indian IT sector’ and <keyword id="6355854" type="General" weightage="50" keywordseo="sudha-murty" source="Orion">Sudha Murty</keyword>, an acclaimed philanthropist and writer. Narayana Murthy is one of India’s wealthiest businessmen with a fortune of <a href="https://en.wikipedia.org/wiki/N._R._Narayana_Murthy#:~:text=As%20of%20October%202022%2C%20his,the%20world%20according%20to%20Forbes.&amp;text=Murthy%20was%20born%20and%20raised%20in%20Shidlaghatta%2C%20Karnataka.">$4.5 billion</a>. Sudha Murty is a Padma Shri awardee, considered India’s fourth highest civilian honour, and also heads Infosys’ non-profit arm Infosys Foundation. Akshata Murty attended high school in Bangalore and studied at Fashion Institute of Design &amp; Merchandising, Los Angeles. She also has a Masters degree in business administration from Stanford University. This is where she met Sunak and got married to him in Bangalore in 2009. The couple have two daughters Anoushka and Krishna. “When I met him we were 24 year old business school students, living in another country, and had no idea of where life would take us,” she tweeted in<a href="https://twitter.com/anmurty/status/1512711676709191680?t=Fbkv_a5GZg-EgAEhOtFDNQ&amp;s=08"> April</a>. ‘India remains the country of my birth, but I love UK too’ The shadow of her father’s company Infosys became heavier on her when it was reported earlier this year that the Indian IT company was still operating in Russia during the Ukraine war, despite counter claims by the company. Akshata Murty denied having any stake in the operations of the company, clarifying her position with Sky <a href="https://news.sky.com/story/rishi-sunak-calls-for-explanation-over-chancellors-wife-stake-in-company-operating-in-russia-12604359">News</a>. Another controversy which clouded the Sunak campaign was her status as a non-domiciled resident in the UK, which BBC reported gave her a way to evade £2.2 million in UK <a href="https://www.bbc.com/news/uk-politics-61055789">taxes</a>. A non-domiciled is a resident citizen who has her permanent home in another country, in this case, India. “My decision to pay UK tax on all my worldwide income will not change the fact that India remains the country of my birth, citizenship, parents’ home and place of domicile. But I love the UK too,” Murty tweeted in <a href="https://twitter.com/anmurty/status/1512711676709191680?t=Fbkv_a5GZg-EgAEhOtFDNQ&amp;s=08">April</a>. As the law states, Murty as a non-domiciled citizen in the UK is not required to pay taxes on her overseas earnings, which came to £11.6 million she got as a <a href="https://www.bbc.com/news/uk-politics-61055789">dividend</a> from her father’s company last year. Post an inquiry, Akshata agreed to pay her due taxes. She additionally pays £30,000 per year to maintain her non-domiciled <a href="https://www.bbc.com/news/uk-politics-61045825">status</a>, BBC reported. “It has become clear that many do not feel it is compatible with my husband's role as chancellor. I understand and appreciate the British sense of fairness and I do not wish my tax status to be a distraction for my husband or to affect my family,” she <a href="https://www.bbc.com/news/uk-politics-61045825">said.</a> Murty had previously started her own design label called Akshata Designs, which closed down in 2012. The next year, she became director of the family-owned venture capital firm called <a href="https://www.bloomberg.com/news/articles/2022-05-30/rishi-sunak-s-wife-akshata-murty-builds-catamaran-ventures-ties-to-rich-families">Catamaran Ventures</a>, which invested in British luxury furniture The New Craftsmen and Elon Musk’s Space Exploration Technology Corporation. She is also director at London-based Digme Fitness which is currently valued at £<a href="https://pomanda.com/company/09631514/digme-fitness-limited#:~:text=digme%20fitness%20limited%20Estimated%20Valuation&amp;text=Pomanda%20estimates%20the%20enterprise%20value,multiple%20(adjusted%20for%20liquidity).">7.2 million</a>. Murty also owns shares in two of famed British cook and entrepreneur Jamie Oliver restaurants, Wendy’s in India and in fitness brand Digme Fitness, according to <a href="https://economictimes.indiatimes.com/news/international/world-news/akshata-murty-billionaire-wife-of-rishi-sunak-runs-these-businesses/articleshow/95075345.cms?from=mdr">Economic Times</a>. Murty also heads the London branch of IT company <a href="https://en.wikipedia.org/wiki/Akshata_Murty#cite_note-15">Soroco</a>, co-founded with her brother <keyword id="80837" type="General" weightage="50" keywordseo="rohan-murthy" source="Orion">Rohan Murthy</keyword> in 2014. ‘I know how <keyword id="4793" type="General" weightage="50" keywordseo="will-smith" source="Orion">Will Smith</keyword> felt at the Oscars’ Rishi, in a BBC news <a href="https://www.bbc.com/news/uk-politics-60941902">podcast</a>, defending the smear campaign against his family, especially his wife, said, “I think it's totally fine for people to take shots at me. It's fair game. I'm the one sitting here and that's what I signed up for.” “But I feel, on reflection, both Will Smith and me having our wives attacked - at least I didn't get up and slap anybody, which is good”, he <a href="https://www.bbc.com/news/uk-politics-60941902">added</a>. Rishi Sunak, until recently was the chancellor to the exchequer, residing in 11 Downing Street. He resigned in July and the family shifted to a house in West London. The<a href="https://en.wikipedia.org/wiki/Akshata_Murty#cite_note-15"> couple</a> reportedly also own a manor house in <keyword id="15351944" type="General" weightage="50" keywordseo="kirby-sigston" source="Orion">Kirby Sigston</keyword>, a mews house in Central London, a penthouse apartment in Santa Monica and a flat on Old Brompton Road. They would soon be moving to 10 Downing Street. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/rishi-sunak-akshata-murtys-combined-fortune-is-2x-that-of-king-charles-iii/articleshow/95074007.cms">Rishi Sunak, Akshata Murty's combined fortune is 2x that of King Charles III</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/row-over-bravermans-reappointment-as-uk-home-secy/articleshow/95094758.cms">Row over Braverman's reappointment as UK Home Secy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/rishi-sunaks-wife-akshata-murty-earned-15-3-mn-dividend-income-from-infosys-in-2022/articleshow/95076869.cms">Rishi Sunak's wife Akshata Murty earned $15.3 mn dividend income from Infosys in 2022</a>

