Rishi Sunak’s wife Akshata Murty has now earned more than the combined parliamentary salaries of all Labour MPs in 2023 as she is poised to collect another £6.8 million dividend.
Murty, who has a stake in family-owned tech firm Infosys worth just over half a billion pounds, is set to receive the cash after the firm today announced a 18 rupee (17p) dividend to shareholders following a year of strong growth.
The fresh payout takes her total dividend income for the year to £13.5 million after she collected a seven-figure dividend in April. MPs are paid a parliamentary salary of £86,584, amounting to a combined wage bill of £12.8 million for Labour’s 197 MPs at this point in the calendar year.
The top rate of dividend tax, at 39.35%, is lower than that for income tax. In October last year Chancellor Jeremy Hunt cancelled a proposed 1.25% reduction on dividend tax rates.
Murty’s wealth has come under the spotlight since her husband Rishi Sunak first ran to be leader of the Conservative Party in July last year, and was earlier this year the subject of an attack ad run by the Labour party.
The advert, which concentrates on her non-dom tax status, asks: “Do you think it’s right to raise taxes for working people when your family benefited from a tax loophole? Rishi Sunak does.”
Murty last year renounced her non-dom status, which gave her preferential tax treatment on income earned outside the UK, after it appeared to jeopardise Sunak’s chances at becoming party leader. The abolition of non-dom tax breaks would raise more than £3 billion in additional government revenues per year, according to a study by the London School of Economics.
Akshata’s father Narayana Murty founded Infosys, which provides IT outsourcing services, in 1981. It has since grown to have a market cap of £59 billion, giving him a wealth of $4.4 billion (£3.6 billion) according to Forbes.
Infosys today said it delivered £3.8 billion in revenues in the quarter to the end of September, up 6.7% on the previous year, while profits rose 3.2% to top £600 million. But the firm cut its sales forecast for the rest of the year in signs its customers were paring back spending on software and IT.
Murty and Sunak, who married in 2009, own a string of luxury properties worth an estimated £15 million, from a Pacific Ocean facing penthouse apartment in celebrity enclave Santa Monica, to a rambling Georgian manor house in North Yorkshire.
In London, they own two properties including a five-bedroom mews house in Kensington and pied-à-terre apartment in South Kensington’s Old Brompton Road.
