How much is the government worth?


Dominic Lipinski/PA

Two thirds of the Cabinet are millionaires with a combined wealth of nearly £70 million, according to a new 'rich list' of politicians.

The data, from financial consultants Wealth-X , is likely to fuel further criticism that the government is vastly out of touch with the rest of the country and the reality faced by cash-strapped British households.

David Cameron's net worth is estimated at $6 million (£3.8 million), with liquid assets of £190,000 from current and previous salaries - half as much as the US President, Barack Obama.

Wealth-X, which specialises in analysing the financial affairs of US politicians, bases its figures on salaries as well as declared shares, property and other assets such as planes and art collections.

The group state that the source of Mr Cameron's wealth, who was educated at Eton College and Brasenose Oxford, was in part self-made and from "property, most likely funded from parents/inheritance".

Rich list
The richest Cabinet minister is Lord Strathclyde, who is worth $15 million, mainly from inherited wealth and a stake in his family's estate management company.

Defence Secretary Philip Hammond is put at about $13 million, from stakes in a healthcare and nursing home developer and "consultancy work".

Jeremy Hunt, the Culture Secretary, is estimated to be worth $7.5million, from co-founding educational publisher Hotcourses.

Nick Clegg, the Deputy Prime Minister, has a fortune worth $3.2million. 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".

Top 10 richest Cabinet ministers
Name/worth/source of wealth
  1. Lord Strathclyde - $15 million - Inherited Wealth, stake in family's estate management company, Auchendrane Estates. Also private directorships.
  2. Philip Hammond - $13 million - Stake in healthcare and nursing home developer Castlemead; consultancy work
  3. William Hague - $7.5 million - Income from public speaking, two books, a newspaper column and various business advisory roles
  4. Jeremy Hunt - $7.5 million - Stake in Hotcourses, a publisher of guides and websites for educational courses, which he co-founded
  5. Caroline Spelman - $7 million - Wealth figures primarily reflect the value of properties owned by Spelman and husband, a Senior Partner at Accenture
  6. George Osborne - $7 million - Property (inherited); stake in family-owned fabric and wallpaper designer Osborne & Little (inherited)
  7. David Cameron - $6 million - Property, most likely funded from parents/inheritance
  8. Francis Maude - $5 million - Work as managing director at Morgan Stanley and various directorships
  9. Dominic Grieve - $4.5 million - Private investment, funded by salaries as barrister and QC
  10. Andrew Mitchell - $3.5 million - Former investment banker, owns a number of homes, contributing to most of his wealth.
Source: Research by Wealth-X

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