Prince Charles has finally become the King after training for the position for over 70 years.
King Charles III, and as a king, should – has inherited a wealth of massive proportions from his mother, Queen Elizabeth II, which include large swaths of land, regal estates, rare paintings and jewels and other personal property.
Apart from the colossal wealth, he now manages the late monarch’s $42 billion portfolio of assets held in trust for the kingdom, including billions in investments and more opulent palaces, glittering jewels and the like.
However, as per the rule, the will of Charles’s mother is expected to be sealed for at least 90 years; hence the exact distribution of her wealth is unclear at the moment and will not be known for several generations.
What is known, though, is enough to knock the wind out; for Charles, as her eldest son, has inherited her private estates, including her much-loved castle in Balmoral, Scotland.
Another castle in eastern England, home to the thoroughbred horse farm (also his) known as the Royal Studs.
What’s more, the King is also to inherit her enormous private collection of jewellery, precious art, rare stamps collection, and other personal investment that she may have had.
According to many experts, the value of these personal assets could be as high as $500 million, but the best thing about this is the fact that Charles won’t have to pay a single penny of inheritance tax.
Why? because, as per the agreement with the British government in 1993, it exempts property transfers from one sovereign to another.
The 73-year-old King also takes the throne with his wealth intact, primarily due to the lucrative annual income he received from the Dutchy of Cornwall, which annually earns him $27 million, which his eldest son Prince William (son), will inherit now.
Besides, these Prince William will also now inherit several ventures that Charles, as Prince of Wales, had launched, his Charitable Foundation to protect the environment and foster organic farming.
This venture happens to be the largest organic food brand in the U.K. besides these; there is a nature retreat and crafts centre in Transylvania that each operates as a bed and breakfast.
The Crown Estate
One of King Charles’s single most valuable assets is the Crown Estate, which is a real estate portfolio with $17.5 billion in net assets. These remarkable properties include London’s prime shopping destination – Regent Street, as well as Queen’s favourite – Ascot Racecourse and virtually the entire seabed of the U.K.
The entire Crown’s estate’s net profits, which were roughly $361 million in the fiscal year 2022, go to the British Treasury.
However, the royal family gets a cut in this in the form of an allowance from the treasury known as the “Sovereign Grant: which is equal to 25% of the net profit for the financial year two years earlier.
For 2022, the Sovereign Grant amounted to $99.6 million, based on the Crown Estate’s net profit in the 2019 – 20 financial year.
However, the Sovereign Grant is not the only source of income; he also gains control of the Duchy of Lancaster, which is a private estate valued at $753 million in net assets that are owned in trust by the monarch. The Dutchy’s net revenues go directly to the King as an allowance called the Privy Purse, which covers any other official expenditures.
Besides the two above, Charles also holds the Crown Estate Scotland, which is a portfolio with some $570 million in net assets, including the Scottish seabed, and rural estates, as well as the rights to fish wild salmon and extract naturally occurring gold and silver in Scotland.
The Crown Jewels are one of the most associated assets of the British royal family; their value estimated as of 2019 is $4 billion in 2019.
The Royal Art Collection
The art collection’s overall value includes notable works by Leonardo Da Vinci, Rembrandt, Vermeer, and Caravaggio; hence the royal collection, including the Crown jewels, is estimated to be worth $12.7 billion.
Besides these, there are also nine palaces, castles and residences owned by the King in trust as sovereign. According to estimates, the combined value of these properties is $9.5 billion.
Charles Personal Assets
The new King also inherits the Queen’s personal assets, which according to estimates, are valued at $500 million. These include the world’s most comprehensive and finest collection of British and Commonwealth stamps, personal investments, horses, jewellery and artworks.
There is also a vast collection of cars, watches and other extravagant toys held by the King and the royal family.
The Kings’ Personal Outrageous Fortune
As Prince of Wales, in 64 years, Charles also learned how to build his own outrageous fortune, while he largely depended on the income from the Duchy of Cornwell, which expanded exponentially to $1.2 billion in net assets, $400 million in commercial properties and more than 52,000 hectares of land which is roughly a third the size of Greater London. The Dutchy’s net assets grew by 51% between 2011 – 2022.
Their net profits were so much that it made him independent of the Sovereign Grant.
Charles’s Personal Assets Questionable
However, there is a bit of controversy regarding Charles’s personal assets, and he has also received scrutiny for investments made through the Dutchy of Cornwell.
An investigation done by the International Consortium of Investigative Journalists in 2017 revealed that the Dutchy of Cornwell had invested millions of pounds in offshore companies and funds, including a business registered in Bermuda.
Yes, the King is rich, as rich as it can get!
And Surely Prince Williams, who is set to be the next in line to the throne, will have his own small fortune and the inheritance from his father; the legacy continues, and so does the wealth.
The only things that may be common between ordinary folks and the Royal family are – taxes, and even that disproportionately!