Meet the first Indian first lady of UK - Akshata Murty

<keyword id="221874" type="General" weightage="100" keywordseo="akshata" source="Orion">Akshata</keyword> <keyword id="1806167" type="General" weightage="80" keywordseo="murty" source="Orion">Murty</keyword>, Britain's incoming Prime Minister <keyword id="221875" type="General" weightage="50" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword>'s wife whose tax status on income from outside the UK had triggered a controversy, earned Rs 126.61 crore (USD 15.3 million) in dividend income in 2022 from her shareholding in India's second-largest IT firm <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword>. Murthy, daughter of Infosys co-founder Narayana Murthy, held 3.89 crore shares, or 0.93 per cent, of Infosys at the end of September, according to company filings with the stock exchanges. Her holding is worth Rs 5,956 crore (about USD 721 million) at Tuesday's trading price of Rs 1,527.40 on the BSE. Infosys paid Rs 16 per share final dividend for the 2021-22 fiscal on May 31, this year. For the current year, the firm this month announced an interim dividend of Rs 16.5, according to the company's stock exchange filings. The two dividends totalled Rs 32.5 per share or Rs 126.61 crore for Akshata. Infosys is among the best dividend-paying companies in India. In 2021, it paid a total of Rs 30 per share dividend, which would have given Akshata a total of Rs 119.5 crore in that calendar year. Sunak, 42, on Sunday won the race to lead the Conservative Party and is now set to become Britain's first prime minister of Indian origin and its youngest leader in modern times. While Sunak is a British national, his wife Akshata is an Indian citizen. Her non-domiciled status, which allows her to earn money abroad without paying taxes in Britain for a period of up to 15 years, has been a divisive issue in the UK. Non-domiciled status of Akshata became an issue of discussion in Britain when Sunak first entered the race to become the prime minister in April this year. At that time, her spokesperson had stated that as a citizen of India, she was unable to hold citizenship of another country and that "she has always and will continue to pay UK taxes on all her UK income." As the controversy snowballed, she at that time announced that she would pay UK tax on all of her worldwide earnings out of a "British sense of fairness".It is not known how much taxes she paid in the UK on the dividend income that accrued to her after April - Rs 16 per share final dividend for the 2021-22 fiscal year (April 2021 to March 2022) paid on May 31, 2022, and Rs 16.5 a share interim dividend for 2022-23 fiscal that is due to be paid on October 27. Born in her mother Sudha Murthy's hometown of Hubballi in northern Karnataka, Akshata did her schooling in Bengaluru, before moving to Claremont McKenna College in California, where she graduated with a dual major in economics and French. She did a fashion designing diploma from the Fashion Institute of Design and Merchandising in Los Angeles, which followed a short work stint at Deloitte and <keyword id="45009" type="General" weightage="50" keywordseo="unilever" source="Orion">Unilever</keyword>. She thereafter went on to pursue her MBA at Stanford where she met Rishi Sunak. The two married in 2009. The couple, who own a vast real estate portfolio, has two children, Krishna and Anoushka. They live in a 7 million townhouse in Kensington. They also own a flat in Kensington, a mansion in Rishi's Yorkshire constituency and a penthouse in California. The son of a pharmacist mother and doctor father, Sunak was educated at one of England's most renowned schools, Winchester, and then Oxford. He spent three years at Goldman Sachs Group Inc. and later gained an MBA from Stanford in California, where he met his wife Akshata Murthy. According to Infosys filings, the promoters hold 13.11 per cent of the company. Of this, the Murty family owns 3.6 per cent (Narayana Murthy holds 0.40 per cent stake, his wife Sudha 0.82 per cent, son Rohan 1.45 per cent and daughter Akshata 0.93 per cent). Other promoters include co-founder S Gopalakrishnan, Nandan M Nilekani and S D Shibulal and their families. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/rishi-sunak-akshata-murtys-combined-fortune-is-2x-that-of-king-charles-iii/articleshow/95074007.cms">Rishi Sunak, Akshata Murty's combined fortune is 2x that of King Charles III</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/rishi-sunak-is-the-first-indian-origin-british-pm-know-more-about-one-of-uks-richest-premiers/slidelist/95077247.cms">Rishi Sunak is the first Indian-origin British PM – Know more about one of UK’s richest premiers</a>

