The world is still digesting the news of Queen Elizabeth II’s passing which filtered through on Thursday evening, there is speculation on her personal wealth.
Having reportedly passed away at the age of 96 at Balmoral Castle, her home in Scotland, her death has definitely left many politicians and ordinary people sharing contrasting tributes.
Entertainment SA takes a look at the wealth the Queen leaves behind and media reports from outlets such as Forbes and Fortune indicate that she leaves behind over $500 million in personal assets.
The queen occupied the throne for 70 years but Prince Charles will inherit when he is crowned king, an event expected to happen on Friday.
“The Queen has accumulated over $500 million in personal assets, largely due to her investments, art collection, jewelry, and real estate holdings, which includes the Sandringham House and the Balmoral Castle, according to Business Insider.,” reports Fortune.
https://twitter.com/FortuneMagazine/status/1567950511961161731
“Now that she’s died, most of her personal assets will be passed down to Prince Charles when he takes the throne.
“Her Majesty also inherited nearly $70 million from the Queen Mother when she died in 2002, including investments in paintings, a stamp collection, fine china, jewels, horses, and even a valuable Faberge egg collection. Paintings in the collection include works by Monet, Nash, and Carl Fabergé.”
While it is mentioned that there is a special legal clause in place that exempts the Queen from paying inheritance tax on the estate left by her mother., this clause will apply to Prince Charles too.
Inheritance from sovereign to the sovereign is exempt from the 40% inheritance tax, as was agreed with the former Prime Minister John Major in 1993 to avoid erosion of the royal family’s wealth.
However, the new king 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, and the Buckingham and Kensington Palaces because these were not Elizabeth’s personal assets that are specifically designated to him by the late queen.
Furthermore, the monarchy holds nearly $28 billion in real estate assets as of 2021, which cannot be sold, according to Forbes.
That includes:
The Crown Estate: $19.5 billion
Buckingham Palace: $4.9 billion
The Duchy of Cornwall: $1.3 billion
The Duchy of Lancaster: $748 million
Kensington Palace: $630 million
The Crown Estate of Scotland: $592 million
Image: Queen Elizabeth II/Twitter
