How Much Is Charles III Worth: Untangling the Finances of The New British Monarch. With the demise of Queen Elizabeth II, the longest heir, then Prince of Wales Prince Charles, now King Charles III, became the new monarch of the United Kingdom. Since he assumed the throne, even his well-wishers have been wondering how much he inherited after the death of his mother. He has been training for this day for the last 70 years. After assuming the throne, he inherited a whooping amount of wealth, lands, castles, jewels, and several unique pieces of art that are worth millions.
Who is King Charles III?
King Charles III is the eldest son of Queen Elizabeth II and Prince Phillip. He is the older sibling to Princess Anne, Prince Andrew, and Prince Edward. As an heir apparent, he is succeeded by his son Prince William, the new Prince of Wales. The new monarch was married to Princess Diana from 1981 to 1996. After his divorce, the now King rekindled his romance with Camilla Parker Bowles. In 2005, Charles married Camilla Parker Bowles, making her the new Queen Consort.
Charles is not only the King of the United Kingdom but also the symbolic head of 14 commonwealth realms. Charles has been the longest-serving heir apparent in the entire British Royal history, making him the oldest monarch to become the King.
Being part of the Windsor family comes with a built-in prestige and perks of its own. But with perks, a lifelong job role also comes into the picture that does not always involve “just” wealth. Since established in the time of King George VI – even the most senior member relies on gifts and allowances from their elders.
But being a King still must feel good, even if it is only symbolic.
Earnings from the Duchy of Cornwall
Before becoming the monarch, Charles had a net worth of $100 million. His source of income was highly dependent on the Duchy of Cornwall. While being the monarch-in-waiting, he received 90% of his income from the private estate of Cornwall. The Duchy was established in 1337 to financially support the heir to the throne.
The duchy is a private business portfolio that includes around 130,000 acres of commercial and rural land. The land is spread over 20 counties in England and Wales. The rich property portfolio comprises 260 fully functional farms and woodlands with several residential and commercial properties. The duchy controls parts of the nearby coastline and has a financial portfolio for investment.
Charles started getting money from the duchy when he was 21. By the 1980s he started growing the business that later supported him for the majority of his life. He successfully professionalized the duchy for a late capitalist age.
The mere pile of land was transformed into a product portfolio. According to the reports, in 2018 the duchy made Charles a revenue of $28 million. To top it off, Charles and Camilla received $1.8 million the same year from the Sovereign Grant, a taxpayer fund that is paid by the citizens to the Royal Family. In the same year, they received around $ 627,000 from several other departments in the United Kingdom.
Both Charles and Camilla, before accession to the throne, were one of the most senior members of the Firm, known also as Monarchy PLC. this group is made up of the people that are the public faces of the institution in the society. King Charles III now heads this group as the new sovereign. The firm itself operates a multi-million-pound business empire that boosts the UK economy including televised events and tourism to the crown’s personal property.
This Monarchy PLC group includes Charles, Camilla, Prince William and his wife, Princess Anne, and Prince Edward and his wife. According to the reports in Forbes, the royal family holds around $28 billion in real estate, as of the figures released in 2021. This huge chunk of property, however, is not saleable. Let’s take a look at the worth of these properties:
- 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
How Much Is Inherited?
After he acceded to the throne, Charles’ net worth rose from $100 million to $600 million. Apart from working for the firm, he had several successful businesses, including Charitable Foundation which is now inherited by Prince William as the new heir apparent. Through this foundation, Charles owned the largest organic food brand in the UK as well as the crafts centers and nature retreat in Transylvania.
The new King has inherited large swaths of lands, royal estates, some of the most precious jewels on Earth, paintings, and other artifacts that go back several centuries. He now holds the late monarch’s $42 billion rich and diverse asset portfolio that is held in the trust for the Kingdom. The portfolio also includes billions that are invested in state property that he would never actually own.
As the new head of the institution, Charles has inherited more than $500 million from the previous monarch and the best part is, it is all tax-free. The will of Queen Elizabeth II is sealed for at least the last 90 years. It will still take several generations for that will to unravel itself. But her eldest son has inherited most of it, including the private estates – the Balmoral Castle, Sandringham.
Also Read: All You Need to Know About Kamala Harris
7 Impactful Facts About Recep Tayyip Erdogan
According to Forbes, other than the land assets, this $500 million inheritance includes some rare artifacts, stamps, jewels, and any personal investments of the late monarch. None of this inheritance has any tax levied on it, thanks to the 1993 agreement between the British government that has exempted the transfer of property from one sovereign to the next one.
Crown Estate ads a significant amount of wealth for the new King as well. According to several reports, the Crown Estate generated an estimated net profit of $361 million in 2021. On top of it, the UK treasury paid the late Queen a gigantic sum of $100 million as part of the Sovereign Grant. This means every British citizen contributed an amount of $ 1.50 to this grant to the monarch.