Wednesday, November 30, 2022

Rishi Sunak’s Rise To The Top: He’s Worth Half of $830 Million Dollars

Since being born, on the 12th of May 1980 in Southhampton, Hampshire. On the surface, Rishi Sunak’s rise to power seems like a modern British fairytale, and in some respects, it is.

His sleek and carefully curated image makes sense for a man who makes up one-half of an $830 million power couple.

Sunaks wife, Akshata Murthy, is the heiress to the tech company Infosys as her father is the Indian billionaire N. R. Narayana Murthy. 

It makes Rishi the wealthiest person in history to hold the top office of Prime Minister. 

He is the first Indian minority PM, with the only other minority Prime Minister being novelist Benjamin Disraeli a converted Catholic of Jewish heritage, 150+ years ago in 1868.

The chaotic and short-lived previous administration fell after just 45 days. Lizz Truss pushed through a disastrous supply side ‘mini-budget’ that caused markets, the pound, and her poll ratings to plummet.

So Rishi was back on the campaign trail in a rushed contest that saw the disgraced ex-Prime Minister Boris Johnson attempt a boisterous return.

He flew home from holiday to try and desperately gather support from fellow Conservative Party MPs to stand in the leadership race.

After an open civil war on Twitter and in the media – The moderate and Libertarian factions of The Conservative Party debated a return of the Ex-Prime Minister. 

Boris Johnson decided it “was not the right time” to stand even after gaining public support from top Tory MPs. Even some who are in the new PM’s recently announced cabinet

Now Boris was out of the race. It left only Penny Mordaunt, Member of Parliament for Portsmouth North, as Rishi’s challenger. Mordaunt could not gather the support from the required 100 MPs by the deadline and gave Mr. Sunak a clear mandate to visit King Charles III and ask permission to form a government.

The new Prime Minister’s family has humble origins in Punjab. They echo the experiences of many Commonwealth citizens from the Northern part of the Indian subcontinent.

Sunak’s maternal and paternal grandfathers first emigrated to Tanzania and Kenya from what is now Pakistan. His maternal grandparents had an arranged marriage when his grandmother, Sraksha, was just 16 years old. His paternal grandparents, Ramdas and Suhag Rani Sunak, moved to Nairobi in the 1930s.

Yashvir and Usha Sunak, Rishi’s parents, met in Leicester in the 1970s after emigrating to the UK and sent him in 1993 to the £45,936 a year private Winchester College – the Prime Minister’s humble credentials abruptly end here. 

The school, founded in the 14th Century, has produced six former Chancellors. Mr. Sunak joins only one previous attendant in reaching Prime Minister. Henry Addington was the last person to hold the position in 1757.

After a stint at Goldman Sachs as a lobbyist to the UK government, he was elected in 2015, abstained on the EU withdrawal bill a year later, and only came out in support of Leave – after the referendum fell in its favour.

Rishi Sunak first rose the prominence as The Chancellor of the Exchequer within the early days of the COVID Pandemic. He coordinated the Job Retention (Furlough) Scheme that allowed businesses to keep paying their employees 80% of their wages. 

His Majesty’s Revenue and Customs, the UK’s tax Office only expects to collect 25% of the £5.8bn in COVID payment fraud detected.

It seems that in 21st-century Britain, class and wealth are still the biggest deciders in success not competence, given his privileged rise to power.