The Millionaire U.K Cabinet: David Cameron’s Cabinet Dominated By U.K Millionaires

The United Kingdom finally got a new coalition government under the able leadership of Prime Minister, David Cameron. However, the cabinet members of the new ruling party are mostly chosen from the highest and richest levels of British economy, with 23 out of the 29 cabinet members being valued at more than 1 million pounds assets wise.

Here is the list of the 23 cabinet members that exuberate wealth and panache:

  • Lord Strathclyde: Elected as the Leader of the House of Lords, Lord Strathclyde is formally called, Baron and is currently the sole heir of the family’s estate management company, Auchendrane Estates. Lord Strathclyde is one of the richest aristocrats in the U.K and owns £2.3million house in Westminster and a combined asset worth £10 million.
  • Philip Hammond: The Secretary of State for Transport in the British cabinet, Mr. Hammond has amassed a personal wealth of more than 6 million pounds, with the help of his stake in property company Castlemead. Philip Hammond is known be a co-owner of a £1million house in Westminster and also owns a 400,000 pound house in Woking, Surrey.
  • George Osborne: With more than £4.6 million, George Osborne has bee given the role of the Chancellor of the Exchequer and is said to be youngest appointment for the role of Chancellor in the nation’s history. Mr. Osborne currently holds a £2 million stake in his father’s company, Osborne & Little and also owns a £2million family home in the Notting Hill region.
  • Jeremy Hunt: The Secretary of State for Culture, Olympics, Media & Sports, Jeremy Hunt seems to be one of the busiest millionaires in the U.K with a £3vmillion stake in the educational publisher, Hotcourses, Mr. Hunt also owns a house in Surrey and Hammersmith and is valued at £4.5 million
  • David Cameron: The Prime Minister of Britain, who also takes care of the First Lord of Treasury and Minister for the Civil Service portfolios comes from a long line of wealthy British citizens. Mr. Cameron and his wife have both known to own significant property assets and their London home itself is valued at £2.7million. Both Mr. and Mrs. Cameron are also said to be the sole heirs of their parent’s vast fortunes, amounting to a whopping £30 million.
  • Chris Huhne: The Secretary of State for Energy & Climate Change, Chris Huhne is known to have an accumulated wealth of £3.5 million, that includes five buy-to-lets in London and Oxford, a family home in London  and as well as a house in the Eastleigh constituency.
  • Dominic Grieve: Valued with total assets worth £3 million, Dominic Grieve has been appointed as the Attorney General of the United Kingdom and his fortune includes stockholdings in several companies, including £1 million worth stake in the Royal Bank of Scotland.
  • Francis Maude: The Minister for Cabinet Office, Paymaster General, Francis Maude is also one of the millionaires on the cabinet valued at an impressive £3 million. Mr. Maude is the owner of two buy-to-let nest-egg properties in London and France and a valuable family home in Sussex, along with a series of shareholdings.
  • William Hague: Appointed as the Secretary of State for Foreign & Commonwealth Affairs, William Hague is known to have a combined property assets worth £1 million and his after-dinner circuits provide him with £25,000 a speech. Also, his book contracts along with other assets are valued at £1.5 million, taking his complete worth to £2.5 million.
  • Andrew Mitchell:  Valued at £2 million, Andrew Mitchell is the current Secretary of State for International Development was known to be a prominent merchant banker before his appointment in the Cabinet. Mr. Mitchell is said to own a £1.6 million home in London and also owns various property shareholdings.
  • David Laws: One of the youngest corporate retirees, Mr. Laws serves as the Chief Secretary to the Treasury and is known to have taken retirement from work at a tender age of 28. David Laws owns a house in France and a £400,000 cottage in Somerset and this brilliant individual is valued at an estimated range between £1 million to £2 million.
  • Nick Clegg: The Deputy Prime Minister of Britain, Nick Clegg has so far been valued at £1.9 million and is know to own several international property portfolio, that themselves are estimated to be in millions of pounds. In the U.K, Mr Clegg owns a £1.5 million house in Putney and a constituency house in Sheffield.
  • David Willetts: Married to the highly successful professional artist Sarah Butterfield, David Willetts has been given the position of Minister of State (Universities and Science) Department for Business, Innovation & Skills and is valued at £1.9 million, inclusive of a £1.3 million house in London and a property in Hampshire worth £300,000.
  • Theresa May: Estimated to have net worth of £1.6 million, the new Secretary of State for the Home Department and Minister for Women & Equality, Theresa May is said to be the owner of a £1million home in London and also a £600,000 house in Berkshire.
  • Oliver Letwin:  The current serving Minister of State, Cabinet Office, Oliver Letwin was a banker in Rothschild, before entering into politics. Mr, Letwin is said to be of a net worth of £1.6 million and has his share of various lucrative investments from his banking days. Furthermore, Mr. Letwin is the owner of a £700,000 constituency home in Somerset, along with a £800,000 home in London.
  • Caroline Spelman: Appointed as the Secretary of State for Environment, Food & Rural Affairs, Caroline Spelman is estimated at a net worth of £1.5 million and is the co-owner of a biotechnology business with her husband. Mrs Spelman also owns a constituency home in Dorridge, along with a property near Westminster.
  • Owen Paterson: Married to the daughter of the 4th Viscount Ridley and UK’s Secretary of State for Northern Ireland, Owen Paterson is also the owner of a country estate that is used for building and agricultural practices. He is estimated to have a net worth of £1.5 million.
  • Cheryl Gillan: Appointed as the Secretary of State for Wales, Cheryl Gillan, is estimated to have a worth of £1.5 million and is owner of three luxury homes in the Home Counties.
  • Kenneth Clarke: Serving as the Lord Chancellor, Secretary of State for Justice, Kenneth Clarke has a long standing relationship with politics and with money as well, with a net worth of more than £1 million. Mr. Clarke holds ownerships in major companies such as BP, BAT and Diageo, with an combined holdings worth £600,000. He also owns a £500,000 house in Nottinghamshire.
  • Sir George Young: Given the with the responsibility of Leader of the House of Commons, Lord Privy Seal, Sir George Young owns a family home in Penton Mewsey worth £650,000, along with a £500,000 flat in London, bringing his grand total wealth to £1 million.
  • Iain Duncan Smith: Married to Betsy, the daughter of the 5th Baron Cottesloe, Iain Duncan Smith is the current Secretary of State for Work & Pensions. Mr. Duncal lives in a house worth £1 million given to him by his father in law.
  • Michael Gove: The Secretary of State for Education, Michael Gove, before entering Cameron’s Cabinet was earning £70,000 a year a from journalism and book-writing along with his MPs salary. Mr. Grove is estimated to have a net worth of £1 million own a house each in London and Surrey.
  • Dr. Liam Fox: Bestowed with an important portfolio of Secretary State for Defense, Dr. Fox is estimated at a worth of £1 million and owns his fortune to a Central London property and a large house in Somerset.

Via DailyMail

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  • Ian Duncan Smith on Radio 4 News today ;
    When asked if he could live on £53 a week, in response to a question posed by a working benefits claimant, Mr Duncan Smith said: “If I had to I would.”

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