Rishi Sunak's wife Akshata Murty earned $15.3 mn dividend income from Infosys in 2022

<ul class="summary-list"><li>Rishi Sunak will soon become the new prime minister of the UK.</li><li>His family's wealth clocks in at an estimated $825 million, making him one of the richest people in Britain.</li></ul>Rishi Sunak is set to become Britain's newest prime minister, taking over from Liz Truss after her astonishingly short — and chaotic — time in office. Truss's slashing of taxes and subsequent policy U-turns during her brief <a href="https://www.businessinsider.com/liz-truss-resigns-as-uk-prime-minister-2022-10">six weeks in office</a> spooked the markets and plunged Britain into <a href="https://markets.businessinsider.com/news/bonds/recession-uk-economy-tax-cuts-markets-crash-warning-global-leaders-2022-10">financial turmoil</a>. Her aggressive tax-cutting plan coupled with already soaring interest rates and a squeeze on energy prices worldwide has left many Brits with distinct financial worries and in a cost of living crisis.The UK now has more food banks than McDonald's, and many people are making the choice between eating and heating their homes, <a href="https://www.businessinsider.com/cost-of-living-there-are-more-food-banks-mcdonalds-uk-2022-9">as Insider's Bethany Dawson reported</a>. <a href="https://www.theguardian.com/business/2022/aug/29/almost-quarter-of-uk-plans-to-go-without-heating-this-winter-energy-price-cap">The Guardian reported</a> in August that almost a quarter of the country is planning not to turn on the heating this winter. On Monday, October 24, <a href="https://www.businessinsider.com/rishi-sunak-penny-mordaunt-next-uk-prime-minister-2022-10">Sunak secured the backing of his Conservative Party to become its leader</a>, thereby becoming the UK's presumptive PM. As a former Chancellor of the Exchequer, Sunak's grasp of fiscal policy may be welcomed by a country facing immense financial difficulties.However, Sunak also faces fierce criticism for his family's extraordinary wealth. With a net worth that <a href="https://www.theguardian.com/uk-news/2022/sep/14/the-sovereigns-wealth-uk-royal-familys-finances-explained">rivals that of King Charles III</a>, many <a href="https://www.theguardian.com/politics/2022/oct/22/rishi-sunak-rich-730m-fortune-prime-minister">fear</a> that Sunak will not be able to understand the daily financial struggles the British public faces, especially as Britain <a href="https://markets.businessinsider.com/news/currencies/uk-recession-outlook-liz-truss-quits-economy-tax-goldman-sachs-2022-10">faces the prospect of a painful recession</a>.Political research consultancy <a href="https://comresglobal.com/">Savanta ComRes</a> summed up public sentiment in a tweeted word cloud on Monday, based on the most common responses given to the surveyed question, "How would you describe Rishi Sunak in one word?""Clever," "good," and "okay" were prominently featured, but they were dwarfed by one word: "Rich." At the time of publication, the survey's methodology was not made public.<h2>A privileged childhood</h2>Sunak's parents were <a href="https://www.tatler.com/article/rishi-sunak-chancellor-of-the-exchequer-feature">born in colonial Africa</a> — his father, Yashvir, in Kenya, and his mother, Usha, in Tanzania. They met and married in the UK, where his father became a general practitioner and his mother went on to run a pharmacy. In a story for <a href="https://www.tatler.com/article/rishi-sunak-chancellor-of-the-exchequer-feature">Tatler</a>, a family friend described the pair as "passionately British." Sunak was educated at Winchester College — a fee-paying school that, in 2022, cost $38,500 to $52,000 a year to attend. In an <a href="https://news.sky.com/story/rishi-sunak-donates-more-than-100-000-to-his-old-boarding-school-winchester-college-12582879">interview with Sky News</a>, he expressed an understanding of how beneficial attending Winchester was for his career: "I was really lucky to have that opportunity. It was something that was really extraordinary, it certainly put my life on a different trajectory."Sunak became head boy at the distinguished boarding school before taking a path well-trodden for British politicians, studying philosophy, politics, and economics at Oxford. There, he received a First, the highest accolade for an undergraduate degree. It was during a Fulbright scholarship at Stanford in 2006, where Sunak gained an MBA, that his future fortune first entered his life. It was there where he met Akshata Murthy, the <a href="https://www.independent.co.uk/news/uk/politics/rishi-sunak-wife-akshata-murty-marriage-b2209298.html">daughter of Infosys billionaire Narayana Murthy</a>. The couple married in 2009 in an extravagant two-day wedding in Bangalore. Together, the couple's wealth is estimated at $825 million, <a href="https://www.businessinsider.com/rishi-sunak-first-uk-politician-to-enter-sunday-times-rich-list-2022-5">according to the Sunday Times Rich List</a>, <a href="https://www.forbes.com/sites/giacomotognini/2022/09/15/how-rich-is-king-charles-iii-inside-the-new-monarchs-outrageous-fortune/?sh=c03f0f6757f1">rivaling the net worth of King Charles III</a>.It's a union that made Sunak <a href="https://www.businessinsider.com/rishi-sunak-first-uk-politician-to-enter-sunday-times-rich-list-2022-5">the first frontline UK politician to enter The Sunday Times' annual wealth listing</a>.