THE combined wealth of the Cabinet is more than £70million, with Prime Minister David Cameron worth almost £4million, it was revealed yesterday.
The new Cabinet “rich list” shows more than two thirds of the Cabinet – 18 out of 29 ministers – are millionaires.
Many of them will directly benefit from George Osborne’s decision to slash the 50p top rate of tax to 45p in the Budget.
The PM’s property and salary make him worth at least £3.8million, according to a report by intelligence firm Wealth-X.
It estimates Mr Cameron has liquid assets of £190,000 from current and previous salaries, while his house in North Kensington is valued at £2.7million, and his Oxfordshire home at £960,000.
The report says his combined wealth with wife Samantha, the daughter of landowner Sir Reginald Sheffield, could rise to £25.3million with inheritances.
Chancellor Mr Osborne is said to be worth £4.5million thanks to property and his trust fund from the family wallpaper firm Osborne & Little.
The richest Cabinet member is said to be House of Lords leader Lord Strathcylde, who is worth an estimated £9.5million due to inheritance and his stake in the family’s estate management company.
Defence Secretary Philip Hammond is reported to have an £8.2million fortune from his stake in the nursing home company Castlemead.
Culture Secretary Jeremy Hunt is thought to be worth £4.8million from his Hotcourses business.
Foreign Secretary William Hague has made an estimated £4.8million from public speaking, consultancy and writing, the report says.
Environment Secretary Caroline Spelman is worth an estimated £4.5million.
The figures primarily reflect the value of properties owned by Mrs Spelman and her husband Mark, a senior partner at consulting firm Accenture.
Dominic Grieve, the Attorney General, has £2.9million from private investments “funded by salaries as barrister and QC,” the report says.
Other Cabinet millionaires include International Development Secretary Andrew Mitchell, thought to be worth £2.2million. The former investment banker owns a number of homes.
Minister Francis Maude has built up an estimated £3.2million pot from his former work as the managing director at Morgan Stanley and other directorships.
Deputy Prime Minister Nick Clegg is said to be worth £2million.
Home Secretary Theresa May’s £1.7million wealth is attributed to her owning two homes and her former career as a financial consultant.
Justice Secretary Ken Clarke is said to be worth £1.6million thanks to his political career and various directorships including a stint as deputy chairman of British American Tobacco. And Wealth-X says David Willetts’ wealth of £1.6million may have been boosted by artist wife Sarah Butterfield’s earnings.
The richest person in the Commons, according to the report, is Tory MP Zac Goldsmith, who inherited £284million from his financier father.
And the richest Lib Dem is said to be John Hemming, whose stake in the software company JHC is estimated at £10million.
Last week, the Mirror revealed multi-millionaires Michael Spencer and Sir Anthony Bamford had given thousands of pounds to the Conservatives within hours of Mr Osborne’s tax decision.
Labour MP Gareth Thomas, the Shadow Cabinet Office Minister, said last night: “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 last night it was “complete nonsense” to suggest the Camerons could be worth £25million.
“They own two houses – in Witney and in London – and that’s it,” insisted the spokesman.
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