Rishi Sunak was relatively unknown at the start of 2020, but since the emergence of the Covid crisis, he has become one of the most recognisable faces in British culture. 

 

Almost a year on from his promotion to Chancellor, he is not only the bookies favourite to become the next Prime Minister, but he’s also currently the richest sitting MP. 

While Rishi’s finances may be currently under scrutiny, taking his reported net worth, online estate agents Emoov have revealed which ministerial mansions from around the world he could afford to pay for in full. 

With an estimated net worth of £630 million*, the property valuation experts at Emoov say Rishi Sunak can afford to buy 10 Downing Street nearly ten times over.

 

But what other Ministerial properties can Rishi afford to purchase? 

With an estimated net worth of £630 million*, the property valuation experts at Emoov say Rishi Sunak can afford to buy 10 Downing Street nearly ten times over.

But what other Ministerial properties can Rishi afford to purchase? 

The White House, home to Donald Trump, the current President of America has been valued at £396,868,657 and has an estimated monthly mortgage rate of £1,867,553. 

At this price, Rishi’s estimated net worth would be enough to cover the cost of the mortgage payments for the presidential The White House. 

 

*Based on the joint net worth of Rishi Sunak and Wife Akshata Murthy. 

Compared to the average cost per square metre in each city[1], we’ve found the properties that have the biggest difference in land value, compared to what you’d usually expect in each city.  

                                                      How much for a ministerial mortgage?

 

World leaders can enjoy their properties without having to worry about mortgage payments, and other bills. But what if they did? 

Based on the estimated valuation assigned to each property, we’ve calculated the average monthly mortgage payment, based on a 20 year fixed rate, with an assumed 20% deposit.

                                                                     Got 8 million in the bank…? 

                                   …then you could be in the market for a ministerial mansion.

Based on the average total cost of the 20 residences in the study, we calculate that you’d need to have at least £809m in the bank to be able to buy a home worthy of a world leader, with the price per metre square averaging £52k across the board. 

We calculated the land value of a ministerial mansion to be almost 10 times more than the average price per square metre in each of the 20 cities in the study which comes in at £5,016 per square metre. 

Ankara the capital of Turkey has the highest mortgage interest rate in the list at 16.37%[2]. The calculated monthly mortgage payment on President Erdogan’s White Palace residence would be £7,136,387[3] which works out at more than 18,000 times more than the average monthly salary[4] in Turkey (£375.93).

Which world leaders could buy their residence out right? 

Taking the reported net worth* of each leader in the list and comparing it to the list price of each of their residences we can reveal that just six of the 20 leaders in the study could afford to purchase their property out right.

King Salman bin Abdulaziz Al Saud of Saudi Arabia could buy Justice Palace 893 times over with his estimated net worth of £13bn. Back over in Europe, Angela Merkel could put down all of the cash for the Chancellery, with her net worth estimated at £8.7million. 

Boris Johnson would have to take out a hefty mortgage to afford Number 10. With an estimated list price of £61.8m, the Prime Minister would need to increase his estimated net worth more than 40 times before they could hand the keys over. 

President of Canada Justin Trudeau could only afford to purchase one of his two official residences; 24 Sussex Drive. With his £9m net worth he could afford to purchase the £4.5m property twice!

Links to Sources: 

[1] Price per square metre taken from Numbeo https://www.numbeo.com/cost-of-living/

[2] Mortgage interest rate taken from Numbeo https://www.numbeo.com/cost-of-living/

[3] Mortgage cost calculated via https://www.moneyadviceservice.org.uk/en/tools/mortgage-calculator

[4] Average monthly salary after tax taken from Numbeo https://www.numbeo.com/cost-of-living/

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