<div type="image" title="Rishi Sunak and Akshata Murthy" height="526" width="702" msid="95069520" hostid="261"></div>After becoming the Conservative Party's MP for Richmond in North Yorkshire in 2015, he was soon seen as a rising star and became Boris Johnson's chancellor between 2020 and 2022.In that role, he oversaw several fiscal stimulus measures amid the COVID-19 pandemic, including a <a href="https://www.reuters.com/article/us-health-coronavirus-britain-business/uk-unveils-420-billion-lifeline-for-firms-hit-by-coronavirus-idUSKBN2140VY">nearly $420 billion lifeline</a> of loan guarantees for affected businesses. But after Johnson was embroiled in numerous scandals, <a href="https://www.businessinsider.com/boris-johnson-ministers-sajid-javid-rishi-sunak-quit-cabinet-2022-7">Sunak resigned</a> and entered the race for the top job himself. <h2>Clumsy displays of wealth</h2>In the leadership election that ensued — which Liz Truss eventually won — Sunak played up his parents' humble beginnings, <a href="https://www.mirror.co.uk/news/politics/rishi-sunaks-privileged-childhood-no-27567616">emphasizing</a> how much they had "sacrificed" to give him an expensive education.But despite his attempts to portray a down-to-earth image, the British public has had numerous reminders that Sunak has a very different experience with money than most people. In August, a video clip of Sunak holding his contactless debit card up to the barcode scanner — rather than tapping it on the payment device — went viral, giving the impression that he rarely buys things in person. He <a href="https://www.mirror.co.uk/news/politics/rishi-sunak-admits-someone-teach-27702443">later confessed</a> that someone had to teach him how to use the card reader. In another resurfaced <a href="https://youtu.be/p9bbBYcwFOk">clip</a> from a 2007 interview with the BBC, Sunak suggested he didn't have any "working-class friends."He has also come under fire for his overt displays of wealth, including splashy purchases such as <a href="https://www.theguardian.com/politics/2020/jul/07/rishi-sunak-prepares-for-mini-budget-with-help-of-180-smart-mug">a $200 self-heating "smart" coffee cup</a> and <a href="https://www.theguardian.com/fashion/2022/jul/30/liz-truss-rishi-sunak-no-10-race-dress-prada-claires-fashion">$500 Prada loafers.</a> ("Values are what are important, what I'm wearing is irrelevant to all of that," Sunak <a href="https://www.theguardian.com/politics/2022/oct/22/rishi-sunak-rich-730m-fortune-prime-minister">told</a> the Guardian about his extravagant purchases.)<div type="image" title="Rishi Sunak" height="3000" width="4000" msid="95069522" hostid="261"></div>Sunak's wealth, however, has provided more than just the odd, embarrassing photo-op. <h2>Tax and visa scandals</h2>In November 2020, <a href="https://www.theguardian.com/politics/2020/nov/27/huge-wealth-of-sunaks-family-not-declared-in-ministerial-register">The Guardian reported</a> that Sunak had failed to mention his wife's massive wealth on the ministers' register of interests. While ministers are supposed to declare anything that might represent a conflict of interest, a subsequent investigation found that <a href="https://www.civilserviceworld.com/professions/article/sunak-cleared-of-ministerial-code-breach-over-tax-affairs">he had not breached the UK's ministerial code</a>. Earlier this year, Sunak's wife Murthy was also embroiled in a tax scandal after it <a href="https://www.theguardian.com/politics/2022/apr/07/rishi-sunaks-wife-says-its-not-relevant-to-say-where-she-pays-tax-overseas">emerged that she had "non-domiciled" status in the UK</a>, which allowed her to avoid paying British taxes on the income she earned abroad, primarily from Murthy's stake in Infosys, which is based in India. Murthy is also the <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fakshata-murty-5a04232%2F%3ForiginalSubdomain%3Duk">director</a> of her father's venture capital firm, Catamaran Ventures, and has shares in several other companies.Around the same time, Sunak faced scrutiny for holding a US green card while he was chancellor, despite his primary residence not being in the US, <a href="https://www.bbc.com/news/uk-politics-61044847">provoking questions</a> about whether he enjoyed tax benefits as a result. He relinquished his green card in October 2021, according to his spokeswoman.It's yet unclear whether Sunak and his family's wealth will prove to be an issue. His supporters, including British chancellor Jeremy Hunt, argue that Sunak's experience in finance and at the treasury make him the right man for the job."To restore stability and confidence, we need a leader who can be trusted to make difficult choices," Hunt, who will be looking to keep his position as chancellor, <a href="https://www.telegraph.co.uk/politics/2022/10/23/why-backing-rishi-sunak-prime-minister/">wrote</a> in the Daily Telegraph. "We also need someone who can explain those choices to members of the public who are worried about jobs, mortgages and public service. We have a leader who can do just that in Rishi Sunak."Correction: October 25, 2022 — An earlier version of this story misrepresented King Charles III's net worth. It has been updated to reflect that while Rishi Sunak's family's net worth rivals King Charles III, it is not double that of the royal's.Correction: October 25, 2022 — An earlier version of this story overstated Britain's economic crisis. It has been updated to reflect that while the UK faces the prospect of an economic recession, it is not a certainty.

