How rich is Zac Goldsmith?

Zac Goldsmith sitting pretty

Zac Goldsmith arms open

How rich?

Frank Zacharias Robin “Zac” Goldsmith is running to be the mayor of London. He also has a great big stash of cash.

But despite having access to lots of money, it doesn’t seem to have helped his approval ratings among Londoners much.

Goldsmith has recently lost ground to Sadiq Khan who has opened up an eight-point lead over the Conservative millionaire, according to the latest polls.

Money, it seems, cannot buy you love.

How rich?

So just how filthy minted is Goldsmith?

In 2015, Goldsmith was reckoned to have a total wealth of £280m, according to the Sunday Times Rich list.  

This puts him at the top of the tree of wealthy MPs in the UK, though not ahead of many of his colleagues in the House of Lords. In that chamber, Lord Ashcroft is master supreme – he is the UK’s richest politician, being in possession of an estimated £1.2bn – a sum which it is simply bad manners to have access to.

Most of what he’s got was given to him

The vast majority of Goldsmith’s wealth was inherited.

His father, the billionaire Sir James Goldsmith, whose ancestors include the Rothschilds, made a lot of his money from aggressive corporate raiding in the 1980s. Two of his largest successes included pursuing shares in tyre manufacturer Goodyear, through which he made $93m, and also by acquiring Grand Union – a US supermarket chain. James Goldsmith also predicted the 1987 stock market crash and indeed profited from it.

The taxman didn’t get to see much in the way of contributions from Goldsmith’s booty though. As a non-domiciled resident in France (his mother was French), he denied both countries’ revenue services the opportunity to tax his wealth.  

In 1994 James Goldsmith became an elected member of the European Parliament for France, a position from which he founded his short-lived Eurosceptic political party the Referendum Party.

Sir James left £1.2bn to his family in his will when he died in 1997.

Goldsmith’s average annual income is £1.2m

Since being elected to represent Richmond Park in 2010, Goldsmith has earned more than £10m in income and capital gains, it was reported by the Guardian earlier this year.

This means his trust fund paid him over 22 times as much as the salary he receives as an MP.

His average annual income over the last five years is £1.2m, putting him in the highest-earning 0.05% of UK taxpayers, the Guardian notes.

Since 2010, Goldsmith has paid around £4.5m in tax putting his tax rate at about 46%.

He recently published his tax returns and called on other mayoral candidates to do the same, which he said was to allow Londoners to judge them equally.

However, Neil Coyle, the Labour MP for Bermondsey and Old Southwark, said Goldsmith’s efforts at transparency had raised more questions. He said: “They don’t explain any detail of the benefits he derived from his non-domiciled tax status or explain why he bought his London home through a Cayman Islands trust.”

Social Bookmarks