What fortune did Queen Elizabeth II leave and who will get it?
The finances of the royal family have always been one of the hottest topics of discussion in society. Luxurious palaces and huge estates, precious jewelry, priceless masterpieces of art and other valuables that the crown owns - this is understandable. What does each of them personally own? The recent death of Elizabeth II involuntarily lifted the veil of secrecy over this issue. After all, now it became clear what belonged to her, and most importantly, who will now inherit these fabulous capitals. So how much was the British queen worth?
The queen was part of a system that had evolved over the centuries. The royal family acquired and inherited property, titles, capitals and entire countries. The wealth of the crown only grew. As the centuries passed, it became difficult to separate personal finances from royal wealth. Now this is to be done.
The British royal family is valued at around $78 billion. Assets include not only valuable real estate, but also intangible assets in the form of intellectual property, social media and other aspects that make up the "brand" of the monarchy. Forbes has estimated the Queen's personal fortune at $500 million. That is very solid, but not enough to surpass their richest subjects. These are the assets of the Queen herself. These include, for example, her incredibly impressive stamp collection. Collectors estimate this alone at a whopping $124 million!
The Queen also personally owned several properties, including Balmoral Castle in Aberdeen, Scotland (worth $140 million) and Sandringham House in the English countryside (worth $65 million). The rest of her fortune belonged not to the Queen, but to the Crown, which means that King Charles III will now inherit much of his mother's wealth.
Where does the royal family get their money from?
Traditionally, British monarchs pass both their wealth and the capital of the crown into the hands of the heir to the throne. So it was, for example, with the Queen Mother. Elizabeth's mother passed away two decades ago. She bequeathed her entire fortune to her eldest daughter. It was 70 million dollars. Elizabeth also inherited Buckingham Palace and everything in it. The palace houses many valuable art objects, jewelry, Faberge eggs and more. There are expensive thoroughbred horses in the stables. All this is the property of the crown, not the monarch personally. Any Briton or guest of the country can visit the residence as a tourist.
Here a legitimate question arises: if this entire splendor does not actually belong to members of the British royal family, what do they live on? The answer is simple: taxes. The royal family does not just receive a salary in the form of a certain amount for personal expenses. All finances go through a special fund called The Crown Estate. This fund is the personal property of the reigning monarch. A similar system has existed for centuries, but today it has acquired a more modern and fair form.
All tax revenues pass through the so-called Sovereign Grant. They are transferred to the UK Secretary of the Treasury. Then he determines the percentage of funds to be transferred to the royal family. After that, the queen or king must distribute this amount among the rest of the family. The amount of finance that is given to each depends on their "salary". After all, being a member of the royal family is a full-time job.
In general, payments from the Sovereign Grant range from 15 to 25 percent. In 2020, for example, the Crown Estate earned over $700 million, with a profit of over $475 million. According to Forbes, the latest Sovereign Grant received by members of the royal family was about $120 million.
Was Elizabeth wasteful or stingy?
According to the will of the late Queen Elizabeth II, all her wealth and assets will be transferred to her eldest son, and now the king, Charles III. Like her mother before her, Elizabeth II passed on Buckingham Palace and everything in it, as well as personal estates such as Balmoral, to her successor. The royal family is invariably associated with untold wealth, fantastic luxury and all sorts of excesses. Elizabeth II was never a spender and tried to instill the same in her children. She remembered well the lessons of the Second World War and what it was like to live on rations.
The Queen sometimes did not hesitate to use public transport. She wore outfits several times and was not averse to finishing the leftovers of lunch for dinner. The Queen's grandchildren are also accustomed to flying commercially, and during their studies furnished their dorm rooms with cheap IKEA furniture.
