As Philip Hammond gears to present the final Budget before the UK leaves the EU today, let’s take a look how much the 62-year-old dad-of-three is really worth.
— Philip Hammond (@PhilipHammondUK) October 28, 2018
The self-made millionaire, often dubbed as the “reassuringly boring” choice for the country’s top financier job, is reportedly worth around £8-£9m. He is said to have amassed his wealth from stakes in a ‘health care and consultancy work’.
Hammond married “glamorous and fun” Susan Williams-Walker in 1991. The pair has three children together – Amy, Sophie and William and they all live in Surrey and have another central London flat, which they use for free.
Essex-educated Hammond was a bright schoolboy, and was a Goth back in those days. His school friend once described him as “If I’d somehow intuited, as I say, that this lanky 15-year-old with the questing, beaky nose and rimless glasses, this proto-goth, would one day be Chancellor of the Exchequer…Well, actually, I wouldn’t have been remotely surprised”.
Not many know but Hammond began his studies on the same day in 1974 the day that the Labour government was elected, which is believed to shape his personal political convictions. He later completed his studies from University College, Oxford.
According to an article in the Independent, Hammond is described as ‘the most overpaid public sector worker’ as he collects £67,505 for being the Chancellor as well as £74,000 as his MP’s salary.
Hammond also owns a controlling interest in Wrexham-based Castlemead Property – the housebuilder and care homes developer – in which he has shares reportedly worth £4.9m. Hammond set up Castlemead in 1984 with business partner Terry Gregson. Since becoming a government minister, his stake has been controlled by an onshore discretionary trust. While the business is not run on a day-to-day basis by Hammond, he is still the main beneficiary.
He also has a construction investment company called Chiswell in Moorgate.