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Akshata Murty

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Akshata Murty
Murty in 2022
Spouse of the Prime Minister of the United Kingdom
Assumed role
25 October 2022
Prime MinisterRishi Sunak
Preceded byHugh O'Leary
Personal details
Born
Akshatā Nārāyan Mūrty

April 1980 (age 44)
Hubli, Karnataka, India
Spouse
​
(m. 2009)​
Children2
Parents
RelativesRohan Murty (brother)
Residences
Alma mater
OccupationBusinesswoman
Known forSpouse of the prime minister of the United Kingdom (since 2022)

Akshatā Nārāyan Mūrty (/ʌkʃʌt̪ɑː nɑːˈrɑːjɐɳɐ muːrt̪i/; born April 1980) is a Britain-based Indian heiress, businesswoman, fashion designer and venture capitalist. She is married to the current British Prime Minister and Conservative Party leader Rishi Sunak. Murty and Sunak are the 222nd richest people in Britain, with a combined fortune of £730m ($830 million) as of 2022.[1][2] Her personal wealth became the topic of British media discussion in the context of her claim of non-domiciled status in the UK. As it involved the question of taxation, and allegedly was an arrangement that benefits the "super rich," it was controversial; and the situation has seemingly been quelled by her voluntary renunciation of the benefits from that tax shelter.[2][3]

Akshata Murty is the daughter of N. R. Narayana Murthy, a founder of the Indian multi-national IT company Infosys, and Sudha Murty. She holds a 0.93% stake in Infosys, making her one of the wealthiest women in the UK, along with shares in several other businesses in the UK.[4][5][6]

Early life and education

Murty was born in April 1980 in Hubli, India[4][7] and raised by her maternal grandparents as her father N. R. Narayana Murthy and her mother Sudha Murty worked to launch their technology company, Infosys.[8][7] Her mother was the first female engineer to work for India's then largest car maker (TATA Engineering and Locomotive Company), and is now a philanthropist.[9] Murthy has one brother, Rohan Murty,[10] and they were brought up in Jayanagar, a suburb of Bangalore.[11] Her maternal grandparents were R. H. Kulkarni, a surgeon, and his wife Vimala Kulkarni, a school teacher.[12] She came from humble beginnings, and has encouraged philanthropic deeds in her children.[13]

During the 1990s,[14] Murty attended Baldwin Girls' High School, Bangalore, and in 1998 studied economics and French at Claremont McKenna College in California.[15] She has a diploma in clothes manufacturing from the Fashion Institute of Design & Merchandising,[7] and a Master of Business Administration from Stanford University.[7]

Career and investments

In 2007, Murty joined Dutch cleantech firm Tendris as its marketing director, where she worked for two years, before leaving to start her own fashion firm.[7][16]

Her fashion label closed in 2012.[4] In 2013, she became the director of venture capital fund Catamaran Ventures.[7] She co-founded, with her husband Rishi Sunak, the London branch of the Indian firm which is owned by her father, N. R. Narayana Murthy.[17] Sunak transferred his shares to her shortly before being elected as the Conservative MP for Richmond in 2015.[18] Since 2015, she has owned a 0.91%[4] or 0.93% share of her father's technology firm Infosys, valued at around £700 million in April 2022,[3] and shares in two of Jamie Oliver's restaurant businesses, Wendy's in India, and Koro Kids.[19] As of 2022, Murthy was a director at Digme Fitness, and also Sococo, the digital transformation company that her brother Rohan Murty co-founded.[19]

Personal life

Kirby Sigston Manor, North Yorkshire

Murty is a citizen of India. In August 2009 Murty married Rishi Sunak, whom she met at Stanford University.[7][20] They have two daughters, Anoushka and Krishna.[3][10] They own Kirby Sigston Manor in the village of Kirby Sigston, North Yorkshire, as well as a mews house in Earl's Court in central London, a flat on the Old Brompton Road, South Kensington, and a penthouse apartment on Ocean Avenue in Santa Monica, California.[21][22][23][24][25] In April 2022, it was reported that Sunak and Murty had moved out of 11 Downing Street to a newly refurbished West London home.[26][27]

In April 2022, Murty's wealth became the focus of British media discussion[18][19] that noted her non-domiciled resident of the United Kingdom, which entitled her to pay no tax on her income outside Britain, subject to an annual payment of £30,000.[3][8][19] Later the same month, Murty announced that she would give up her non-domiciled status and pay UK taxes on her worldwide income voluntarily.[2][28][29] If Murty pays UK taxes on her worldwide income, but retains her non-domiciliary status, she can benefit from a provision in a 1956 treaty which was designed to help avoid double taxation of Indian citizens in India as well as the UK.[30]

