Multimillionaire banker Rishi Sunak now UK PM

Rishi Sunak, MP for Richmond, Yorkshire and former UK Chancellor of the Exchequer - pictured above with fashion designer wife Akshata Murty, daughter of Infosys billionaire cofounder N. R. Narayana Murthy - today became Prime Minister of the UK, replacing Liz Truss who resigned last Thursday after her administration threw the UK and financial markets into chaos by proposing large unfunded tax cuts.

UK stock indices FTSE 100 and FTSE 250 closed higher yesterday as Mr. Sunak's accession to PM became likely, and the GBP and bond prices gained as well.

Mr. Sunak, 42, is a graduate of Winchester College, Oxford and Stanford University, and previously worked for major banks and hedge funds including Goldman Sachs.

The Times of London has estimated the net worth of Mr. Sunak and his wife at 730M GBP (about $826M).

Mr. Sunak was a critic of Liz Truss's economic plan, although as Chancellor during the worst of the COVID-19 pandemic he put into place 400B GBP of economy-boosting spending measures that required stringent scrimping and saving on the part of the government.

Happily for him, it won't be necessary for Mr. Sunak to call a general election until 2025, since his Conservative (Tory) Party seriously lags the opposition Labour Party in public opinion polls.