Bengaluru: Karnataka Chief Minister-designate D. K. Shivakumar is set to become one of India’s wealthiest serving chief ministers after declaring assets worth ₹1,413.78 crore in his election affidavit submitted ahead of the 2023 Karnataka Assembly elections.
The senior Congress leader will take oath as Karnataka’s Chief Minister on June 3, succeeding Siddaramaiah, who stepped down from the post last week following the party’s leadership transition in the state.
Assets crossed ₹1,400 crore mark
According to the affidavit filed during the 2023 Assembly polls, Shivakumar and his dependents declared total assets valued at ₹1,413.78 crore.
The figures reveal a significant rise in wealth compared to the 2018 Karnataka Assembly elections, when the Congress leader had declared assets worth ₹840.08 crore.
The affidavit shows that the family’s movable assets were valued at approximately ₹273.42 crore, while immovable properties accounted for ₹1,140.36 crore. Of the total immovable assets, properties worth ₹972.65 crore were held directly in Shivakumar’s name.
The declaration also listed liabilities of nearly ₹263 crore.
Family wealth extends beyond Shivakumar
The family’s substantial financial profile extends beyond the Chief Minister-designate.
His brother, D. K. Suresh, declared assets exceeding ₹593 crore while filing his nomination papers for the 2024 Lok Sabha elections.
Political observers have often described the Shivakumar family as one of the most financially influential political families in Karnataka.
Luxury assets and investments
The affidavit also disclosed ownership of several valuable personal assets, including gold and silver holdings, luxury watches and vehicles.
Among the items declared were premium watch brands such as Rolex and Hublot. The affidavit also mentioned ownership of a registered Toyota Qualis.
The extensive asset portfolio includes agricultural land, commercial properties and various real estate investments accumulated over decades.
A long political career
Shivakumar began his political journey at a young age and won his first Assembly election in 1989. Over the years, he has emerged as one of the most influential Congress leaders in Karnataka.
A multiple-term MLA from the Kanakapura constituency, he has handled several important ministerial portfolios, including energy and urban development.
His political stature within the Congress grew significantly over the past decade, particularly during periods of political instability in Karnataka, when he played a crucial role in managing party affairs and legislative numbers.
Following the Congress party’s decisive victory in the 2023 Karnataka Assembly elections, Shivakumar was appointed Deputy Chief Minister and also continued as Karnataka Pradesh Congress Committee president.
Leadership transition completed
The leadership change follows months of speculation regarding the Congress government’s power-sharing arrangement in Karnataka.
After consultations involving the party’s central leadership, Siddaramaiah stepped down as Chief Minister, paving the way for Shivakumar’s elevation to the state’s top post.
With his swearing-in, Shivakumar will not only assume the highest executive office in Karnataka but also become one of the richest serving chief ministers in India based on publicly declared assets.