Bengaluru: Karnataka Chief Minister-designate D K Shivakumar is set to become India's richest sitting Chief Minister, with declared assets of approximately Rs 1,413 crore, according to the affidavit he submitted during the 2023 Karnataka Assembly elections.

The Congress leader's declared wealth places him ahead of several prominent political figures, including Andhra Pradesh Chief Minister N. Chandrababu Naidu and Tamil Nadu politician and actor Joseph Vijay.

Extensive real estate portfolio

Shivakumar's asset portfolio includes residential and commercial properties in Bengaluru, Mysuru, Kanakapura and New Delhi. Among his major holdings is a commercial property in Bengaluru's Gopalpura area, which has reportedly appreciated significantly in value over the years due to rising land prices.

His declared assets also include investments, fixed deposits and luxury items such as high-end watches from international brands.

Assets and liabilities

According to the election affidavit, Shivakumar declared movable assets worth around Rs 1,140 crore and immovable properties valued at approximately Rs 273 crore. He also reported liabilities of about Rs 265 crore.

His business interests reportedly extend across sectors including real estate, infrastructure development, quarrying and educational institutions.

Income Tax raids in 2017

Shivakumar's political career has also witnessed legal and financial scrutiny. In August 2017, the Income Tax Department conducted raids at 67 locations linked to him.

Media reports stated that nearly 300 officials participated in the operation, which lasted around 80 hours. During the searches, cash amounting to Rs 8 crore was reportedly recovered from a property in New Delhi, while an additional Rs 2 crore was seized from other locations as part of an investigation into alleged tax irregularities.