What to know about Queen Elizabeth II's wealth, and the future of the British monarchy's finances (2024)

The death of Queen Elizabeth II, who ruled for seven decades, has brought about a moment of transition for the British monarchy. And that also applies to the monarchy's finances.

King Charles III, her son, ascended to the throne but likely will not be officially crowned for months. Currency in Britain and Commonwealth countries worldwide still features Elizabeth, and it remains unclear when Charles will appear on money.

For now, the royal family joins Britain in a national mourning period until Sept. 19, the day her funeral takes place.

Questions have already surfaced, however, about the inheritance of Elizabeth's personal wealth, which totals in the hundreds of millions of dollars; as well as the fate of the British monarchy's fortune, which stands in the tens of billions, according to Fortune.

MORE: Queen Elizabeth II appears on money worldwide. What happens to it now?

The succession marks a transition period for the royal family's assets, which include a vast set of valuable properties across Britain. Those assets yield annual profit to the British government and the royal family, but some Britons have questioned whether the financial arrangement ultimately benefits Britain, especially as it faces economic difficulty amid sky-high inflation.

Further interest focuses on the outlook for the powerful brand affiliated with the royal family, which draws tourists to Britain from around the world and appears on merchandise emblazoned with the royal coat of arms.

Here's what you need to know about the British monarchy's finances:

What was Elizabeth's net worth and what happens to it now?

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The net worth of Elizabeth -- not including the wealth of the monarchy as a whole -- stands in the hundreds of millions but the exact figure remains shrouded in mystery, since the House of Windsor does not release information on her total assets.

Fortune estimates Elizabeth's net worth at $500 million. While expert David McClure, in his 2020 book "The Queen's True Worth," pegged her assets at $468 million.

Elizabeth derived her personal wealth from expensive goods like jewelry and art, as well as investment holdings and real estate. Her portfolio of privately held real estate included Balmoral Castle in Scotland and Sandringham House in England.

Charles is expected to inherit much of Queen Elizabeth's personal wealth, though some of her fortune is tied up with monarchy holdings and could follow a more complicated path of inheritance.

MORE: Prince Andrew to care for the queen's corgis, source says

How much wealth does the royal family have and where does it come from?

The wealth of the royal family, also known as "The Firm," stands at an estimated $28 billion, according to Fortune.

The largest source of wealth for the royal family is the Crown Estate — a large portfolio of assets valued at $19.2 billion, according to a report from the Crown Estate. The Crown Estate includes more than 191,000 acres of rural land, including the famed Windsor Castle; as well as retail and leisure businesses and high-end London properties.

What to know about Queen Elizabeth II's wealth, and the future of the British monarchy's finances (1)

The royal family owns the Crown Estate in name only, however, since it falls under the control of the British government. The government, in turn, provides 25% of the profit the Crown Estate generates to the royal family from the national treasury in what's called the "Sovereign Grant," which essentially amounts to a subsidy from taxpayers. Last year, the grant totaled $99.4 million, a financial report from the Crown Estate showed.

Another major source of wealth for the royal family is The Duchy of Cornwall, a vast property valued at $1.2 billion. The estate, established in 1337 and made up of land across Britain, traditionally gets passed down to the heir to the throne upon succession, so it will transfer from Charles to his eldest son, William.

The Duchy of Lancaster, another centuries-old estate, is valued at $942.05 million. The profits from this estate go to the reigning monarch.

Additional wealth associated with the royal family centers on its brand, which generates $2.03 billion in economic activity for Britain each year by drawing global tourists, enhancing the value of merchandise emblazoned with a Royal Warrant or a Coat of Arms and adding to the appeal of television shows about the monarchy, according to a 2017 examination conducted by public relations research firm BrandFinance.

MORE: Death of Queen Elizabeth II: Where is Charles now king and what is the Commonwealth?

Does the British royal family pay taxes?

The British royal family pays some taxes but avoids others levied on wealthy families in Britain.

For instance, Charles will not pay inheritance taxes on the hundreds of millions in assets he will likely receive from Elizabeth. However, for others in Britain, any inheritance valued over $380,000 is slapped with a 40% tax.

Similarly, the royal family does not have a legal obligation to pay the country's capital gains tax or income tax, according to a "Memorandum of Understanding on Royal Taxation" published by the government in 2013.

Charles, however, has voluntarily paid a 45% income tax on money he has taken in from the Duchy of Cornwall.

Other taxes paid by the royal family include capital gains and income taxes incurred by Elizabeth and Charles from their personal wealth. For decades, the two most powerful figures in the royal family have also paid such taxes on income from royal assets when those were not used in an official capacity.

Some members of the British public question whether the royal family should be allowed to forgo some taxes. The frustration, they argue, is particularly pronounced at a time of economic difficulty for the United Kingdom, when inflation stands at an elevated rate of 9.9%.

"It's hard to justify that, especially when so many people are struggling," a resident of Britain told Good Morning America on Wednesday.

