Elizabeth II left behind a net worth of $500 million, now who will inherit her royal legacy?

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Queen Elizabeth II died Thursday at the age of 96 at her home in Scotland at Balmoral Castle.

She has amassed more than $500 million in personal wealth during her more than 70 years in office that Prince Charles would inherit if he became king.

However, whatever you can see in their ownership is actually of the so-called Royal Firm. This $28 billion empire that members of the British royal family such as King George VI and Prince Philip once referred to as the "family business".

Here's What Will Happen To The Queen's Property Now After Her Death?

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How did the queen get paid?

The Queen received income through a taxpayer fund known as the Sovereign Grant, which was paid annually to the British royal family. It stems from an agreement made by King George III to surrender his income from Parliament in order to receive a fixed annual payment for herself and future generations of the royal family. Originally known as the Citizens List, it was replaced by the Sovereign Grant in 2012.

This grant money was earmarked for just over £86 million in 2021 and 2022. These funds are allocated for official travel, maintenance of the property, and the cost of operating or maintaining the Queen's home—Buckingham Palace.

But the queen did not get only the annual salary, apart from this many other facilities were also available.

The Royal Firm: The $28 billion Empire

The firm, also known as Monarchy plc, was ruled by the Queen's principal royal family. It can be considered a global business empire that pumps hundreds of millions of pounds into the United Kingdom's economy every year through television programs and tourism.

Her Majesty and seven other royals are members of the firm: Prince Charles and his wife Camilla, Duchess of Cornwall; Prince William and his wife Kate, Duchess of Cambridge; The Queen's daughter Princess Anne; and the Queen's youngest son Prince Edward and his wife Sophie, Countess of Wessex.

According to Forbes, the monarchy has about $28 billion in real estate as of 2021, which cannot be sold. which consists of:

  • 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
  • Crown Estate of Scotland: $592 million

Although the family does not personally benefit from the business, it is intended to boost the economy, which in turn may provide funds to the Windsors through free media coverage and royal warrants.

The Crown Estate

The Crown Estate is a collection of land and holdings belonging to the British monarchy, which was held by Queen Elizabeth II. But it is not private property; It is run by a semi-independent public board. In June, Crown Estate announced a $312.7 million net revenue profit for the 2021–2022 fiscal year, up $43 million from a year earlier.

Funding for the Sovereign Grant comes from a percentage of profit to revenue, which according to the Royal Household was initially set at 15%. Funding to support the renovation of Buckingham Palace was increased to 25% in 2017–2018 and should be reduced to 15% by 2028.

Grants are used to pay for official expenses including payroll for employees, security, travel, housekeeping, and maintenance. But the personal expenses of the Queen and her extended family are paid for through a separate allowance called the Privy Purse.

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The Queen's Personal Property

According to Business Insider, the Queen has amassed more than $500 million in personal assets due to her investments, art collection, jewelry, and real estate holdings, which include Sandringham House and Balmoral Castle. Now that she has died, most of her personal wealth will be handed over to Prince Charles when he takes the throne.

When the Queen died in 2002, Elizabeth inherited approximately $70 million, including investments in paintings, a stamp collection, jewelry, horses, and even a valuable Faberge Egg Collection. Paintings in the collection include works by Monet, Nash, and Karl Faberge.

There is a special legal clause that exempts the Queen from paying inheritance tax on property left by her mother. This clause would also apply to Prince Charles. Inheritance from the sovereign to the sovereign is exempt from the 40% inheritance tax, as agreed with former Prime Minister John Major in 1993 to avoid erosion of the wealth of the royal family.

But Prince Charles still hasn't directly inherited the $28 billion empire, which includes the estates of Scotland, the Crown Estate, the Duchy of Lancaster, the Duchy of Cornwall, and Buckingham and Kensington Palace. He would only receive personal property specifically assigned to him by Queen Elizabeth II.