Rishi Sunak—set to be the first person of color and Hindu prime minister of the U.K.—also happens to be one of the richest M.P.s to have a fortune bigger than the wealth of royal family members with his Indian heiress wife.
Seven weeks after losing the Tory leadership race to Liz Truss, Sunak is now preparing to replace her after she resigned 45 days into her tenure.
The 42-year-old British Asian will also be the U.K.’s youngest prime minister in over 200 years, Sky News reported.
Sunak and his wife, Akshata Murthy, were named on the Sunday Times 2022 Rich List earlier this year, making him the first frontline politician to be ranked among the U.K.’s wealthiest people, according to The Guardian.
The two have a combined fortune that is estimated to be around $824 million (£730 million) and were on the 222nd spot in the Sunday Times 2022 Rich List.
Their net worth is higher than Queen Elizabeth II‘s wealth of approximately $418 million before her passing, according to news.com.au.
Meanwhile, King Charles III and Camilla’s combined fortune is believed to fall between $338 million and $394 million.
This will also be the first time in history that the occupants of 10 Downing Street are reportedly richer than the residents of Buckingham Palace.
The Prime Minister-designate was born in Southampton in 1980 to Indian-origin parents and has two younger siblings. While his father was a general practitioner with the NHS, his mother ran a pharmacy where he would help with the accounts.
A former hedge fund manager, Sunak studied philosophy, politics and economics at Lincoln College at Oxford University. He met his wife, Akshata, at Stanford University, where he completed his MBA.
Akshata, a multi-millionaire herself, is a fashion designer who also invests in startups through her private investment firm.
The daughter of South Indian billionaire N.R. Narayana Murthy, one of the founders of Indian tech giant Infosys, Akshata owned a stake worth about $778 million in the company when the Sunday Times 2022 Rich List was published in July.
Sunak worked for investment bank Goldman Sachs as an analyst and reportedly shifted his attention to hedge funds in 2006.
Despite being the M.P. for only seven years, Sunak quickly ascended to become the finance minister in February 2020 under Boris Johnson.
As he inherits a U.K. economy in crisis, Sunak asked for unity in the face of a “profound economic challenge” following his victory, BBC reported.