How rich is King Charles? From jewelry inherited by Queen to royal wealth: Forbes estimates

 How rich is King Charles?  From jewelry inherited by Queen to royal wealth: Forbes estimates

He waited more than 70 years to become king. now Charles III He is seated on the throne, and all his inheritance is with him. Vast lands, royal estates, rare jewellery, paintings and other personal possessions, some centuries old which he inherited from his mother, Queen Elizabeth II, He now oversees a net worth of approximately $42 billion and has inherited $500 million from his mother. Then there are palaces and priceless works of art that he will never be able to keep.

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Queen’s Testament Seal

Queen Elizabeth’s will will remain sealed for at least 90 years. It follows that the exact distribution of his wealth will not be known for many generations. As the eldest son, Charles inherited the Queen’s personal possessions: her beloved palace in Balmoral, Scotland, where he died, as well as Sandringham in eastern England, the home of the horse-breeding known as the Royal Stud. . King Charles is also expected to inherit his vast private collection of jewelry, art, rare stamps and any personal investments.

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Personal property worth 500 million euros

Collectively, Forbes values ​​these individual assets as a 500 million euros, and king charles He won’t have to pay a shilling of inheritance taxThanks to a 1993 agreement with the British government that exempted property transfers from one sovereign to another.

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Annual income of the Duchy of Cornwall

The 73-year-old monarch also ascends the throne with a king’s ransom, thanks largely to the lucrative annual income she receives from the Duchy of Cornwall, which earned her about $27 million this year, and her eldest son, Prince William, is now the heir. Will happen.

$42 billion institutions

As the new monarch, Charles takes ownership of institutions that manage an estimated $42 billion worth, including some of the world’s most famous royal palaces and crown jewels. These possessions, which include Buckingham Palace, Windsor Castle and the Tower of London, are not directly owned by the king, but by the ruler’s “rights to the crown” for the duration of his reign. They are also kept “in trust” for their heirs and the nation, meaning they cannot actually be sold.

Crown Estate

King Charles’ single most valuable asset is the Crown Estate, a vast real estate portfolio with a net worth of $17.5 billion. These properties include Regent Street, London’s premier shopping destination, as well as Ascot Racecourse (a favorite of the Queen) and virtually the entire UK seabed. All net proceeds of the Crown Estate – $361 million in fiscal year 2022 – go to the British Treasury. But the royal family also gets a deduction: They receive a check from the Treasury known as a “sovereign grant,” which equals 25% of the net profit for the fiscal year two years ago. Sovereign grants in 2022 were $99.6 million based on Crown Estate’s net income in fiscal year 2019-20.

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However, that huge windfall doesn’t go directly to Charles. A 10% reduction in that net profit – $39.8 million for 2022 – is set aside for the upkeep of Buckingham Palace, and 15% is used to finance annual travel, ceremonial events, housekeeping and envelopes. Royal family salary. And those bills add up quickly.

Duchy of Lancaster

As king, he also gained control of the Duchy of Lancaster, a private estate with a net worth of $753 million, owned by the monarch. The net income of the duchy goes directly to the king in the form of an allowance called the privy purse, which covers all other official expenses. (In 2022 it was $24 million before tax.) Unlike the Sovereign Grant, which is tax-exempt, the Queen agreed in 1993 to voluntarily pay income tax on the portion of private purses not used for official purposes. . And Carlo agreed to have the same policy upon joining. In addition to the Crown Estate and the Duchy of Lancaster, Charles also owns Crown Estate Scotland, a portfolio with net worth of approximately $570 million, which includes the Scottish seabed, rural properties and rights to fish wild salmon and natural gold. and silver in Scotland.

the crown jewels

Crown jewels are perhaps the most recognizable asset associated with the British royal family. As part of the Royal Collection, he is “detained by the Emperor for the sake of the nation”. The Royal Institution of Chartered Surveyors estimated their value at $4 billion in 2019, compared with the sale of the French Crown Jewels in 1887 and the jewelry of the deceased Princess Margaret in 2006. The total value of the Royal Collection, which includes works by Rembrandt, Vermeer, Caravaggio and Leonardo da Vinci, is undoubtedly enormous. The Royal Collection, including the Crown Jewels, is estimated to be worth $12.7 billion, according to a 2017 report by UK-based brand valuation firm Brand Finance.

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Buckingham Palace

The most valuable asset in the collection is, of course, the King’s official London residence, Buckingham Palace, which is estimated at $4.9 billion. At the lower end is Clarence House, Charles’s formal residence in London when he was Prince of Wales, worth $72 million. Balmoral and Sandringham, now personally owned by the King after being inherited from Queen Elizabeth, are worth $118 million and $73 million, respectively.

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