Queen Elizabeth II died on Thursday, September 8, 2022, at the age of 96. She passed away at Balmoral Castle, her home in Scotland. Her Majesty has left behind a fortune of over 500 million dollars in personal assets from her 70 years on the throne. Her fortune will be inherited by Prince Charles when he is crowned King.
It might seem straightforward what might happen to Queen’s fortune, but it is in reality quite complex. Most of what the Queen owned actually belongs to the Royal Firm. Prince Philip and King George VI once referred to the 28 billion dollar empire as “the family business.” Let us break down the $28 billion solid fortune that the monarchy holds.
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Queen’s Family Business – The Royal Firm
The Royal Firm is also known as the Monarchy PLC. It is a group of senior members and public faces of the House of Windsor, the reigning royal family that the Queen was head of. These members altogether operate a global business empire that produces hundreds of millions of pounds into the United Kingdom’s economy every year through televised events and tourism.
Her Majesty and seven other royals are also members of the Firm: Prince Charles and his wife Camilla, the Duchess of Cornwall; Prince William and his wife Kate, the Duchess of Cambridge; Princess Anne, the Queen’s daughter; and Prince Edward, the Queen’s youngest son, and his wife Sophie, the Countess of Wessex. The firm’s real estate assets cannot be sold, according to Forbes. The assets include:
- The Crown Estate: $19.5 billion
- Buckingham Palace: $4.9 billion
- The Duchy of Cornwall: $1.3 billion
- The Duchy of Lancaster: $748 million
- Kensington Palace: $630 million
- The Crown Estate of Scotland: $592 million
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The Privy Purse And The Crown Estate
The Queen’s Privy Purse is a portfolio of properties and assets held in trust dating back to the 14th century. It provides private income to the Majesty from the Duchy of Lancaster. At the end of 2022, the Duchy of Lancaster had a net surplus of $24 million in the form of property and financial assets. The funding is taxed and used to cover expenses that are not already covered by the Sovereign Grant.
The Crown Estate is a collection of lands belonging to the British Monarchy. This Estate was held by Queen Elizabeth II. Whilst, it is held by the Queen, it is still not private property. It is run by a semi-independent public board. As of June 2022, the Crown Estate has around $312.7 million in net revenue.
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Queen Elizabeth II’s Personal Assets
Queen’s investments, art collection, jewellery, and real estate holdings have accumulated over $500 million in personal assets. Her personal assets include her home the Balmoral Castle and the Sandringham House. Now, these personal assets under the name of Her Majesty will be passed down to Prince Charles when he takes the throne.
Her Majesty also inherited from her Queen Mother $70 million, when she died. This includes investments in painting, a stamp collection, fine china, jewels, horses, and even a valuable Faberge egg collection. The Painting collections include works by Monet, Nash, and Carl Faberge. The Special legal clause exempts the Queen from paying inheritance taxes on the estate left by her mother. This same clause will now also apply to Prince Charles.
To avoid erosion of the royal family’s wealth, inheritance from sovereign to sovereign is exempted from the 40% inheritance tax. This was agreed with former Prime Minister John Major in 1993. With all these fortunes taken into account, Prince Charles will not inherit all of the $28 billion empires, rather he will only inherit the personal assets that are specifically designated to him by Queen Elizabeth II.
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