The net worth of King Charles III. What did he inherit and how much tax will he have to pay?
Elizabeth II was one of the wealthiest people in the world, with prime real estate from central London, such as Buckingham Palace, to stretches of farmland in Scotland. But unlike other wealthy individuals, the ability to sell or profit from these assets was very limited.
The brand value of the British monarchy was estimated at $78 billion by Brand Finance in 2017.
The domain of the Crown
Fortune of King Charles III
Queen Elizabeth’s personal net worth has been estimated at $500 million by Forbes. This wealth is linked to art, jewellery, investments and castles like Balmoral Castle in Scotland and the house of Sandringham in England. Collectively, these assets are worth $500 million. Most of this personal wealth will be transferred to King Charles III.
A direct source of income for the king will come from the Duchy of Lancaster, a private estate of 18,248 hectares which has belonged to the reigning monarch since 1399; the net worth of the property is estimated at £653 million.
Management of Dutchy of Cornwall, a private estate estimated at £1.05billion, formerly held by Charles III, will pass to Prince William as it is given to the heir.
Will King Charles III pay taxes?
Among other privileges granted to the monarch, King Charles III is exempt from inheritance tax, a 40% wealth tax levied on estates, otherwise levied on commoners.
The British monarchy is known as a constitutional monarchy. This means that, although the Sovereign is the Head of State, the ability to make and pass laws belongs to an elected Parliament. Although the Sovereign no longer has a political or executive role, he continues to play an important role in the life of the nation.