New UK PM Rishi Sunak married into almost $1 billion in tech money, has a net worth that rivals King Charles, and takes over a country struggling to afford heating

<ul class="summary-list"><li>ARM is preparing for an IPO in 2023 that couldn't come at a more tricky time.</li><li>The SoftBank-owned chip designer will enter the market during a brutal downturn.</li></ul>The listing of Arm on the stock exchange in 2023 is set to be one of the year's standout IPOs – but the timing for a blockbuster public market entry couldn't be worse. The UK chip designer, bought by SoftBank in 2016 for $32 billion, is being prepared for a return to the public markets this year by the Japanese conglomerate's CEO Masayoshi Son in the midst of one of the most brutal market downturns in recent decades. An attempt by US chip giant Nvidia to buy Arm for $40 billion fell flat last year amid intense regulatory scrutiny. This pushed SoftBank to reposition Arm for the public markets as the Japanese firm seeks to generate profits from assets that can offset losses in its venture capital business.Arm's re-listing isn't quite as clear-cut as SoftBank would like, with UK Prime Minister Rishi Sunak upping efforts in December for a dual-listing involving London, according to the <a href="https://www.ft.com/content/e2f9a6f1-10bb-41ea-9b95-ea028ee10e9c">Financial Times. </a>This triggered a tug-of-war with the US over a company considered the crown jewel of UK tech. But it's a battle whose outcome is likely to prove futile either way for Arm, a chip firm behind proprietary designs that find themselves in the world's leading smartphones and cars, with its fortunes even less clear-cut in a future fraught with risk. Squashed investor appetite for speculative tech firms and a brutal downturn for the chip sector means SoftBank's attempt to steam ahead with listing Arm (to support its own balance sheet woes) in 2023 could prove to be more turbulent than it needs to be.<h2>The IPO door remains (mostly) shut</h2>Few other privately held tech companies itching for a public listing are rushing to market at a time when the IPO window appears all but shut. <a href="https://www.ey.com/en_gl/ipo/trends">Figures from EY</a> suggest that after a record year of listings in 2021, last year's IPO market went into reverse mode. Deal volumes fell 45% and proceeds dropped by 61% in the face of reduced appetite for more speculative stocks against a backdrop of soaring interest rates.There is no sign of that trend changing in 2023. On Saturday, after it emerged that fintech giant Ant Financial would no longer be under the control of Chinese billionaire Jack Ma, the company confirmed to <a href="https://www.reuters.com/technology/ant-group-says-no-plan-ipo-focusing-business-optimisation-2023-01-08/">Reuters</a> that it had no plans to carry out an IPO. Its previous plans to raise $37 billion in an IPO in late 2020 fell over after Chinese regulators <a href="https://www.businessinsider.com/what-happened-ant-group-ipo-jack-ma-alipay-2020-11">introduced new lending rules</a>. Any future plans for an IPO in the near-term seem all but diminished as investors have become even more cautious around China's creeping involvement in markets that are at their most volatile in more than a decade. Others are biding their time too. Tech darlings in the West have all been points of conversation in recent years when it comes to tech's next big IPO, but few have signaled direct intent to go public as markets go through their rough and tumble moment.A Klarna IPO had been talked up right until it was forced to take a significant down round that slashed its valuation from $46 billion to $6.7 billion. Meanwhile, Stripe, which filed plans with the SEC to go public in 2021, has been hesitant to make another move, having <a href="https://www.businessinsider.com/stripe-layoffs-memo-tech-sector-challenges-2022-11">laid off 14% of its staff</a> towards the end of last year. SpaceX is another big company around which IPO talks have been swirling, the rocket company led by Elon Musk. Given the challenges he's enduring with Twitter and Tesla, adding to his headaches with a public listing for SpaceX seems unlikely (though anything is possible with Musk). Plans to publicly list Arm have already been pushed back from early 2023 over concerns surrounding a market gripped by fear But the company is still on course for an IPO this year, Ian Thorton, Arm's head of investor relations, wrote in a letter in November. "Clearly, we want to IPO as soon as is possible. But given the current global economic uncertainty, given the state of financial markets, that's probably now unlikely to happen before the end of March 2023," the <a href="https://www.theguardian.com/business/2022/nov/20/uk-chip-designer-arm-delays-london-listing-2023">letter</a> reportedly said.<h2>Chip sector in turmoil</h2>Arm's other challenge with going public in 2023 lies in the state of the chip sector: it's down. Chip stocks, in particular, took a bruising in 2022 as supply-chain crunches and shortages triggered by the Covid-19 pandemic continued through the year, with only some sign of let-up for the sector's biggest players this year. Still, many are continuing to suffer. Last week, South Korean giant Samsung announced that its<a href="https://markets.businessinsider.com/news/stocks/samsung-electronics-q4-operating-profit-down-69percent-on-lower-demand-12046244"> operating profits fell by almost 70%</a> in its fourth quarter amid lower demand for chips, spurred by reduced consumer spending on electronics and a chip oversupply. Former Arm pursuer Nvidia, meanwhile, has seen its shares take a hit following new license requirements implemented by the US government. In an <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1045810/000104581022000146/nvda-20220826.htm">SEC filing</a>, the company warned that the licenses would impact $400 million worth of sales to China in its third quarter last year.Such export controls have already hit Arm, as it <a href="https://www.ft.com/content/257b39c4-f146-41ae-af75-dfea955ff462">emerged last month</a> that Alibaba was unable to buy chip designs from the British firm over fears that a license to sell high-performance designs to the Chinese tech giant wouldn't be approved. Such events are likely to spook would-be public investors in Arm at a time when they are belt-tightening. There are some signs that Arm would be insulated from some of the market tumult: its growing focus on the car industry, for instance, has seen revenue for its automotive unit more than double since 2020 – a rare spot of subsisting demand, according to the <a href="https://www.ft.com/content/a09c4500-27ae-42d7-8b3f-e6d13f1b3f3b">Financial Times</a>. But with chip revenue set to fall by almost 4% in 2023 to $596 billion, per <a href="https://www.gartner.com/en/newsroom/press-releases/2022-11-28-gartner-forecasts-worldwide-semiconductor-revenue-growth-to-decline-3-6-percent-in-2023">projections by Gartner</a>, it is hard not to think that any IPO of Arm may just be throwing it into treacherous waters.

