John Major's Net Worth: How the Former UK Prime Minister Earned $50 Million

John Major's Net Worth: How the Former UK Prime Minister Earned $50 Million.

What is John Major's Net Worth?

John Major is a British Conservative politician with a net worth estimated at $50 million. He held the position of Prime Minister of the United Kingdom from 1990 to 1997. Prior to his premiership, Major represented Huntingdon as a Member of Parliament and held significant roles such as Foreign Secretary and Chancellor of the Exchequer during the latter part of Margaret Thatcher's administration.

During his tenure as Prime Minister, Major introduced the Citizen's Charter, deployed British forces in the Gulf War, and implemented various reforms in criminal justice and education, among other initiatives. In 1999, he was honored with the title of Companion of Honour by the Queen and retired from Parliament in 2001. On St. George's Day in 2005, he was appointed a Knight Companion of the Most Noble Order of the Garter by Queen Elizabeth II.

Early Life

John Major was born on March 29, 1943, in St Helier, Surrey, England, to Gwen and Tom, a former music hall performer. He had two elder siblings, Terry and Pat. Following the German bombings in their Surrey neighborhood during World War II, the family relocated to Saham Toney in Norfolk. Major began his education at Cheam Common School in 1948, where he developed a passion for reading as well as playing football and cricket.

He later attended Rutlish School. The family's financial situation deteriorated in the 1950s when Major's father became ill, and a recalled business loan compelled them to move into a small flat in south London. Additionally, Major left school just before his 16th birthday in 1959.

Career Beginnings

After completing his education, Major took a position as a clerk at the insurance brokerage firm Price Forbes; however, he soon resigned. He then collaborated with his brother in the family-owned garden ornament business for several years and became a member of the Young Conservatives in Brixton. In late 1962, Major commenced employment with the London Electricity Board.

Throughout the 1960s, he became increasingly engaged in politics, supporting local Conservative candidates Kenneth Payne and Piers Dixon during their respective general election campaigns. Eventually, Major departed from the London Electricity Board to join the District Bank, and a year later, he transitioned to Standard Bank. In 1968, he attained his first public political role when he was elected as a Conservative councilor for the Lambeth London Borough Council. A few years later, he was appointed chairman of the Housing Committee.

Member of Parliament

In the general election of 1979, Major secured the Conservative Parliament seat for Huntingdon as the Conservative Party regained power under the leadership of Margaret Thatcher, who became the new prime minister. During the initial years of Thatcher's administration, Major occupied several junior government roles, such as Parliamentary Private Secretary and assistant whip. After the 1987 election, he advanced to Thatcher's Cabinet, taking on the role of chief secretary to the Treasury. Subsequently, he was elevated to the position of foreign secretary and later appointed as chancellor of the Exchequer.

Prime Minister

In late 1990, Major took over as the prime minister of the United Kingdom following the resignation of Thatcher. Two years later, he successfully led the Conservative Party to another electoral triumph, garnering over 14 million votes, which set a record for any British political party. Major remained in office until 1997, when the Labour Party, under Tony Blair, decisively defeated the Conservatives to reclaim governance.

During his seven-year tenure, Major was responsible for several notable initiatives. He introduced the Citizen's Charter early in his premiership, aimed at enhancing public services across the UK. He abolished the Poll Tax, replacing it with the Council Tax, and played a pivotal role in negotiating the Maastricht Treaty for the European Union. Additionally, he initiated the peace process in Northern Ireland.

On the international front, Major deployed British forces during the Gulf War and managed the peaceful transfer of Hong Kong back to China. However, his "Back to Basics" campaign, which sought to promote traditional family values, faced significant criticism. Other notable actions during his administration included reforms in education and criminal justice, as well as the privatization of the railways and coal industry.

In mid-1995, a series of scandals and internal divisions within the Conservative Party prompted Major to resign as party leader; nevertheless, he sought and secured reelection. Despite this, public perception of his leadership remained unfavorable, and by late 1996, his government had lost its majority in the House of Commons. This situation ultimately led to a substantial victory for the Labour Party in the 1997 election, marking the end of 18 years of Conservative rule. Following Tony Blair's ascension to the role of prime minister, Major stepped down as the leader of the Conservative Party.

Post-Political Activities

After retiring as a Member of Parliament in 2001, Major engaged in a diverse array of pursuits encompassing sports, philanthropy, and business. In 2005, he was elected to the committee of the Marylebone Cricket Club, and two years later, he published a book detailing the history of cricket. On the charitable front, he assumed the role of president of Asthma UK and became a patron for organizations such as Sightsavers UK, Mercy Ships, and the Prostate Cancer Charity.

In the business sector, Major accepted positions including senior adviser to Credit Suisse, chairman of the board of senior advisers at Global Infrastructure Partners, and chairman of the international advisory board of the National Bank of Kuwait. He has also participated in various think tanks.

Personal Life

In 1970, Major married Norma Johnson, who was also a member of the Young Conservatives. The couple has two children, Elizabeth and James. In 2002, it came to light that Major had engaged in a four-year extramarital affair with Conservative politician Edwina Currie from 1984 to 1988.

John Major's career stands as a testament to his resilience, adaptability, and dedication to public service. As Prime Minister, he navigated a tumultuous political landscape, overseeing significant reforms in education, criminal justice, and the economy.

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His leadership in international matters, such as the Gulf War and the peaceful transfer of Hong Kong, cemented his legacy on the global stage. Post-politics, Major continued to contribute through his philanthropic work, business roles, and writing. With a net worth of $50 million, Major's life reflects a successful blend of political achievement, personal integrity, and continued influence in various sectors.