Queen Elizabeth II leaves behind assets worth $88 billion of the monarchy. Where is he going now?
Washington: Queen Elizabeth II, who died at Balmoral Castle in Scotland on Thursday aged 96, left behind assets worth $88 billion of the British monarchy, according to 2017 estimates. Does it now is the question. The British monarchy was valued at around $88 billion in 2017, according to brand valuation consultancy Brand Finance. The Queen’s personal wealth is closer to $500 million from investments, art, jewelry and real estate, according to a 2021 estimate from Forbes.Read also – Queen Elizabeth’s funeral will take place on September 19: royal family
But the Queen’s true net worth has never been disclosed. The Guardian reported last year that the Queen successfully lobbied the UK government in the 1970s to change a bill to hide her private wealth from the public, saying disclosure would be embarrassing. A Buckingham Palace spokesperson told the BBC that ‘any claim that the sovereign blocked the legislation is simply incorrect’. Read also – “Sincere congratulations”, Putin to King Charles III, who compared the former to Hitler
The castle is just one of the possessions the queen leaves behind after 70 years on the throne. Her personal assets from investments, real estate, jewelry and more are worth an estimated $500 million, according to Forbes magazine. The entire royal family was estimated to be worth at least $88 billion in 2017. The funding that constitutes the wealth behind the crown is complex. Also Read – BBC Viewers Spot NSFW Error in Subtitles During King Charles Coverage. See the viral Tweet
Here’s a breakdown of Her Majesty’s worth, where the money comes from and where it can go, according to a USA Today report.
- Brand Finance reported in 2017 that the value of the British monarchy has increased “every year” since it started tracking in 2012.
- The $88 billion figure includes the Crown Estate, Royal Collection (including the Crown Jewels) and other assets.
Who inherits the queen’s fortune?
- King Charles III inherits the majority of the Queen’s $500 million, according to Forbes.
How did Queen Elizabeth II get the money?
- The royal family collects royalties from the Sovereign Grant Act, a taxpayer fund used to maintain the royal palaces and royal functions such as receptions and travel.
- The Sovereign Grant for 2022 to 2023 is just under $100 million. The payments are based on profits from the Crown Estate, a property business which is owned by the monarch but operates independently, according to the BBC.
- From 2017, the Queen began receiving 25% of Crown Estate profits from the previous two years, a deal that was to last 10 years to help pay for refurbishment of Buckingham Palace. The rest of the money goes to the government.
- The Crown Estate is also part of a $28 billion empire run by “The Firm”, or a group of members of the House of Windsor.
Besides the Queen, members included King Charles and his wife Queen Consort Camilla, Duchess of Cornwall; Prince William and his wife Kate, Duchess of Cambridge; Princess Anne, the Queen’s daughter; and the Queen’s youngest son, Prince Edward, and his wife Sophie, Countess of Wessex, Forbes says.
The Crown holds, but cannot sell, various assets, including:
- 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 Scotland ($592 million)
The company, or ‘Monarchy PLC’, injects hundreds of millions of pounds into the UK economy each year through tours of Commonwealth countries and other exhibitions. The royal wedding of Prince Harry and Meghan, Duchess of Sussex in 2018, for example, is expected to benefit the UK economy by over £1 billion, according to Brand Finance. The royal family does not personally benefit from the venture, but Forbes reports that they receive other financial benefits such as free media coverage, USA Today reported.
How much money did the Queen receive from taxpayers?
- The Sovereign Grant has been set at 86.3 million pounds (about $99 million) for 2021 to 2022, or about 1.29 pounds (about $1.50) per person in the UK, according to the BBC. This does not include security fees.
How much property did Elizabeth own?
- Forbes reports that the Queen’s personal estate assets include two castles: Sandringham House and Balmoral Castle.
(Based on IANS entries)