What to know about Queen Elizabeth II's wealth, and the future of the British monarchy's finances (2024)

FAQs

What to know about Queen Elizabeth II's wealth, and the future of the British monarchy's finances? ›

Queen Elizabeth's net worth: $500 million

What is the wealth of Queen Elizabeth II explained? ›

Queen Elizabeth II, the British monarchy's longest-reigning ruler, had a personal fortune of $500 million (about £380.7 million) according to an estimate by Forbes. 5 Her personal assets were made up of her vast jewelry and art collection, property, and other personal investments.

Who finances the British monarchy? ›

For centuries, the government has provided financial support to the Monarch. Since 2012/13, this has been known as the Sovereign Grant, as provided for under the Sovereign Grant Act 2011.

What is the wealth of the British monarchy? ›

Dissecting the royal family's financial empire isn't straightforward. Last year, Forbes put the headline value of its holdings at $28 billion, theoretically making the Windsors one of the two richest clans in Britain. Among those holdings are instantly recognizable icons like Buckingham Palace and crown jewels.

Who did Queen Elizabeth leave her wealth to? ›

Queen Elizabeth is believed to have left an estate worth approximately 782 million dollars solely to her son, King Charles. King Charles' inheritance from his mother will not be taxed due to the fact that money exchanged from "monarch to monarch" is exempt from taxation.

How did Queen Elizabeth become so rich? ›

Queen Elizabeth II had a private income from her personal investment portfolio, though her personal wealth and income were not known. In 2002, she inherited her mother's estate, thought to have been worth £70 million (the equivalent of about £144 million today).

How much does Britain pay the Royal Family? ›

The total Sovereign Grant for 2022-23, amounted to £86.3 million (2021-22: £86.3 million), which is made up of a core grant of £51.8 million which funds official travel, property maintenance and the operating costs of The Sovereign's household.

Where does the royal family get its money from? ›

The Royal Family was previously funded through a fixed annual payment known as the Civil List. This was replaced by the Sovereign Grant in 2012. Profits of the Crown Estate - a property business owned by the monarch but run independently - go to the Treasury.

Does the royal family bring in more money than it costs? ›

While the average annual cost for UK taxpayers in royal upkeep comes to around £500m a year, Brand Finance estimates the monarchy's brand contributes £2.5bn to the British economy in the same timeframe.

Who owns Buckingham Palace? ›

Occupied Royal Palaces, such as Buckingham Palace, are not the private property of The Queen. They are occupied by the Sovereign and held in trust by Crown Estates for future generations. The Queen privately owns two properties, Balmoral Castle and Sandringham House, which are not publicly funded.

How much is Queen Elizabeth worth? ›

Queen Elizabeth's net worth: $500 million

The queen's personal fortune stems from her ownership of art, jewels, investments and real estate, which includes Balmoral Castle in Scotland — where she passed away on Thursday — and Sandringham House in England.

Where did Camilla get her money? ›

Before this transition, Camilla and Charles derived the majority of their income from the Duchy of Cornwall, a historic estate designed to support the heir to the throne financially. Additionally, they received funds from the Sovereign Grant and various UK departments.

Is the monarchy profitable for England? ›

Brand Finance, which bills itself as the world's leading brand valuation consultancy, estimated that the royals contributed 1.77 billion pounds ($1.95bn) to the UK economy in 2017 through a combination of the Crown Estate's revenues and indirect benefits for tourism, trade, media and the arts.

Did Prince Philip leave any money to Harry? ›

Harry and William were never going to receive an inheritance in Philip's will. Although the contents of Prince Philip's will have been sealed, as with other Royal wills, apart from a few small personal gifts his estate will have gone to the Queen, thus avoiding inheritance tax.

How much did Queen Mother leave Harry? ›

Furthermore, in 1994, the Queen Mother placed two-thirds of her wealth into a trust fund for her great-grandchildren. This trust fund was set to provide William and Harry with approximately $19.6 million, as reported by the BBC in 2002.

How much did Kate Middleton inherit from the Queen? ›

While Kate inherited $110 million in jewelry from the Queen, that collection did not include the Spencer tiara, a diamond-encrusted crown inherited by William's late mother, Princess Diana, in the mid-1970s. Diana wore the tiara in her wedding to King Charles—then Prince Charles—in 1981.

Where did The Queen get her money? ›

There are three sources of funding for The Queen, or officials of the Royal Household acting on His Majesty's behalf, in both a public and private capacity. These are: the Sovereign Grant, the Privy Purse and The King's personal wealth and income.

Who is the richest member of the royal family? ›

King Maha Vajiralongkorn is believed to be the richest individual royal in the world, with a fortune of $30 billion (£24.4bn).

How much debt was Elizabeth in when she became Queen? ›

England under Henry VIII and Mary I had fought many wars and had raised money by selling off lands owned by the crown. England had a huge debt when Elizabeth became Queen. England owed £300,000, which is worth £108 million today. The Crown needed a way to raise money to cover their debts.

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