At the age of 96, Queen Elizabeth II passed away on Thursday at Balmoral Castle in Scotland. Now, the questions rise about who will inherit Queen Elizabeth money.
Prince Charles will receive more than $500 million in personal property that Her Majesty left behind during her 70 years as monarch.
The Queen’s wealth and what happens to it now—are complicated, despite the fact that much of what is perceived as her property belongs to the $28 billion “Royal Firm.” Former British royals including King George VI and Prince Philip once referred to the $28 billion enterprise as “the family business.”
So, the answer to Who will inherit Queen Elizabeth money is – King Charles III.
What will happen to the Queen’s money after her passing is detailed below.
Estimates place the value of Queen Elizabeth’s private wealth at $426 million.
How does the monarch make money?
The British taxpayer-funded Sovereign Grant, an annual sum given to the royal family, gave money to the Queen. It has its roots in a deal King George III struck to give up his income from Parliament in exchange for a set annual payment for himself and his future royal heirs.
In 2021 and 2022, this grant’s size was set at just over 86 million pounds. These funds are designated for official tours, property upkeep, and operational or maintenance expenses for Buckingham Palace, the Monarch’s home.
Following the passing of his mother, Queen Elizabeth II, King Charles not only takes the kingdom but also her personal wealth without having to pay inheritance tax. The Sunday Times Rich List 2022 estimates the queen’s net worth to be at £370 million ($426 million), up $5 million from the previous year although the British monarchs are not required to disclose their personal earnings.
The monarchy as an entity owns the true royal riches, which include the Crown Estate grounds, the Royal Collection of art and jewellery, as well as official residences and the Royal Archives.
Thus, only Charles will get them.
The Crown Jewels, estimated to be valued at least £3 billion, are similar in that they only belonged to the queen figuratively and are immediately handed to her replacement.
Charles’ wealth, which according to celebritynetworth.com is believed to be worth about $100 million, will be increased by the riches of the queen.
Prince Philip, Elizabeth’s late husband, left a more humble legacy worth £10 million, which included a collection of about 3,000 works of art, most of which were given to relatives and friends, according to the Sunday Times.
The Duchy of Lancaster is a private estate with business, agricultural, and residential properties that have been owned by monarchs since the Middle Ages and which Charles inherits as king.
The monarch has the authority to use the funds, and usually does so to pay for government expenses. It produced a net surplus of £24.0 million for the fiscal year 2021–2022
Charles will, however, not own the Duchy of Cornwall, another personal property in southwest England. In 2021–2022, it generated a revenue surplus of almost £23 million.
Prince William, the eldest son of Charles and the current successor to the throne will get the duchy, which was established in 1337 by Edward III for his son and heir, prince Edward.
Additionally, Charles will be given the annual Sovereign Grant from the UK Treasury, which is equal to 15% of the Crown Estate’s earnings and which the monarch submits to the government following a 1760 agreement.
When will Charles be coronated?
A formal period of national mourning has begun in Britain and will continue till the day of the Queen’s royal burial, which will be in about 10 days.
King Charles III’s coronation will need even more careful planning, even though much of what happens following the monarch’s death has already been well arranged.
It would be considered inappropriate to conduct the coronation too soon after Queen Elizabeth II passed away because the country is still grieving her loss. Queen Elizabeth waited an entire 16 months after ascending to the throne for her coronation. Although King Charles III’s coronation has not yet been scheduled, it does have a designated code name: Operation Golden Orb. So, it’s expected that King Charles’s coronation is now months far.