She was one of the richest women in the world: her personal assets are worth about $ 530 million. You head one of the most profitable companies on the planet: the Royal Firm, also known as thefamily business near Buckingham Palace, it is worth about $ 28 billion. And she earned a stellar salary: the taxpayer fund, known as the Sovereign Grant, paid her a grant of more than € 100 million a year. Not to mention the income from the Privy Purse, the income from the Duchy of Lancaster. After 70 years of reign, Queen Elizabeth II leaves an immense economic and financial legacy.
The good news for Charles III is that he won’t have to pay inheritance tax, a facility granted in 1993 by former premier John Major to protect the royal family’s wealth. The bad news is that he will not inherit his mother’s $ 28 billion empire, but he will have to be content with receiving only the personal possessions that Elizabeth II gave him exclusively. Monet paintings, thoroughbred horses, jewelry, real estate with no real economic value such as Balmoral Castle (who would buy it today?), Where Elizabeth II died, and even a number of the famous “Black Pennies”, the stamp rarest in the world.
As mentioned, the personal assets of Elizabeth II are worth over 530 million dollars and partly come from the inheritance of the Queen Mother, who died in 2002, who among other things had left her daughter precious porcelain and a precious collection of Fabergé eggs: for a total of $ 70 million, according to official statements. From her father, in addition to Balmoral Castle, Elizabeth II had received Sandringham House, a country residence in the village of Sandringham in County Norfolk.
As for the Royal Firm, also known as Monarchy Plc, it must be said that the queen was not the only shareholder of the company. In fact, Charles III and his wife Camilla, Prince William and his wife Kate, Princess Anna, Prince Edward and his wife Sophie sit on the board of the family firm. We are talking about a real money machine, which among its assets can boast The Crown Estate, the 19.5 billion dollar financial portfolio of the Crown, Buckingham Palace, the Duchy of Cornwall, the Duchy of Lancaster and Kensington Palace.
In June, the Crown Estate announced net income of more than $ 312 million for the financial year 2021-2022, up $ 43 million from the previous year. As for the Sovereign Grant, the Crown funding scheme introduced in 2012, the grant was increased in 2017-2018 to 25 percent to support the renovation of Buckingham Palace and is expected to be reduced to 15 percent by 2028. Result ? In 2020, the Queen received £ 85.9 million from the Sovereign Grant, or more than € 102 million. The Sovereign Grant resembles a public subsidy, a sovereign income we might say, issued in a lump-sum form by the London Treasury.
The grant was used by the sovereign to pay for official expenses, from salaries for staff to travel and missions abroad. But, as mentioned, Elizabeth II’s salary was also fed by the Privy Purse, useful for covering other expenses. At the end of March last year, the Duchy of Lancaster had £ 577.3 million of net assets under her control, generating a surplus of £ 22.3 million.
Elizabeth II was not the only owner of Buckingham Palace, however. She, however, she retained 15 percent of the income generated by the real estate complex. Recently, a London agency estimated that renting Buckingham Palace would require over £ 30 million a year, i.e. more or less 35 million euros. Charles III has repeatedly hinted that once he ascended the throne he would open as much as possible to the public (and commercialize) all the royal residences. In short, the business of the royal family looks promising in the future as well.
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