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After Queen Elizabeth II passed away recently, Charles III has officially been crowned king of England. In addition to the crown, however, King Charles is the sole beneficiary of his mother's private riches. He will get a luxurious throne, countless crowns decorated with gems, numerous castles and palaces, and a mountain of cash.
Charles III is now one of the wealthiest people in England thanks to his new role as King. If you're curious about the origin of his wealth, it comes from the private wealth that the royal family has accumulated over the years. Here's everything King Charles III will inherit from Queen Elizabeth II’s private wealth.
The Net Worth Of Queen Elizabeth II
At her passing, Queen Elizabeth II was worth $500 million. Other reports, however, estimate her assets to be between $447 and $600 million. Her holdings include the $140 million Balmoral Castle, the $65 million Sandringham estate, farms and land throughout the United Kingdom, and a luxury jewelry collection.
She also inherited a substantial fortune from her father, King George VI. The queen acquired her mother's $94 million fortune in 2002, which consisted of art, jewelry, Faberge eggs, and racehorses. After the death of Prince Philip in April 2021, the former monarch inherited his $30 million wealth.
There is also the yearly Sovereign Grant, which is a government-issued allowance that adds to the overall net worth of Queen Elizabeth II. It is determined by the revenues generated by the Crown Estate, the estates, and holdings controlled by the British monarch throughout the United Kingdom. It made $475 million in 2020. According to reports, the royal family received 25% of it.
How Much Is King Charles III Inheriting From Her Mother?
The entire wealth of the queen, which is estimated to be around $500 million, would be passed on to King Charles III tax-free. His current net worth is thus $600 million. In the United Kingdom, people are required to pay an inheritance tax of 40% if the value of their estate is greater than $377,000. In accordance with a unique agreement that was reached with the government, any assets that a monarch of the United Kingdom leaves to their immediate descendant will be exempt from inheritance tax.
On the other hand, gifts that are left to other children or descendants will be taxed in the standard manner. This will only be the case if the queen's property is solely transmitted to King Charles. The exemption of the Monarch from paying inheritance tax was instituted for the purpose of preventing the Sovereign's wealth from being depleted over time. During their lifetime, the monarch does not engage in conventional activities such as working or trading in order to expand their estate in the same way that an average person would.
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If the monarch's estate were continually exposed to inheritance tax, their wealth would diminish significantly. Along with his mother's prize money from horse racing (estimated at $8 million) and investment portfolio (estimated to be worth over $116 million as of six years ago), King Charles is entitled to inherit his mother's collection of postage stamps from across the Commonwealth, which is currently housed in St. James's Palace.
According to sources, the queen's portfolio of stocks performed nicely over the past year. According to the estimates, her stock market portfolio should have performed well over the past year, supporting a $5.8 million increase in her personal wealth to $429 million. The Queen is the first British monarch to reach 70 years on the throne. During this time, she has amassed a considerable private property and investment portfolio in addition to safeguarding historic artifacts.
The New Monarch Plans To Adjust The Royal Finances
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Charles III paid tribute to his mother during his first speech as King and also addressed Prince Harry and Meghan Markle, who had been alienated from one another. Additionally, he conveyed his affection for Harry and Meghan as they continue to establish their life abroad. According to a source within the royal family, it was a sign from the King that Harry is still very much a part of his beloved family and that they will continue to support him.
However, the king had previously stated that he intended to make changes to the royal family, such as lowering the number of serving royals and cutting costs. According to a source within the palace, "There's no way Charles' team will be as generous in turning a cheek and not calling them [Harry and Meghan] out. They weren't supposed to be using their titles everywhere. That was not on the table. "
Regarding Prince Andrew, who was implicated in the Jefferey Epstein case, King Charles dismissed him from official service and would certainly cut him off financially as well. David McClure, a writer, stated of Prince Andrew's finances that they do know that he is paid by funds from the Queen's Duchy of Lancaster estate, but the exact specifics are veiled in a cloud of pea-soup proportions. Joe Little, the managing editor of Majesty, added that there aren't many more family members to cut and that those who have departed do fulfill duties.
Sources: The Cut, NPR, Cosmopolitan