The newly-anointed King Charles III inherited more than just a crown, from her mother Queen Elizabeth II. The shift of wealth includes a humongous portfolio of assets ranging from real estate to jewels.
Elizabeth II was one of the world’s wealthiest persons, with prime real estate holdings from central London such as Buckingham Palace to swathes of farmland in Scotland. But unlike other wealthy individuals, the ability to sell or profit from these assets was very limited.
The British monarchy’s brand was estimated to be worth $78 billion by Brand Finance in 2017.
The Crown Estate
The Queen’s largest real estate holdings were managed by Crown Estate, which is owned by the reigning monarch—whoever holds the crown, and which will now be passed on to King Charles III. The property portfolio of the Crown Estate—consisting of large swathes of central London, such as Regent Street and St James’s, along with retail parks and countryside outside London—is worth $15.6 billion, according to Financial Times. This portfolio also consists of seabed up to 12 miles from the coast of Britain. The surplus revenue from these lands is directed to the Treasury, which gives a fixed annual payment to the monarch in “sovereign grant”. In 2016, this grant was increased from 15% to 25%, which at the time stood at £396 million.
King Charles III’s net worth
Queen Elizabeth’s personal net worth was estimated to be $500 million by Forbes. This wealth is tied in art, jewels, investments and castles like Balmoral Castle in Scotland and Sandringham House in England. Collectively, these assets are worth $500 million. Most of this personal wealth will be transferred to King Charles III.
A direct source of income for the King will come from Duchy of Lancaster, a 18,248-hectare private estate that has belonged the reigning monarch since 1399; the property’s net value is estimated at £653 million.
The management of Dutchy of Cornwall, a private estate estimated to be worth £1.05 billion, formerly held by Charles III will pass on to Prince William as it is given to the heir.
Will King Charles III pay taxes?
Among other privileges bestowed upon the monarch, King Charles III is exempt from estate tax, a 40% wealth tax levied on inheritance otherwise levied on commoners.
The British Monarchy is known as a constitutional monarchy. This means that, while The Sovereign is Head of State, the ability to make and pass legislation resides with an elected Parliament. Although The Sovereign no longer has a political or executive role, he or she continues to play an important part in the life of the nation.
