Queen Elizabeth II'spersonal wealth wasestimated to be more than $734million before her death.
But getting an exact figure on the late monarch's wealth is difficult, because it comes from a combination of public and private assets.
Unlike other families in the United Kingdom, seniorroyals don't have to make their wills public — soit's likely we willnever know exactlyhow much she was worth.
However, we do know who will inherit some ofher vast fortune.
But first let's break down the three sources of the monarch's fortune and sources of income.
1. Queen Elizabeth II's personal wealth
Of all the ways the monarch makes money, this is the most difficult to pin down.
It includesthe Queen'sinvestments, properties, art, jewels and racehorses among the other items that the she privately owned and was under no obligation to report.
All we can do is rely on estimates.
Britain's Sunday Times newspaper estimated her net worth was $637 million earlier this year, while Forbes has her worth closer to $734 million.
For what it's worth, Forbes estimates that the royal family — sometimes called The Firm—is worth about $28 billion.
Outside of her holdings and investments, the Queen's lifelong passion for horses reportedly made her millions.
Estimates from 2017 put her lifetime prize money won from racing at about $12 million.
There's twobig ticket properties that were privately owned by the Queen:Balmoral Castle and Sandringham House.
She inherited both properties from her parents.
Prince Albert, the husband of Queen Victoria, purchased Balmoral Castle, which sits on a 20,000-hectare estate, from aScottish family in 1852.
The Queen's great-grandfatherKing Edward VII bought Sandringham House, which sits on roughly 3,200 hectares, in1862.
Both have remained in the family since.
They are now owned by the Queen's son, King Charles III.
2. The Duchy of Lancaster
The Duchy of Lancaster is a private collection of property, land and investments which dates back to 1265.
It includes blocks of property in central London and 10 castles, as well as farmland, homes, quarries, golf courses and commercial premises across England and Wales.
The Queen was not required to pay tax on the income, but she has contributed a voluntaryamount since 1993.
This year the Duchy of Lancaster reported it hadhad $1.1 billioninnet assets under its control, which delivered a net surplus of $40 million.
The main sources of income came from commercial property (63 per cent), agriculture(20 per cent) and finance(9 per cent).
3. The Crown Estate
The Crown Estate includes world-famous possessions.
It includes thepropertiesand items that tourists travel across the globe to see such asBuckingham Palace, Windsor Castle,the Crown Jewels and the Royal Collection.
These are kept by the Monarchon behalf of the nation, which means they are not the property of the UK governmentor part ofthe sovereign's private estate.
They are part of the hereditary possessions of the sovereign "in right of the Crown".
It's a collectionof lands and holdings that make up one of the main sources of income for the royal family.
These include shopping centres, retail areas and buildings.
One of the lesser-known properties owned by The Crown Estateincludes virtually all ofthe United Kingdom's seabed.
It's all overseen as an independent commercial business run by a board of eight people who are approved by the monarch on the advice of the UK prime minister.
Those eight peoplemanageassets with a combined value of $25.95 billion with the aim of enhancing its value.
In 2021, the Crown Estate made a net income of $459.66 million.
This is then split up, with 75 per cent going totheUK treasury and 25 per cent to the monarch.
The quarter paid to the royals is known as the Sovereign Grant, which funds the upkeep of palaces and expenses of royal duties.
Last year, the Sovereign Grant was$147 million, which works out to be about $2.20 per person in the United Kingdom.
Australia does not directlyfund the monarchy.
So, what doKing Charles and the rest of the royal family inherit?
Like his mother before him, King Charles will inherit The Crown Estate and the Duchy of Lancaster.
Prince Williamand his wife Catherinewill inherit the Duchy of Cornwall, which was set up by KingEdward III in 1337 to provide independence to hisheir.
The Duchy of Cornwall has beenpassed on to the heir to the throne who, up until Queen Elizabeth's death, was King Charles.
Itwill now be passed to Prince William and Catherinedue to their promotion to Prince and Princess of Wales.
The prized estate, which is made up of 53,000 hectares of land in 23 counties, has a net worth reportedlyabove $1.6 billion.
The vast amount of wealth passing hands between the royals will betax-free.
The 40 per cent levy on property valued at more than $548,000 for constituents of the United Kingdom does not apply to the royal family.
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