Tory MPs net worth ranked: The 10 richest Government ministers

Sir Ed Davey savages Rishi Sunak over 'unfair tax rises'

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Early on in British politics, before the early 20th century, MPs and voters were exclusively land-owning men who held most of the country’s wealth among them. While the Representation of the People Act 1918 paved the way for a modern electorate, many of those within the political class remain highly wealthy. The vast majority of the wealthiest MPs are Conservative, with the top 11 all hailing from the Conservative party, and some of those currently run the country under Mr Johnson.

Who are the wealthiest Government ministers?

The Prime Minister has a cabinet of 23 elected MPs save for his representative in the House of Lords.

Those serving under him receive a Government and MP salary, spread over constituency work and leading their respective departments.

But the richest have built staggering net worths from investments outside of their official duties.

The richest MPs serving as ministers include:

Rishi Sunak, Chancellor of the Exchequer: £200 million

Jacob Rees-Mogg, Brexit Opportunities Secretary: Between £55 million and £150 million

Nadhim Zahawi, Education Secretary: Up to £100 million

Alister Jack, Scotland Secretary: £20 million

Sir Geoffrey Cox, former Attorney General: £6 million

Michael Gove, Levelling Up Secretary: Up to £3 million

Priti Patel, Home Secretary: Up to £2.2 million

Sajid Javid, Health Secretary: £276,000

Boris Johnson, Prime Minister: £157,372

Nadine Dorries, Culture Secretary: £157,000

According to the figures above, the Prime Minister’s cabinet members have a collective net worth of potentially more than half a billion pounds.

That fact won’t go down well with the general public, as people anticipate the rising cost of living and tax boosts ordered by the richest MP, Mr Sunak.

He has raised the National Insurance rate by 1.25 percentage points to fund the ailing social care sector.

In total, it will hit working Britons on salaries of £20,000 with an additional £89, and those above £50,000 with £464.

Labour has also objected to today’s announcement that the Government would drop plans to cap MP’s earnings potential.

Following the controversy around MPs holding valuable second jobs in 2021, ministers had promised to limit the amount members of Parliament could receive from outside sources.

Deputy PM Dominic Raab had suggested the committee on standards could limit the hours worked by MPs outside of their official responsibilities or limit pay.

He added that he had asked the committee to “work up the detail” by January 2022.

But in an address to the Commons this morning, ministers told the committee that either plan would be “impractical”.

Steve Barclay, Chancellor of the Duchy of Lancaster and Mark Spencer, the leader of the House of Commons, wrote in their consultation submission that the Government believed the time limits “would not necessarily serve to address recent concerns over paid advocacy”.

They added that a cap on earnings could impact paid work from activities without bearing on how MPs act in Parliament.

Labour MP and shadow leader of the House of Commons Thangam Debbonaire said the Prime Minister could not “row back on his promises to tighten up the rules on second jobs just because he is in a spot of bother with his backbenchers.”

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