UK's austerity cabinet has 18 millionaires

UK's austerity cabinet has 18 millionaires

Eighteen of the 23 full-time cabinet members have seven-figure fortunes, collectively worth about 50 million pounds, The Sunday Times said.

Many of those with the biggest assets are little-known figures whose wealth is self-made.
Prime Minister David Cameron is relative small fry: his 3.4m pounds estimated fortune puts him only in sixth place on the ministerial rich list.

The coalition cabinet is at least 15m pounds richer than its Labour predecessor when property values, business interests and shareholdings are taken into account.
Top of the list is Philip Hammond, 54, the new transport secretary, with a fortune of 7.1m pounds.

He made the biggest slice of his wealth through the property7 developer Castlemead, which he co-founded before entering parliament in 1997.
Hammond's 85 per cent stake into the firm, Lus dividends over the past five years, add up to 3m pounds.

He also owns a 2m pounds mansion - complete with tennis court and swimming pool - in his Surrey constituency and a 2.1m pounds house in Chelsea.
Second in the list is Caroline Spelman, 52, the environment secretary.
She along with her husband has assets worth 5m pounds, including a red-brick mansion with a sweeping driveway near Solihull in the West Midlands valued at 2m pounds.
In third place is the chancellor, George Osborne, 39, who is tasked with slashing Britain's forecast 156 billion pounds budget deficit.

He benefits from a 15 per cent stake in his family's upmarket wallpaper business, Osborne & Litt,e a firm valued at 12m pounds.
Jeremy Hunt, 43, the culture secretary who co-founded an educational publisher called Hotcourses after an earlier venture exporting marmalade to Japan flopped is fourth in the list.
She has fortune worth 4.4m pounds.