Tony Blair: I'm worth less than £20 million, and I'm not interested in making money

Tony Blair has insisted he is worth less than £20 million and is not motivated by money.

The former Prime Minister, who has spent the seven years since he left Downing Street building a global network of business and charity ventures stretching from China to Africa to Latin America, insisted his personal wealth is less than one-fifth of the £100 million that has been reported.

However, Tony and Cherie Blair’s property empire alone – which includes a Buckinghamshire mansion and six London houses – is now thought to be worth more than £25 million. The couple have benefited from the capital’s booming top-end property market.

“I’ve not changed. It’s not about making money. It’s about making a difference,” Mr Blair told a gathering of New Labour loyalists to mark twenty years since he was elected leader of the party.

“Reports of my wealth have been greatly exaggerated,” he said. “For the record, I read that I’m supposed to be worth £100 million. Cherie’s asking me where it is,” he added, to laughter.

“I’m not worth that. A half of that. A third of that. A quarter of that. A fifth of that. I could go on.”

Mr Blair is an adviser to JP Morgan, the investment bank, and to Zurich international, the Swiss insurer.

He has touted his model for good governance, based on his Downing Street delivery unit, around the world.

He now advises resource-rich governments including Kazakhstan, which is presided over by the autocrat Nursultan Nazarbayev, as well as Mongolia, Kuwait and Abu Dhabi. He has been linked to business deals in Brazil and Colombia.

He is a regular visitor to China, and has taken to travelling by private jet. He can earn up to £250,000 for private speeches and appearances.

The two companies that administer his government and corporate advisory work - which he ultimately owns - declared cash reserves of £13.4 million and shareholder funds worth £7 million last year, according to the most recent accounts.

His commercial staff earn an average of £86,000, while the highest paid director earns £273,000.

Mr Blair is not paid for his role as Quartet Middle East peace envoy. He also runs the charitable Africa Governance Initiative, which helps reform states such as Liberia and Rwanda, as well as a faith dialogue foundation.

The Blair family is understood to own nine homes in Britain, including a seven-bedroom mansion in Buckinghamshire once owned by Sir John Gielgud and six homes in West London. It is not known what, if any, property they own abroad. Mrs Blair’s name appears on the deeds of property occupied by her children.

Mr Blair added today: “I spend two-thirds of my time on unpaid work, both in the Quartet role in the Middle East and the foundations.”

Referring to press coverage of his businesses, he said: “With your help, voluntarily or involuntarily, a lot of the information is out there. But I employ two hundred people. I have a whole infrastructure. I need that in order to support the work I do.”

He add his work takes him “to some of the most difficult places in the world”.

The Blair property empire

2002: Two flats in Bristol bought for £265,000 each with the help of the con man Peter Foster, one for Euanand one to rent out. One since sold. Current value: £280,000.

2004: Five-storey Grade II-listed Georgian town house bought for £3.65 million in west London as family home. Current value: £7.3 million.

2007: Mews house behind London home bought for £800,000, now linked to main house to extend living and office space. Current value: £1.5 million.

2008: Grade I-listed manor house in Bucks, previously owned by Sir John Gielgud, bought for £5.75 million. Current value: £8 million.

2010: Georgian town house in Marylebone, central London, bought for Euan Blair for £1.29 million. Sold in February for £2.15 million. Three-bedroom maisonette in central London bought for £975,000 for Kathryn Blair. Current value: £1.5 million.

2012: Georgian town house in central London bought for £1.35 million for Nicky Blair. Current value: £1.5 million.

2013: Cottage in Bucks for Mr Blair’s sister, Sarah, bought for £600,000. Current value: unchanged.

2013: Georgian town house in Marylebone bought by Cherie and Euan Blair for £3.62 million, after he married. Current value: unchanged.

2014: Mews house behind Euan and Suzanne’s main home, bought by Cherie. Current value: £1.2 million.

Total estimated current value: £25,480,000