This year's blockbuster IPO is between a rock and a hard place: listing in New York or London won't change Arm's fortunes in brutal downturn

<ul class="summary-list"><li>Elon Musk thinks AI would most likely be a force for good — but there's a 20% chance the tech could go bad.</li><li>Musk, who was in conversation with UK Prime Minister Sunak, also said AI would make jobs obsolete.</li></ul>Elon Musk thinks AI can mostly do positive things for humankind — but he is also saying there's a non-zero chance of the tech being a force for bad."AI will be a force for good most likely," Musk said in a discussion with <a target="_blank" href="https://twitter.com/RishiSunak/status/1720187297558065441">British Prime Minister Rishi Sunak</a> on Thursday. "But the probability of it going bad is not zero percent."Musk — the <a target="_blank" class="editor-rtfLink" href="https://www.bloomberg.com/billionaires/">wealthiest person on the planet</a> with an estimated fortune of $208 billion — thinks AI is likely to be 80% good and 20% bad.He also reiterated his warnings about the unknown risks of AI."AI is like a magic genie problem where you have a genie that can grant all the wishes. Usually, those stories don't end well," said Musk.Musk and Sunak were speaking at the close of the <a target="_blank" rel="" href="https://www.businessinsider.com/uk-ai-safety-summit-at-world-war-ii-secret-facility-2023-10">UK's AI Safety Summit</a> — a two-day event where governments, AI companies, civil society groups, and researchers discussed the risks of the technology that has gone mainstream following the viral success of the <a target="_blank" href="https://www.businessinsider.com/chatgpt-ai-chaos-openia-google-creatives-academics-2023-1">ChatGPT</a> chatbot late last year.The billionaire, who cofounded OpenAI, the company behind ChatGPT chatbot, launched <a target="_blank" href="https://www.businessinsider.com/elon-musk-new-company-xai-website-2023-7">xAI, a new AI company</a>, in July. He also heads up several technology-driven companies, including electric vehicle maker Tesla and space exploration company SpaceX, so his thoughts on AI are closely watched.During the almost hour-long conversation, Musk shared some somber predictions — including how the technology could <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/elon-musk-predicts-ai-will-lead-to-future-no-jobs-2023-11">make jobs obsolete.</a>While people can still work "for personal satisfaction," AI "will be able to do everything" one day, said Musk.This means societies would need to provide "universal high income" to people — an alternative to universal basic income, he said.The tech tycoon is an outspoken advocate of AI regulation. Earlier this year, he <a target="_blank" rel="" href="https://www.businessinsider.com/elon-musk-ai-pause-openai-gpt4-powerful-development-2023-3?utm_medium=referral&amp;utm_source=yahoo.com#:~:text=Elon%20Musk%20and%201%2C125%20people,which%20launched%20earlier%20this%20month.">signed an open letter calling for a pause on AI development</a> alongside other tech execs and AI researchers.

