Charles inherits a colossal fortune estimated at 425 million euros

Charles inherits a colossal fortune estimated at 425 million euros

Charles inherits a colossal fortune estimated at 425 million euros

With the death of Queen Elizabeth II, her eldest son, Charles, becomes king at 73 and will go down in history as the oldest monarch to ascend the throne. His sometimes criticized way of life has so far been fueled by the income of the Duchy of Cornwall, created in 1337 to ensure the subsistence of the heir to the throne. These 53,000 hectares of farmland, businesses and properties bring him more than £ 20 million a year. This sum will go to Prince Williams, his eldest son. Charles’s personal fortune is estimated at $ 100 million (£ 87 million) by celebritynetworth.com.

No inheritance tax

The new king now inherits his mother’s private fortune, a colossal fortune that he will receive without having to pay the inheritance tax, a privilege reserved for royal succession. An exemption that dates back to 1993 to avoid that, if more monarchs were to die a few years apart, the legacy of the king or queen would vanish, reducing each inheritance by 40%.

According to the Sunday Times, Elizabeth II was in charge of a personal fortune of £ 370 million in 2022, 5 million more than the previous year. Charles will bequeathed Balmoral Castle, a summer resort of the royal family, and the residence of Sandringham, where the royal family traditionally celebrate their New Year celebrations. Two of the Queen’s properties, Buckingham Palace, the London royal residence, and Windsor Castle, about thirty kilometers west of the capital, are state-owned.

In addition, the Queen also had a large portfolio of stocks and a royal collection of stamps whose value is estimated at £ 100 million, according to the authors of the Times’ 2021 Rich List. The famous crown jewels, worth around £ 3 billion, symbolically belonged to the queen and are automatically passed on to her successor. Prince Philip, Elizabeth’s husband, left a more modest £ 30 million estate when he died in April 2021, according to celebritynetworth. He specifically owned a collection of paintings and 3,000 works, most of which would be bequeathed to friends and family.

“Sovereign concession”

Becoming king, Charles inherited the Duchy of Lancaster, owned by royalty since the Middle Ages, which had generated £ 24 million of private income earmarked for the British monarch during the fiscal year ending March. Charles also receives an annual indemnity (“sovereign grant”) from the Treasury, set at 15% of the income from the Crown’s assets. The “sovereign grant” allows to finance the expenses related to the official activities of representation of the sovereign or his family, in particular the salary of the staff, the maintenance and cleaning of the buildings, the official transfers as well as the receptions.

Charles also benefits from the “Crown Estate”, which includes land but also a colossal wind farm, among other things, and whose income was returned to the public treasury by a 1760 law. This allotment had reached £ 86.3 million. for 2021-2022, taking into account a substantial extension for the renovation of Buckingham Palace granted for ten years (34.5 million pounds for 2021-2022).

United Kingdom: Queen Elizabeth II dies, Charles automatically becomes king