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Many are pondering how Queen Elizabeth II's fortune will be distributed among her kin as the royal family mourns her demise.
Prince Charles may inherit more than $500 million in personal property that Queen Elizabeth left behind during her 70 years as monarch.
The Queen's fortune and what happens to it now is more complicated than it seems. Much of Queen Elizabeth’s property actually belongs to the "Royal Firm," a $28 billion empire that former members of the British royal family like King George VI and Prince Philip once referred to as "the family business."
It is estimated that the Queen's personal net worth was around $657 million in 2022. This includes her assets, the Sovereign Grant, and personal income. Her assets include investments, art collection, jewelry, and real estate holdings, consisting of Sandringham House and the Balmoral Castle, according to Business Insider.
The 96-year-old Queen's wealth has been estimated to be worth a wide range of amounts over the years, with The Sun stating in 2019 that her entire net worth was actually $3 billion.
How did Queen Elizabeth II earn her fortune?
Queen Elizabeth received funding from the Sovereign Grant, an annual tax payment made to the British royal family. It originates from a deal King George III struck to give up his income from Parliament in exchange for a set annual payment for himself and future royal heirs. It was once referred to as the Civil List until the Sovereign Grant took its place in 2012.
In addition, the Crown Estate, a collection of royal holdings, generated $28 billion in revenue annually, of which the Queen received 25% and the British Treasury received the remaining 75%.
The Privy Purse, a collection of real estate and other assets belonging to the Duchy of Lancaster, also added to the Queen's fortune.
According to reports, Queen Elizabeth may also have an investment portfolio with a maximum value of $952 million. She is also rumored to have owned one of the largest stamp collections in history, with a $190 million market value.
The $28 billion empire, which includes the estate of Scotland, the Crown Estate, the Duchy of Lancaster, the Duchy of Cornwall, and the Buckingham and Kensington Palaces, will not be immediately inherited by Prince Charles, who will replace the Queen as King Charles III.
He shall only receive the specific personal property that the Queen has entrusted to him.
Queen Elizabeth II dies at 96: What happens to her wealth?
When Prince Charles ascends to the throne, the majority of her personal belongings will be given to him.
When Queen Elizabeth's mother passed away in 2002, Her Majesty also received a bequest of about $70 million, which included investments in artwork, a stamp collection, fine porcelain, jewels, horses, and even a priceless Faberge egg collection. The collection of paintings includes pieces by Monet, Nash, and Carl Fabergé.
Queen Elizabeth was immune from paying inheritance tax on the estate left by her mother thanks to a specific legal provision in existence. Prince Charles will be covered by this provision. As agreed upon in 1993 to prevent the dilution of the royal family's riches, inheritance from sovereign to sovereign is exempt from the 40% inheritance tax.
No official details have been released about what will happen over the coming days, but it is anticipated that the Queen will be given a full state funeral, as it is a tradition to mark the death of a monarch.
It is also expected that her body will be in the state to allow the public to pay tribute. King Charles III will sign off the final plans in the coming days.
