RadioFree
i24NEWS
Queen Elizabeth’s fortune is estimated at around $500 million; the Royal Family’s – $28 billion
The global wealth of the British Royal Family is estimated at around $28 billion, while Queen Elizabeth II’s fortune is an estimated $500 million – which bodes the question: how will the recently passed monarch’s inheritance be distributed?
Elizabeth and her family’s lifestyle was always supported by the British taxpayer. However, the Queen and her relatives were also able to rely on the huge private wealth of the Crown.
“The Privy Purse” refers to the Queen’s private income, which was around $750 million, mostly from the Duchy of Lancaster estate, owned by the Royal Family since the Middle Ages.
This “Purse” includes 315 residential properties, high-end commercial properties, and thousands of acres of agricultural land. In the last fiscal year, the income from this private estate amounted to over $27 million, which according to the data by the Ouest France daily newspaper, the Queen distributed part of it amongst her relatives.
Queen Elizabeth owned other private properties as well, including Balmoral Castle – which is valued at just over $115 million – and her country manor in Sandringham, valued at $57.6 million.
Some of the Royal collections also belonged to the Queen, such as a stamp collection started by King George V, and her personal horse stable which would have earned her more than $8 million over the years.
Finally, the famous Crown Jewels, the symbolic property of the Queen valued at some $3.4 billion, were automatically passed on to the next monarch – King Charles III.
Charles inherits not only the British throne but also the Queen’s colossal estate, for which he will not have to pay inheritance tax, an exemption that dates back to 1993 intended to prevent the King’s or Queen’s estate from being reduced by 40 percent with each inheritance if several monarchs were to die every few years.
Expenses related to the official representation of the King or members of his family will be covered by an annual allocation from the Treasury. The “sovereign grant,” which amounts to almost $100 million for 2021-2022, includes a ten-year extension for the renovation of Buckingham Palace of around $39 million.
The Queen’s three other children – Princess Anne, Prince Andrew, and Prince Edward – will also inherit a share of their late mother’s fortune.
Prince Andrew has long been considered his mother’s “favorite son” before she removed him from public life following his alleged involvement in the Jeffrey Epstein sex trafficking affair. It is still unknown whether he will receive the same amount as his siblings.
He could, at least, inherit Elizabeth’s beloved dogs. A Palace spokesman told Sky News on Sunday that the famous corgis would go to Prince Andrew and his ex-wife, Sarah Ferguson.
X
RadioFree
Information
Categories
Legal
Follow us
About Author
