With Queen Elizabeth’s passing after a 70-year reign, many are asking what will happen to the more than $500 million worth of personal assets.
The Queen has died on Thursday, September 8th in her Balmoral Castle home in Scotland at the age of 96, leaving more than a $500 million fortune. Fortune states that the over $500 million in personal assets that have been accumulated by the Queen are largely from “investments, art collection, jewelry, and real estate holdings.”
READ ALSO: Queen Elizabeth II Passes Away At 96, After Serving Her Kingdom For Seven Decades
According to Fortune, “King Charles III shall inherit this when he is crowned king” and “though it may seem straightforward, the Queen’s fortune and what happens to it now is complex.”
In the Instagram post, Fortune further states, “Much of what is seen to be owned by her actually belongs to the so-called ‘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’.”
In the same post, Fortune elaborates that the Queen received income through a taxpayer fund known as the Sovereign Grant. This grant is paid to the royal family yearly and the amount was set to “just over $98 million in 2021 and 2022.” The post also explains where the the Sovereign Grant funds are allocated, namely: travel, property maintenance, as well as operating or maintenance costs of the Queen’s household or Buckingham Palace.
Fortune adds that the Royal Firm is known as the Monarchy PLC, a group of senior members and public faces of the House of Windsor which includes the Queen and seven royals and together they run a global business empire that “pumps hundreds of millions of pounds into the United Kingdom’s economy every year through televised events and tourism.”
The report states that as of 2021 the monarchy holds nearly $28 billion in real estate assets which cannot be sold which 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), and The Crown Estate of Scotland ($592 million). In addition, the post says that most of the Queen’s personal assets will be passed down to the new King Charles III upon taking the throne, however, he will not directly inherit the $28 billion empire and instead, will receive just the personal assets that Queen Elizabeth II specifically designated to him.
Banner photo via royal.uk. and History on YouTube.