References

  1. ^ "The Sunday Times Rich List 2022". The Times. Retrieved 24 October 2022.
  2. ^ a b c John, Tara (25 October 2022). "Akshata Murty: Rishi Sunak's wife is a software heiress who's richer than royalty". CNN. Cable News Network. Retrieved 4 December 2022.
  3. ^ a b c d "Chancellor Rishi Sunak defends wife Akshata Murty in row over non-dom status". BBC News. BBC. 8 April 2022. Retrieved 8 April 2022.
  4. ^ a b c d Neate, Rupert (7 April 2022). "Akshata Murty: Rishi Sunak's wife and richer than the Queen". The Guardian. Archived from the original on 7 April 2022. Retrieved 12 July 2022.
  5. ^ Cochrane, Angus. "Rishi Sunak told to explain wife's alleged business links to Russia". The National. Retrieved 24 October 2022.
  6. ^ Mendel, Jack (5 May 2022). "Rishi Sunak's father-in-law's company Infosys is still active in Russia". City A.M. Retrieved 24 October 2022.
  7. ^ a b c d e f g Bedi, Rahul; Bird, Steve (15 February 2020). "Why Rishi Sunak's wife may hold the clue to his budget". The Telegraph. ISSN 0307-1235. Retrieved 7 April 2022.
  8. ^ a b "Rishi Sunak faces questions over wife Akshata Murty's non-dom tax status". BBC News. BBC. 7 April 2022. Retrieved 7 April 2022.
  9. ^ Blackall, Molly (7 April 2022). "The super-rich businesswoman and wife of Rishi Sunak under fire for using non-domicile status". inews.co.uk. iNews. Retrieved 12 August 2022.
  10. ^ a b "The 'IT' Crowd At Rohan Murty's Wedding; Infy Squad Turns Up In Suits, Kurtas – A Lot Like Love". The Economic Times. 4 December 2019. Retrieved 7 April 2022.
  11. ^ Murthy, N. R. Narayana (21 June 2020). "Hope for a growing, liveable Bengaluru". The Hindu. ISSN 0971-751X. Retrieved 7 December 2022.
  12. ^ Sudha Murthy, Wise & Otherwise, East West Books Pvt. Ltd (Madras) 2002.
  13. ^ "UK's first lady, Akshata Murty, had a humble upbringing; takeaways from mom Sudha Murthy's parenting }author=Times of India". Times of India. 25 November 2022.
  14. ^ Lal, Nita (12 April 2022). "Akshata Murty's UK tax scandal divides Indians; peers remember her as 'humble and simple'". South China Morning Post. Retrieved 7 December 2022.
  15. ^ Blackall, Molly (7 April 2022). "The super-rich businesswoman and wife of Rishi Sunak under fire for using non-domicile status". inews.co.uk. iNews. Retrieved 7 December 2022.
  16. ^ Shah, Rishna. "Meet the designer: Akshata Murty". Vogue India. Retrieved 5 December 2022. Local craftsmanship meets contemporary Western silhouettes in this ethical designer's label
  17. ^ Hurley, James (2 October 2021). "Rishi Sunak's wife Akshata Murty lends £4.3m to start-up Catamaran Ventures". The Times. ISSN 0140-0460. Retrieved 7 April 2022.
  18. ^ a b "Who is Rishi Sunak's wife Akshata Murty – and why are her family so wealthy?". Sky News. Sky Group. Retrieved 12 August 2022.
  19. ^ a b c d Neate, Rupert (7 April 2022). "The wealth of Akshata Murty, Indian heiress and wife of Rishi Sunak". The Guardian. Retrieved 8 April 2022.
  20. ^ Neate, Rupert (3 April 2022). "Sunaks' £5m Santa Monica flat offers sun, sea ... and a pet spa". The Observer. Retrieved 7 April 2022.
  21. ^ Tognini, Giacomo. "Inside The Fortune Of Britain's New Prime Minister Rishi Sunak And His Wife, Akshata Murthy". Forbes. Retrieved 25 October 2022.
  22. ^ "Chancellor Rishi Sunak has new pool, gym and tennis court approved". BBC News. BBC. 26 August 2021. Archived from the original on 29 August 2021. Retrieved 29 August 2021.
  23. ^ Gadher, Dipesh. "New chancellor Rishi Sunak adds Downing Street address to his bulging property portfolio". The Times. Archived from the original on 9 July 2022. Retrieved 15 July 2022.
  24. ^ Edwardes, Charlotte (1 August 2020). "Meet the chancellor: the real Rishi Sunak, by the people who know him best". The Times. Archived from the original on 11 September 2020. Retrieved 11 September 2020.
  25. ^ Neate, Rupert (3 April 2022). "Sunaks' £5m Santa Monica flat offers sun, sea … and a pet spa". The Observer. Archived from the original on 3 April 2022. Retrieved 3 April 2022.
  26. ^ "Rishi Sunak moves belongings out of Downing Street, says report". Business Standard. 10 April 2022. Archived from the original on 18 April 2022. Retrieved 20 April 2022.
  27. ^ "Chancellor Rishi Sunak and family 'to spend less time at Downing Street'". ITV News. ITV). 9 April 2022. Archived from the original on 21 April 2022. Retrieved 20 April 2022.
  28. ^ "Rishi Sunak's wife Akshata Murty gives up non-dom status and vows to pay UK tax on all income". iNews. 8 April 2022.
  29. ^ "Rishi Sunak's wife says she will pay UK tax on all her earnings". Financial Times. 8 April 2022. Retrieved 12 August 2022.(subscription required)
  30. ^ Jack, Simon (8 April 2022). "Akshata Murty: Chancellor's wife could save £280m in UK tax". BBC News. BBC. Retrieved 7 November 2022.
  • Bhat, Chandrashekar. (14 April 2022) Rishi Sunak's wife set to receive £6m from Infosys (EasternEye)
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