Jacob Rees Mogg Net Worth

Having variously been described as ‘the Member of Parliament for the 18th century’ and an ‘unrelenting reactionary’, Jacob Rees-Mogg is the controversial Conservative MP for North East Somerset. He previously served in the Cabinet under Boris Johnson and Liz Truss between 2019 and 2022.

First elected as an MP in 2010, Rees-Mogg made his mark on British politics through his unapologetically posh persona and arch-euroscepticism. Self-admittedly, Rees-Mogg is ‘not a modern man’, although such an admission is hardly necessary for this to become apparent.

In 2019, Spear’s Wealth Management suggested that Jacob Rees-Mogg’s net worth is “well over £100 million”.

As part of his wealth portfolio, Jacob Rees Mogg lives in a 17th-century Grade II-listed Manor House in West Harptree, Somerset. It has been speculated that his five storey townhouse in Westminster is also worth between £6 million and £7 million.

Mr Rees Mogg made his money in investment banking. Having previously worked for Rothschild’s and Lloyd George Management, he later set up the fund management firm, Somerset Capital Management. Rees Mogg was previously the CEO of the company. His continuing interest in the firm is registered in the Register of MPs Interests and it is likely that he still receives income from the business.

Mr Rees-Mogg is married to Helena de Chair, the daughter of the poet and politician Somerset de Chair. Estimates of Jacob Rees-Mogg’s wealth are further said to include a provision for his wife’s estimated expected inheritance.

4 Things you may not know about Jacob Rees-Mogg

He has an interest in classic cars

Rees-Mogg has a keen interest in classic cars. He bought a Bentley T1, after his father spotted it at auction in 1992.

On the campaign trail in Central Fife back in 1997, Rees-Mogg was mocked for driving around in a Bentley. Rees-Mogg reportedly replied: ‘it’s just a Mercedes’.

Where does Jacob Rees Mogg live?

Rees-Mogg and family live at ‘Gournay court’, a former ‘Red Cross’ hospital where his great aunt served as a volunteer nurse and quartermaster matron during the First World War.

In London, Mr Rees Mogg also owns a five story 18th century house in Cowley Street just across from the Houses of Parliament.

He started investing in the Stock Exchange aged 10

At ten-years-old, Rees-Mogg invested £50 in the stock market, having been left the money by a distant cousin. Rees-Mogg started to attend shareholder meetings and received media attention for his dogged questioning of company CEOs.

He makes his own cider

Rees-Mogg is very fond of cider. Speaking at the opening of the Palladium Electric Wetherspoons pub in Midsomer Norton, Rees Mogg said: ‘I actually make my own cider. We’ve got a few apple trees and we have a go and it’s great fun … Last year we made about 25 gallons. I like it, whether it’s any good I don’t know but it’s fun to do’.

Political Career

Rees-Mogg first stood for Parliament at the 1997 General Election, vying for a seat in Scotland. Despite his, and his nanny’s best efforts, the 27-year-old failed to win Central Fife for the Conservatives.

However, Mr Rees Mogg was later successful in his 2010 campaign for the seat of North East Somerset, the Parliamentary seat in which his family has lived for generations. At every election since 2010, Rees-Mogg has increased his majority. He has now turned the constituency into a safer ‘blue’ seat.

Rees-Mogg made a name for himself in Parliament with his long, eloquent speeches -often in the attempt of filibustering (talking out) a bill. Outside Parliament, Rees-Mogg became increasingly well known as he assumed the Presidency of the influential European Research Group of Tory MPs (the ERG).

From this position, Rees-Mogg became the leading Parliamentary voice for a ‘hard Brexit’. He was also considered instrumental in an abortive attempt to have Theresa May removed as Prime Minister in December 2018.

Rees-Mogg was an early supporter of Boris Johnson for the Conservative leadership, and in July 2019, Prime Minister Johnson appointed Rees-Mogg Leader of the House of Commons. He later became the minister for Brexit Opportunities.

During a debate on a no-deal Brexit, Rees-Mogg was famously pictured lounging on the Commons frontbench which drew cries of ‘sit up, man’ from opposition MPs.

Caroline Lucas accused him of showing ‘contempt’ for Parliament. Labour’s Anna Turley labeled Rees-Mogg’s pose ‘the physical embodiment of arrogance, entitlement, disrespect and contempt for our Parliament‘.

In the Spring of 2022, Rees-Mogg was very critical of a ‘Work from Home’ policy that had developed in the civil service. He was said to have distributed printed cards, which have been left on empty desks in the Cabinet Office department where he is based in order to deter people from home working.

In September 2022, Jacob Rees-Mogg was appointed Secretary of State for Business, Energy and Industrial Strategy under Liz Truss.

However having previously been an outspoken backer of both Boris Johnson and Liz Truss, Mr Johnson resigned from the government on the day that Rishi Sunak became prime minister.

Political Views

In his school report from Eton College, Rees-Mogg was described as a ‘particularly dogmatic’ Thatcherite. Rees-Mogg would likely not dispute this description.

Rees-Mogg has said of Margaret Thatcher: ‘Let us think of the great lady in 1981, when 360-odd economists wrote to The Times … to suggest that the economic policy was wrong … that thegovernment stuck to their guns, which led to the recovery we then had’.

Rees-Mogg is open about his Catholic faith and its influence on his political views. Alongside being opposed to same-sex marriage, Mogg has taken a hard line on abortion: ‘Life is sacrosanct and it begins at the point of conception’, he told ITV’s ‘Good Morning Britain’. In early 2022, Jacob Rees-Mogg was criticised for his description of the morning after pill an ‘abortifacient’ (a drug that induces abortion).

Commenting on the role of the state, Rees-Mogg said: ‘Basically I want people to be able to get on with their lives without the government bossing them about. I’m all in favour of nannies but not the nanny state’.

And on the increased take-up of food banks in the UK, Rees Mogg has said, ‘I think is rather uplifting and shows what a good, compassionate country we are’.

Background

How old is Jacob Rees Mogg?

Jacob William Rees Mogg was born on the 24th of May 1969. Rees-Mogg’s father, William Rees Mogg, was formerly the editor of The Times newspaper and was created a life peer in 1988. Jacob’s sister, Annunziata, was elected as a Brexit Party MEP in the 2019 European elections.

What did Jacob Rees Mogg do before entering Politics?

Rees-Mogg is an alum of Eton and Trinity College Oxford. In his first-year at Oxford University, Rees-Mogg was nominated for the title of ‘Pushy Fresher’ by the student newspaper. His nomination was simply a photo with the caption: ‘What more need we say?’.

Jacob began his career in pension fund management. He co-founded the investment company, Somerset Capital Management. The firm has been estimated to manage £5.5bn of funds on behalf of investors.

Jacob Rees-Mogg children

Rees-Mogg is married to Helena and they have six children: Peter, Mary, Thomas, Anselm, Alfred and Sixtus. The family nanny, Veronica, looked after Rees-Mogg as a child, and she now looks after his children.

Commenting on whether he has ever changed a nappy, Rees-Mogg has said: ‘I don’t think Nanny would approve, because I’m sure she’d think I wouldn’t do it properly’.