Who Is Rishi Sunak?

Rishi Sunak is a former investment banker and hedge fund manager turned politician. He was appointed as prime minister of the United Kingdom by his peers in October 2022 after several years of working in finance and then as a Conservative Party member of Parliament and Chancellor of the Exchequer. Sunak became the first non-White person to lead the country and, at age 42, the youngest to take on the role in more than a century.

Like most politicians, Sunak is revered by some and heavily criticized by others. Supporters believe his experience in finance makes him an ideal candidate to steer Britain through one of its most difficult economic moments. On the other hand, critics say he is too rich and out of touch with the electorate and, based on some documented past actions, argue that he is a poster child of inequality.

Early Life and Education

Sunak was born in Southampton, England, in 1980 to parents of Indian descent. His mother and father moved to the U.K. from East Africa in the 1960s and met and married in southern England. The couple had three children—Rishi is the oldest.

Sunak’s father was a doctor, while his mother ran her own pharmacy. Rishi, who later helped his mother with accounting, said it was his parents’ jobs that gave him the desire to serve the public. He credited their sacrifices with getting a top education.

After finishing at the prestigious Winchester College, an expensive private school, Sunak studied philosophy, politics, and economics—a popular choice among future prime ministers—at Lincoln College, Oxford. While there, Sunak interned at the headquarters of the Conservative Party and was president of the Oxford Trading & Investment Society, which teaches students about financial markets and trading.

His passion for investing led to a job as an analyst at Goldman Sachs, where he worked for three years after graduating from Oxford in 2021. Sunak then won a Fulbright scholarship to pursue a master of business administration (MBA) at Stanford University. While in the United States, he met his future wife, Akshata Murthy.

Notable Accomplishments

Before his rapid rise up the political ladder, Sunak worked in finance for a number of prestigious companies. These experiences gave him a solid understanding of investing, innovation, and money management, which could come in handy in his role as prime minister, and helped boost his bank balance.

Wealth

Sunak’s career in finance, and his wife’s stake in Infosys, made him extremely wealthy. According to The Sunday Times, the couple's combined fortune was £529 million as of May 2023. Their net worth dropped by about £201 million from £730 million in 2022 because of a decrease in the value of Infosys.

This wealth is both a blessing and a curse. On one hand, it shone a light on Sunak’s credentials as highly qualified to handle a nation’s finances. On the other hand, it led to accusations that he is unable to relate to the brutal cost-of-living crisis and financial struggles engulfing many people living in the country he is in charge of running.

Legacy

Sunak began working for the Conservative Party in 2010 and moved quickly up the ranks. In 2015, he was elected to represent Richmond, a town in Yorkshire, England, in Parliament, a seat he continues to hold. He also served in other government positions before landing the big job of Chancellor of the Exchequer in 2020.

As the U.K.’s chief finance minister, Sunak was tasked with steering Britain’s economy through a challenging period of COVID-19-related shutdowns. He responded by doling out billions of pounds of aid in the form of salary subsidies for workers, business loans, and so on. Those measures came at a huge cost but were generally well-received.

Not long after, and following a previous failed attempt, he was selected by his peers to replace Liz Truss as prime minister. It took just seven years for Sunak to rise from being a Member of Parliament to leading the government. He also won plaudits for becoming the first person of color and the first Hindu to lead Britain, and for achieving all these accomplishments at a relatively young age.

Personal Life

Sunak married Akshata Murthy (also spelled Murty) in 2009. She is the daughter of Narayana Murthy, an Indian billionaire and co-founder of technology giant Infosys. At that point, he returned to the U.K. from the United States and was working in the hedge fund industry, first for The Children’s Investment Fund and then for Theleme Partners.

Controversies

Sunak’s reputation has been tarnished somewhat by his past actions. Among other things, he has been accused of being a traitor, greedy, unpatriotic, a tax evader, and flouting the law. Carrying such associations around is far from ideal, especially in the world of politics. The following provides further detail on these labels for Sunak.

Tax Dodger

One of the most damaging revelations was that Sunak’s wife was using a loophole to avoid paying U.K. taxes on her global income. Murty, it was confirmed, got out of paying taxes on her international earnings by registering as a non-domiciled U.K. resident. That move reportedly saved her millions in tax liabilities and led to a public outcry.

Murty promised to pay taxes on a remittance basis but continues to hold her non-domiciled status. As such, she pays £30,000 per year, which shields her from British taxes on any earnings from overseas sources.

Rich Elitist

Sunak is extremely rich and known to flaunt his wealth by wearing expensive clothes. These observations have led some to question whether he is too out of touch with the average electorate.

Some of the past comments he made haven’t helped. In 2007, Sunak was filmed claiming he does not have working-class friends. He was also caught on camera talking about taking money destined for deprived urban areas and funneling it into wealthier towns instead.

Unpatriotic

People who lead countries are generally supposed to present themselves as patriotic and happy to live there. Sunak made the public question that when it was revealed he held onto a Green Card for U.S. residency. It was reported that he surrendered his Green Card in October 2021 before he made his first trip to the United States as a British government minister.

Ignoring Lockdown Laws

In April 2022, then-Prime Minister Boris Johnson, his wife, and Sunak were fined by the police for attending a party in June 2020 when the country was in a COVID-19-imposed lockdown. There were calls for Johnson and Sunak to resign—primarily from opposition MPs. They apologized but rejected any calls to step down from their positions.

Disloyal

When Boris Johnson, the former prime minister who gave Sunak his big break as chancellor, came under fire for his role in the 2020 “Partygate” scandal and other gaffes, Sunak was one of the politicians who turned against him. Then, to add salt to the wound, as soon as Johnson resigned, Sunak put his name forward to replace him.

The Bottom Line

Rishi Sunak made headlines a lot in the past few years. His speedy rise to the top of British politics at a young age earned him plaudits, as has his experience in the finance world. Sunak also broke down barriers by becoming the first non-White leader of one the world’s largest economies.

But the news flow hasn’t all been good, though. Sunak happens to have a few skeletons in his closet that opposition politicians use as ammunition. He also finds himself in the hot seat in a difficult period. The party he leads has been in power for more than a decade and, after several enforced leadership changes, is no longer popular. And the country he is responsible for running is in the midst of a deepening economic crisis.