Two-thirds of British Cabinet are millionaires, research finds
DAVID Cameron is worth almost £4million according to a new analysis that estimates the combined wealth of the Cabinet at nearly £70million.
Two thirds of the Cabinet — 18 out of 29 ministers — were millionaires, the new Cabinet “rich list” found.
Wealth-X, a consultancy specialising in analysing the financial affairs of US politicians, based its figures on salaries as well as declared shares and properties.
The consultancy’s analysts estimated Mr Cameron’s net worth at £3.8million, with liquid assets of £190,000 from current and previous salaries - half as much as President Barack Obama.
His fortune was in part self-made and from “property, most likely funded from parents/inheritance”.
The analysis also forecast that the combined wealth of Mr and Mrs Cameron was likely to rise sharply in coming years because they would inherit an estimated £25.3?million.
The experts at Wealth-X valued Mr Cameron’s house in North Kensington at £2.7million, and his Oxfordshire home at £960,000.
In a brief biography, the analysts described Mr Cameron as a “Berkshire native, born into a wealthy family with distant ancestral links to the British monarchy”.
The richest Cabinet minister is Lord Strathclyde, who is worth £9.5?million, mainly from inherited wealth and a stake in his family’s estate management company.
Baroness Warsi’s relatively modest £221,000 wealth was estimated to be 43 times less than Lord Strathclyde’s fortune.
Philip Hammond, the Defence Secretary, is put at about £8.2million, from stakes in a health care and nursing home developer and “consultancy work”.
Jeremy Hunt, the Culture Secretary, is thought to be worth £4.7million, from his stake in the educational publisher Hotcourses.
Nick Clegg, the Deputy Prime Minister, has a fortune worth £2million, while Labour leader Ed Miliband and his brother David are worth £1.9?million each. According to Wealth-X, the richest person in the Commons is Zac Goldsmith, whose £284?million fortune is described as an “inheritance from financier father”.
Gareth Thomas, the shadow Cabinet Office minister, said: “No wonder David Cameron and George Osborne are so out of touch with just how tough the rest of the country is finding the rising cost of living.
"It also explains why the Cabinet thought the Budget’s tax-cut for millionaires was a good idea even as taxes went up for everyone else.”
A Downing Street spokesman said it was “complete nonsense” to suggest the Camerons could be worth £25?million, including any future inherited wealth.A source added: “They own two houses — in Witney and in London — and that’s it.”
Wealth-X published a wealth report in March which suggested that Mitt Romney, the Republican US presidential candidate, had $45million (£29million) in liquid assets, as part of his $230million fortune.
In contrast President Barack Obama was estimated by Wealth-X to be worth $10.5million, and earns $400,000 a year as president. The richest ever challenger for the Presidency was Ross Perot, who ran in 1992 and 1996, and had a fortune worth $3.58billion.
Top 10 richest Cabinet ministers
Name Worth (£million) Source of wealth
Lord Strathclyde 9.6 Inherited Wealth, stake in family's estate management company, Auchendrane Estates. Also private directorships.
Philip Hammond 8.2 Stake in healthcare and nursing home developer Castlemead; consultancy work
William Hague 4.8 Income from public speaking, two books, a newspaper column and various business advisory roles
Jeremy Hunt 4.8 Stake in Hotcourses, a publisher of guides and websites for educational courses, which he co-founded
Caroline Spelman 4.5 Wealth figures primarily reflect the value of properties owned by Spelman and husband, a Senior Partner at Accenture
George Osborne 4.5 Property (inherited); stake in family-owned fabric and wallpaper designer Osborne & Little (inherited)
David Cameron 3.8 Property, most likely funded from parents/inheritance
Francis Maude 3.2 Work as managing director at morgan stanley and various directorships
Dominic Grieve 2.9 Private investment, funded by salaries as barrister and QC
Andrew Mitchell 2.2 Former investment banker, owns a number of homes, contributing to most of his wealth.
Source: Research by Wealth-X