Elon Musk says there's a 'not zero' chance of AI being a force for bad 

<ul class="summary-list"><li><keyword id="12143328" type="UNKNOWN" weightage="60" keywordseo="keir-starmer" source="Orion">Keir Starmer</keyword> has become embroiled in a scandal of his own, after saying <keyword id="11911533" type="UNKNOWN" weightage="60" keywordseo="boris-johnson" source="Orion">Boris Johnson</keyword> should resign.</li><li>Police have now launched an investigation into 'beergate,' following 'significant' new information.</li></ul>A little under a month ago, Labour leader Keir Starmer made his boldest move yet.As Boris Johnson and Rishi Sunak both received fines for attending a lockdown-busting birthday party for the prime minister, Starmer told the pair they had to go. "They must both resign," the rival politician said back in April. "The Conservatives are totally unfit to govern. Britain deserves better."However since then, Starmer has become mired in a row over his own attendance at an event that critics say broke the rules. Now "beergate," as it has become known, has the potential to be even more damaging for Labour, just as the leader was showing sustained progress in the polls. <h2>What is 'beergate'?</h2>In January, pictures emerged of Starmer drinking a beer during the Hartlepool by-election campaign on April 30, 2021. At the time, England was under 'step two' COVID rules, preventing people from socializing outside their household or support bubble. Starmer has insisted throughout that it was a "work event," and that the picture and video that later emerged were taken while he and the rest of his campaign team were taking a break from work in City of Durham MP Mary Foy's office.Speaking to the BBC Tuesday, the Labour leader said: "The police looked at this months ago and came to a clear conclusion that was 'no rules were broken,' and that's because no rules were broken."He added: "We were working in the office, it was just before elections, we were busy, we paused for food … there was no party, no rules were broken, that is the long and the short of it."But on Friday morning — as the results of England's local elections were still being counted — <a href="https://www.businessinsider.com/police-launch-investigation-into-keir-starmer-beergate-claims-2022-5?r=US&amp;IR=T">Durham Police announced it had launched a probe following "significant new information."</a><h2>Why has it become an issue now?</h2><div type="image" title="Britain's Labour Party leader Keir Starmer arrives for the remembrance mass of MP David Amess, who was stabbed to death during a meeting with constituents, at Westminster Cathedral in London, Britain, November 23, 2021" height="600" width="1200" msid="91315557" hostid="261"></div>The Conservative MP for North West Durham Richard Holden accused Starmer of hypocrisy, and lying, as he called for the local police to look again at the incident. "Does anyone really believe that 30 people drinking beer and tucking into curry at 10pm on a Friday is a work meeting?," he tweeted, referencing <a href="https://www.thesun.co.uk/news/18452395/labour-takeaway-curry-starmer-lockdown/">reports from The Sun that an Indian takeout meal was also ordered.</a>"What's good enough for Boris Johnson and people in the rest of the country is good enough for Keir Starmer." Holden told LBC radio that Starmer, a former director of public prosecutions, should face the same scrutiny as others, saying: "I am just asking for equality in the law.""Labour's story has changed over the last few months since the police first looked at this. First of all Angela Rayner … wasn't there, now she definitely was but only because newspapers provided evidence of that. "The students who did the video have said they want to give statements, so I think what we need now is a proper investigation — something Keir Starmer has hammered on about for month after month after month."Nadine Dorries, the culture secretary and one of Johnson's most vocal supporters, also joined calls for the police to investigate. "Did all 30 really go back to work after they finished their biryanis [a type of curry]? If not, they have breached the rules and police should investigate," she said.<h2>Clash of Durham MPs</h2>"Beergate" has also led to tensions between backbench MPs.Labour's Mary Kelly Foy — the City of Durham MP in whose office Starmer was pictured drinking a beer — is accused of having verbally abused Holden at a bar in parliament over the row. In a statement, Holden said he had accepted a "wholehearted apology from Ms Foy," who he said had "unprovoked … drunkenly approached, berated and grabbed me."A Labour source told The Independent there had been a <a href="https://www.independent.co.uk/news/uk/politics/holden-foy-apology-starmer-lockdown-b2068739.html">"bit of back and forth about politics generally," but confirmed Foy had apologised "in good faith."</a><h2>How damaging could 'beergate' be for Keir Starmer?</h2>Ahead of the local elections, Tories were pushing the argument that Starmer is just as bad as Johnson — if not worse. But the latest polling suggests that it hasn't cut through to the extent they'd like to see.A YouGov survey has found that "beergate" hasn't changed the dial: 42% of respondents said they believed Starmer had generally abided by COVID rules, while 70% said Johnson generally didn't. But Starmer has a bigger problem about connecting with the public as he looks to rebuild trust following the 2019 election, in which voters turned away from his predecessor Jeremy Corbyn. The Sun and the Mail have covered the story extensively, reaching the kind of Red Wall voters that Starmer needs if he is going to turn his party's fortunes around.While Starmer attempts to win back former voters, he is struggling with a fractious party and ebbing union support. MPs on both sides have told Insider they believe "beergate" has the potential to be damaging for Labour, but rather than encouraging voters to return to Tories, some fear it could result in a "plague on both houses" attitude. <h2>Will Starmer be fined for beergate?</h2>At the moment, the jury's out.Emily Thornberry, the shadow attorney general, refused to contemplate the possibility that the Labour leader will be fined, and whether he might resign if so.But it could be terminal. Already vulnerable, having come out in the strongest terms against Johnson and Sunak, Starmer will face claims of hypocrisy.But even if he isn't, things will get tougher from here. Starmer can no longer use partygate as a killer line during his weekly joust with the prime minister at PMQs. In the public's eyes, it has the potential to level the field. And if Johnson is fined but Starmer isn't, some may claim it's a stitch up. Johnson has made it clear he won't resign. But as a former DPP and leader whose reputation rests largely on being honorable, it could become tough for Starmer not to fall on his own sword.If he doesn't, he may find a queue of people — including some from his own party — willing to finish him off.

