How Much Is King Charles III Inheriting From Queen Elizabeth II’s Private Wealth

Charles III has now been proclaimed king of England, following the recent death of Queen Elizabeth II. But aside from the throne, King Charles is also the sole heir to his mother’s private fortune. Here’s everything you should know about his huge inheritance.

What Was Queen Elizabeth II’s Net Worth?

Queen Elizabeth II was worth $500 million at the time of her death. However, other sources estimate her wealth to be between $447 million to $600 million. Her assets include Balmoral Castle, which is valued at $140 million, Sandringham estate which is worth $65 million; farms and land across the UK; and a private jewelry collection.

She also had a huge inheritance from her father, King George VI. In 2002, the queen inherited her mother’s $94 million estate which included art, jewelry, Faberge eggs, and racehorses. After Prince Philip’s passing in April 2021, the former monarch inherited the Duke of Edinburgh’s $30 million fortune.

There’s also the annual Sovereign Grant, which is an allowance given to the queen by the government. It’s based on the profits made by the Crown Estate, the lands and holdings owned by the British monarch across the UK. In 2020, it earned $475 million. The royal family reportedly received 25 percent of it.

How Much Is King Charles III Inheriting From Queen Elizabeth II’s Private Wealth?

King Charles III is inheriting the queen’s entire $500 million wealth, tax-free. That makes his current net worth, $600 million. Normally, UK citizens pay a 40 percent inheritance tax bill if the estate is over $377,000. “A special deal struck with the Government means any assets left by a UK monarch to their immediate successor will be free from inheritance tax, although gifts left to other children or relatives will be taxed in the usual way,” revealed of the king’s tax exemption, which only applies if the queen’s fortune is solely transferred to King Charles.

“The reasons the Monarch has been exempt from paying inheritance tax is to safeguard the erosion of the Sovereign’s wealth,” explained Fisher Jones Greenwood Solicitors. “The monarch doesn’t work or trade to ‘grow’ their estate as a normal individual would during their lifetime. If the monarch’s estate was repeatedly subjected to inheritance tax then their wealth would deplete dramatically.”

King Charles is also entitled to his mother’s collection of postage stamps from across the Commonwealth kept at St James’ Palace, as well as her $8 million in prize money from horse racing, and investment portfolio worth over $116 million as of six years ago.

The queen’s stock market portfolio did well the past year. “Her stock market portfolio should have fared well over the past year, justifying a £5 million ($5.8 million) rise in her personal fortune to £370 million ($429 million),” claimed the outlet. “The Queen is the first British monarch to mark 70 years on the throne, during which she has built a substantial private property and investment portfolio as well as preserving historic treasures including art.”

King Charles III Plans To Streamline The Monarchy’s Finances

In his first speech as king, Charles III paid tribute to his mother and addressed estranged royals, Prince Harry and Meghan Markle. “I want also to express my love for Harry and Meghan as they continue to build their lives overseas,” said His Royal Highness. According to a royal source: “It was a signal from the King that Harry is still very much a member of his loving family.”

However, the king previously expressed his plans to make adjustments to the monarchy, such as reducing the number of working royals and cutting expenses. “There’s no way Charles’ team will be as generous in turning a cheek and not calling them [Harry and Meghan] out,” said a palace insider. “They weren’t supposed to be using their titles everywhere. That was not on the table.”

As for Prince Andrew who’s linked in the Jefferey Epstein scandal, King Charles himself removed him from public duty and would likely cut him off financially, too. “We do know that he is funded by money from the Queen’s Duchy of Lancaster estate but the precise details of that are shrouded in a fog of pea-soup proportions,” writer David McClure said of Prince Andrew’s finances.

“There’s not many more members of the family to cut back really,” adding that the ones who left “do fulfill roles.”