September 8 marked a sombre day for Britain's royal family after Queen Elizabeth II, the country's longest-reigning monarch, died at the age of 96. Her Majesty reportedly left behind over $500 million in personal assets from her 70 years on the throne. However, what happens to the Queen’s fortune now is complex.
Much of what is seen to be owned by her belongs to the Royal Firm, the $28 billion empire that members of the British royal family like King George VI and Prince Philip once referred to as “the family business.” Here’s a look into Queen Elizabeth II’s personal assets and the money that the royals make.
Her Majesty’s Personal Assets
Queen Elizabeth 2 had accumulated over $500 million in personal assets, largely due to her investments, art collection, jewellery, and real estate holdings, as per a report by the Business Insider.
Her Majesty also inherited nearly $70 million from the Queen Mother when she died in 2002, including paintings, a stamp collection, fine china, jewels, horses, and more.
Also, a special legal clause exempts the Queen from paying inheritance tax on the estate left by her mother which will apply to Prince Charles as well.
However, Prince Charles won’t directly inherit the $28 billion empire which includes the estate of Scotland, the Crown Estate, the Duchy of Lancaster, the Duchy of Cornwall, the Buckingham, and the Kensington Palaces. He will only receive what was specifically designated to him by Queen Elizabeth II.
How much money does the royal family make?
The royal family has various sources of income, depending upon the family member.
The Monarchy PLC holds nearly $28 billion in assets through various entities such as The Crown Estate, and the Palaces, according to Forbes.
The royal family receives 25 percent of the income from the Crown Estate (worth some $19.5 billion), and an allowance called the Sovereign Grant, which is divided among family members, reported Reader’s Digest.
The Sovereign Grant’ is a government-administered annual lump sum fund introduced in 2012, which is paid for the monarch's official duties, and the costs involved in maintaining the occupied palaces.
According to a report by the Oprahdaily, in 2018-2019 fiscal year, the total Sovereign Grant amount was 82.2 million pounds (that's nearly $106 million in American dollars).
Apart from the Sovereign Grant, there is a portfolio of properties and assets called the ‘Queen’s Privy Purse’ which have been held in trust dating back to the 14th century. This provides private income to the Majesty from the Duchy of Lancaster.
As per a statement on the Duchy of Lancaster website, at the end of March 2022, the Duchy of Lancaster had $652.8 million of net assets under its control, delivering a net surplus of $24 million.
