Billionaire UK Prime Minister Under Scrutiny ... Insensitively Wearing Prada During Visit to Poor Neighborhood

Over 1 Trillion Won in Real Estate and Luxury Cars Under Scrutiny
Sunak: "What Matters Is Not Bank Accounts but Actions"

Rishi Sunak, the new Prime Minister of the United Kingdom. Photo by Reuters

[Asia Economy Reporter Park Hyun-joo] Criticism from the opposition is intensifying over Rishi Sunak, the newly appointed UK Prime Minister, who is known to possess assets exceeding 1 trillion won. There are concerns that his actions cannot be trusted amid soaring inflation and the need to cut spending during an economic recession.

According to a report by The Wall Street Journal (WSJ) on the 27th (local time), the Sunak family's wealth is estimated to be ?738 million (approximately 1.2 trillion won).

The opposition parties are casting a critical eye on Prime Minister Sunak's wealth. The Labour Party pointed out in parliament the day before, "Prime Minister Sunak's wealth is equivalent to what a nurse working in the National Health Service would accumulate after 20,000 years of work."

Political commentators also noted that Sunak's wealth is likely to receive focused attention in the current difficult economic situation. However, analysts are divided on whether this will become a variable affecting his political popularity or policy implementation. Vernon Bogdanor, Professor of Politics and Government at King's College London, said, "His wealth will be a variable," adding, "In the process of distributing the pain caused by spending cuts, he will have to prove that he is more sensitive to the appeals of vulnerable groups than someone less wealthy."

Prime Minister Sunak and the Conservative Party, to which he belongs, are countering the criticism by saying, "What matters is not the bank account but actions." He stated, "As during the COVID-19 pandemic, we will always protect the most vulnerable."

The previous prime minister who faced scrutiny over wealth was Edward Stanley. A nobleman, his personal fortune was ?7 million, which, adjusted for UK inflation, amounts to ?613 million (approximately 1.063 trillion won) today.

Unlike Stanley, Sunak is closer to a self-made man. Raised by a doctor father and a pharmacist mother, he followed an elite path, entering the financial sector and building a career at Goldman Sachs and in the hedge fund industry. However, a significant portion of the Sunak family wealth comes from his wife, Akshata Murty, who comes from a chaebol family. Murty owns about 1% of Infosys, a major Indian technology conglomerate founded by her father.

Prime Minister Sunak's real estate holdings are also a point of interest. His family owns an apartment and a five-bedroom house in Kensington, one of London's affluent neighborhoods, a centuries-old mansion in northern England, and a penthouse in California, USA. His attire has also attracted attention. According to WSJ, when he visited a poor neighborhood in the UK, Sunak was seen wearing Italian luxury brand Prada shoes, which became a major topic on social media. WSJ reported, "The Labour Party is expected to continue putting Prime Minister Sunak's wealth under scrutiny amid the forecasted UK economic recession."