'Beergate': How Boris Johnson's rival Keir Starmer has become mired in his own partygate row

Getty<ul class="summary-list"><li>Founders of some of the UK's biggest unicorn startups have warned that scale-up firms could be crushed without more financial support from the government during the COVID-19 pandemic.</li><li>Deliveroo, Darktrace, and Graphcore are all valued above $1 billion and among the 12 startups that cosigned a letter demanding access to support from the UK government.</li><li>The UK government launched a dedicated loan scheme for businesses disrupted by the virus, but startups mostly don't qualify because they aren't profitable.</li><li>Signatories warned the government the UK tech sector had been left "at risk" due to the lack of financial support available. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>The founders of some of the UK's buzziest unicorn startups have called on the government to provide financial assistance to high-growth companies to deal with the consequences of the coronavirus pandemic.Twelve founders and CEOs on Wednesday cosigned a letter to chancellor Rishi Sunak, demanding better access to financial support for scale-up firms during the pandemic.Five the 12 signatories are unicorn startups valued above $1 billion, including security firm Darktrace, AI chip company Graphcore, food-delivery firm Deliveroo, doctor app Babylon, and simulation software firm Improbable."As founders and CEOs of leading companies, we are concerned that unless urgent changes are made to the current scheme, then the high-growth UK tech sector will be put at risk," they warned in the letter.Boris Johnson's government has taken unprecedented steps to protect British businesses in recent weeks, including subsidizing 80% of workers' wages and delaying tax payments until June.But most loss-making startups don't qualify for the government's newly introduced "coronavirus business interruption loan scheme", as they are unlikely to be deemed "viable" by banks.Sunak was accused of <a href="https://www.thetimes.co.uk/article/coronavirus-start-ups-facing-funding-collapse-v0fbwwkqz">leading startups "to the slaughterhouse"</a> by some after investments made through the UK government's founder-friendly investment scheme tanked by 70%.Getty ImagesThe Chancellor has been criticized for failing to protect startups"The COVID-19 lending schemes you have put in place benefit established firms and do not help companies of the future such as ours," Wednesday's letter continued.Several of the sigantories are helping the government in its efforts against COVID-19.Ali Parsa, CEO of healthtech startup Babylon <a href="https://www.businessinsider.com/coronavirus-healthtech-babylon-thriva-for-in-the-nhs-2020-3?r=US&amp;IR=T">recently met with the UK government</a> to discuss how best to scale up coronavirus testing in the UK.Deliveroo CEO Will Shu is in talks with the government about delivering care packages to the vulnerable.Faculty CEO Marc Warner is another signatory. His firm is helping the UK's healthcare system develop tech to monitor the COVID-19 outbreak.The letter continued: "We are stepping up to help the country at this difficult time by helping tens of thousands of small businesses to continue operating, helping vulnerable customers get essential services and using innovative technology to give the NHS better tools to tackle the pandemic..."We are therefore writing to ask you to urgently set up a taskforce meeting of leading tech businesses to work with you and your officials to find a way for high-growth tech companies to be able to access the lending schemes you have already established or new schemes if necessary."<h2>It would be a 'disaster' for COVID-19 to kill off fledgling global businesses</h2>Speaking to Business Insider, Poppy Gustafsson, CEO of cybersecurity firm Darktrace, said it would be a "disaster" for British tech startups to go out of business due to the pandemic. "As a global business, we started preparing for this eventuality early, and have a good business continuity plan," she said."It would be a disaster if we lose some of the groundbreaking innovative technologies that can develop into global businesses just because this crisis has hit them at the wrong time in their growth cycle." AI chip startup Graphcore told Business Insider said the firm wanted "to signal our support... for the next Graphcore". They added: "We're fortunate that our business is growing despite the COVID-19 crisis...[but] many of these companies might not be in such a secure position." Meanwhile, a spokesperson for gaming startup Improbable said the UK's tech sector faced "different challenges" compared to established businesses. "We believe the government has acted quickly and taken significant steps to support British businesses. "However, because many leading tech companies are focused on growth, product and service innovation, they do not meet the requirements to qualify for the flagship support scheme currently in place." Business Insider approached Babylon Health, BenevolentAI, Blockchain, Bulb, Citymapper, Faculty and Five AI for comment.A spokesman for the UK Treasury said: "The tech sector is a central pillar of the UK economy, and we recognize there are significant cash-flow challenges for high growth and early stage technology companies. "We are working urgently in government and within the venture capital finance sector to assess these issues and consider how to best support them." Deliveroo and GoCardless declined to comment. Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email <a href="mailto:covidtips@businessinsider.com">covidtips@businessinsider.com</a> and tell us your story.And get the latest <a href="/coronavirus-business-impact">coronavirus analysis and research</a> from Business Insider Intelligence on how COVID-19 is impacting businesses. <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-covid-19-social-distancing-looks-from-maxar-satellite-2020-3">How social distancing during the COVID-19 pandemic looks from a satellite</a></h3>

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Rishi Sunak, Akshata Murty's combined fortune is 2x that of King Charles III

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Rishi Sunak officially becomes UK PM after meeting King

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Meet the first Indian first lady of UK - Akshata Murty

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Rishi Sunak's wife Akshata Murty earned $15.3 mn dividend income from Infosys in 2022

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New UK PM Rishi Sunak married into almost $1 billion in tech money, has a net worth that rivals King Charles, and takes over a country struggling to afford heating

Mia Jankowicz,Yoonji Han

This year's blockbuster IPO is between a rock and a hard place: listing in New York or London won't change Arm's fortunes in brutal downturn

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Elon Musk says there's a 'not zero' chance of AI being a force for bad

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'Beergate': How Boris Johnson's rival Keir Starmer has become mired in his own partygate row

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The UK's unicorn founders issued a dire warning that COVID-19 will crush promising tech startups without financial help

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