As of 5 July 2022, the position of Chancellor of the Exchequer has been held by Nadhim Zahawi, a British-Iraqi politician who was born on 2 June 1967.
From 2010 onward, he has served as the Conservative Party’s MP for Stratford-upon-Avon. In the Second Johnson administration, he served as Secretary of State for Education (2021–2022) and Vaccines Minister (2020–2021).
How Much Is Nadhim Zahawi Worth?
Mr. Zahawi is regarded to be one of the richest politicians in the House of Commons, with estimates of his wealth ranging from £30 million to up to £100 million.
A large chunk of Mr. Zahawi’s net worth apparently stems from his co-founding of polling firm YouGov in 2000, which he sold on the stock exchange in 2005.
According to The Mirror, he has a “property empire” exceeding £100 million. The Chancellor’s time as top strategy officer for Gulf Keystone Petroleum was disclosed by the Guardian in 2019 to have occupied a significant portion of his parliamentary tenure.
This employment apparently paid him £52,325 in backpay in October 2015, in addition to a monthly income of £20,000 from October 2015 which climbed to approximately £30,000 a month in August 2017. Bonus payments reportedly totaled around £330,000 for him as well.
Early Life and Education
Zahawi was born into a Kurdish household in Baghdad, Iraq. When he was eleven years old, during Saddam Hussein’s early years in power, he and his family moved to the UK.
Hareth Sr. is a successful businessman and director at Bayshore Investments, the family firm.
From Holland Park School through Ibstock Place School to King’s College School, an independent institution in Wimbledon, London, and finally, to University College London, where he earned a bachelor’s degree in chemical engineering, Zahawi received a well-rounded education.
What Happened with Nadhim Zahawi’s Taxes?
Mr. Zahawi has accused his critics of engaging in a campaign to discredit him because of his tax problems.
Before Mr. Johnson’s appointment as Chancellor last week, the Cabinet Office’s propriety and ethics unit reportedly informed him of an HMRC “flag” about Mr. Zahawi.
According to The Independent, a secret investigation of the Chancellor’s finances was initiated by the National Crime Agency in 2020. (NCA).
The newspaper reportedly said the Serious Fraud Office (SFO) investigated Mr. Zahawi’s financial problems.
Mr. Zahawi reacted on Sunday, saying, “There have been press items over the previous few days which are false, unfair, and are plainly smears. That such smears should be spread and, even more tragically, that they have been published, is deeply upsetting.
“These attacks have falsely stated that the Serious Fraud Office, the National Crime Agency, and HMRC are investigating me. I want to be completely clear. Not that I’m aware of. Not one person has confirmed this to me.
I’ve always been very front about my wealth and paid my fair share of UK taxes. Naturally, I’ll respond to any inquiries from HMRC If elected prime minister, he has promised to make his tax returns public each year.
What Controversies Has He Been Involved With?
Mr. Zahawi’s career in politics has not been without its share of drama. Some of the many instances the MP has been in the news are as follows:
While in office, he billed taxpayers for the power used by his stables, which resulted in an expenditures controversy in 2013.
He opposed a Labour proposal in 2016 that would have mandated “fit for human habitation” standards for private landlords.
His statement in 2020 that parents “prefer to pay a tiny sum, £1 or £2,” rather than receive free school meals, was criticized by Labour MP Tulip Siddiq.
Zahawi is a dedicated horseman and competitive show jumper who, along with his wife Lana (they wed in 2004), runs a riding academy. As such, he has access to Soho House, an exclusive members-only club in London.
Honors and Awards
Zahawi was sworn in as a member of Her Majesty’s Most Honourable Privy Council on 20 September 2021 at Balmoral Castle. As a result, he will forever be addressed as “The Right Honourable.”
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