Two-thirds of UK cabinet ministers are millionaires

One of the leading consultancies of the world, specialised in analysing the financial affairs of the US and other influential politicians of the world, in its latest rich list, revealed on Monday that two-thirds of Britain's cabinet ministers (18 out of 29) were millionaires. Wealth-X report on Britain's new cabinet "rich list" based its figures on salaries as well as declared shares and properties. The consultancy's analysts estimated that British Prime Minister David Cameron's net worth is £3.8million (Rs 550 million) with liquid assets of £190,000 from current and previous salaries - half as much as US President Barack Obama. His fortune was in part self-made and from "property, most likely funded from parents/inheritance". The richest cabinet minister is Lord Strathclyde, who is worth £9.5 million (Rs 1.32 billion), mainly from inherited wealth and a stake in his family's estate management company. Baroness Warsi's relatively modest £221,000 wealth was estimated to be 43 times less than Lord Strathclyde's fortune. Philip Hammond, the defence secretary, is put at about £8.2 million, from stakes in a healthcare and nursing home developer and "consultancy work". Jeremy Hunt, the culture secretary, is thought to be worth £4.7 million, from his stake in the educational publisher Hotcourses. Nick Clegg, the deputy prime minister, has a fortune worth £2 million, while Labour leader Ed Miliband and his brother David are worth £1.9 million each. According to Wealth-X, the richest person in the British Parliament is Zac Goldsmith, whose £284 million fortune is described as an "inheritance from financier father". Gareth Thomas, the shadow cabinet office minister, said, "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. Wealth-X published a wealth report in March, which suggested that Mitt Romney, the Republican US presidential candidate, had $45 million (£29million) in liquid assets, as part of his $230 million fortune. In contrast US President Barack Obama was estimated by Wealth-X to be worth $10.5 million, and earns $400,000 a year as president. The richest ever challenger for the Presidency was Ross Perot, who ran in 1992 and 1996, and had a fortune worth $3.58 billion. Minister for the cabinet office Francis Maude worth £3.2 million, work as managing director at Morgan Stanley and having various directorships. Britain's attorney general Dominic Grieve is having £2.9 million from private investment and funded by salaries as barrister and QC. US Secretary of State for International Development Andrew Mitchell is having £2.2 million.