Money, jewels, estates: what will Charles III inherit? from the queen?

Money, jewels, lands
What will Charles III inherit? from the queen?

By Diana Dittmer

Elizabeth II leaves not only the crown and responsibility for the monarchy, but also a large fortune. What legacy does heir to the throne Charles III. on? What is the composition of the royal family’s possessions and who gets what after the death of the queen?

Royal finances always have an air of mystery about them, but in the case of British royals, they’re a lot more transparent than some might think. Whether and how much money, decorated with her own likeness, Queen Elizabeth II carried around in her handbags is not known. But the late Queen’s assets are – at least roughly – very traceable.

A few years ago, Forbes valued Balmoral Castle at $140 million.

(Photo: picture alliance / empics)

One thing is certain: Elizabeth II was wealthy – even if one does not know the account balance or the contents of her purse. Not as rich as Microsoft co-founder Bill Gates, whose fortune is estimated at $115 billion, or ex-Amazon CEO Jeff Bezos at $153 billion. But with a personal fortune equivalent to $500 million (£431 million), she broke the Guinness World Record as the richest queen in 2012, according to Fortune Magazine.

She was also the richest member of the royal family. Above all, your private wealth is widely spread. In addition to money, her possessions include art, jewellery, investments and real estate – including Balmoral Castle in Scotland, where she also died on Thursday.

Elizabeth II herself inherited a large part of her wealth, including from her father King George VI. being heritage she took office in 1952 when he died and she herself became queen. How much she inherited is not known. However, the Queen’s most valuable asset is said to be a stamp collection that she inherited from her grandfather, King George V. Estimated value: $124 million.

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The 1914 Faberge Mosaic Egg, one of four Faberge Eggs in the Royal Collection of Britain’s Queen Elizabeth ll.

(Photo: REUTERS)

Her mother’s estate – Queen Mum or Elizabeth I – which passed to her in 2002 is estimated at $70 million. These included “investments in paintings, a stamp collection, fine china, jewels, horses and even a valuable collection of Faberge eggs,” writes Fortune. Her late husband, Prince Philip, left her a fortune of around $30 million last year.

The Queen can also personally pass on this private wealth – earned or inherited. Castles like Balmoral or Sandringham are likely to belong to the new King Charles III. pass over is assumed. A few years ago, “Forbes” valued Balmoral at $140 million. Sandrinham was worth $65 million at the time. Charles III is lucky: as the country’s sovereign, he is exempt from inheritance tax of 40 percent by law.

Royal finances pass to Charles III. above

Current income made up the smaller part of the Queen’s wealth during her lifetime. Her 70-year reign was financed from the “Sovereign Grant“, money that the British government regularly transfers to its head of state. Most recently it was £86.3 million a year, around $100 million, according to the BBC. The money for these “grants” from the state to carry out royal duties, comes from the income of the so-called Crownestate.

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Buckingham Palace, the official residence of the British monarch in London, is not private property.

(Photo: imago images/Parsons Media)

The “Crown Estates”, which include Windsor Castle, Buckingham Palace and other historic royal properties, are not part of the Queen’s private property and therefore cannot be inherited. Each sovereign of the state stands however noisy give at least 15 percent of the profits to the royal family’s website. In the past fiscal year, the Crown Estate generated $311 million. That means the royal family has been paid around $47 million for their official duties.

The purchases from the “crown estates” have an interesting special feature: the total must not be less than the previous year’s total. And she’s not fixed. During the pandemic, the state purse, i.e. the taxpayer, had to plug a hole because the goods yielded less. And in 2016, Parliament even approved an increase in Sovereign Grant funding for overdue refurbishment work at Buckinham Palace.

The private box and the royal stamp

In addition, the Queen made use of the “Private Purse“. This private coffer will be funded from the proceeds of the “Duchy of LancesterApartment blocks in London, ten castles as well as estates and golf courses in England and Wales are among them. According to “Manager Magazine”, the net worth in March was 652.8 million pounds or almost 760 million dollars. The Queen was 24 million pounds As it is said, this money is mainly used to reimburse the costs of other family members

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British royal family as an economic factor.

(Photo: REUTERS)

What cannot be weighed, neither for the family nor for the kingdom, is the royal brand, which was valued at around 78 billion US dollars according to an estimate by the consulting firm Brand Finance in 2017. This includes everything to do with the monarchy and Queen’s regency: tangible assets such as Buckingham Palace, as well as the intangible value of the monarchy as a brand because it drives tourism to the UK and sales of products. Although the brand cannot be inherited materially, the royals naturally benefit from it. It remains to be seen whether the royal brand will continue to increase in value.

Much pomp and possessions for the monarchy, less for the royals

It is clear that the monarchy abounds with pomp, jewels and possessions, but the bottom line is that there is not quite as much left for the individual royals. Although the members of the royal family are rich, they cannot freely dispose of all royal goods, for example sell them. It is now certain that Charles III. as heir to the throne following the death of his mother on 8 September receiving income from the Sovereign Grant and Crown Estate.

So far, Charles III. as heir to the throne, income from the Duchy of Cornwall (“Duchy of Cornwall”). In the meantime, however, this duchy should have passed into the possession of his eldest son – according to royal rules. This means that Prince William will also receive income from this source in the future. In fiscal year 2019/20, the duchy was valued at around $1.2 billion. The generated profit amounted to 25 million dollars. Heir to the throne William and his family should be well taken care of.

What Charles III. inherited from his mother’s private assets in the equivalent of 500 million dollars, however, is open. The king will inherit what Queen Elizabeth II “explicitly assigned to him,” writes Fortune. His siblings Princess Anne, Prince Andrew and Prince Edwards can also hope for a lavish inheritance – as can grandchildren Prince William and Prince Harry. It could still be exciting for Harry, however, as he has put the royal family to the test in recent months.

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