On 8 September 2022, the Queen breathed her last at the Balmoral Castle in Scotland. She was 96 and ruled for 70 years on the British throne.

As the longest-reigning British monarch as well as the longest-reigning female head of state in history, the Queen saw some of the most dramatic transformations and advancements in the world.

She not only left behind a long legacy of unfaltering service to her nation but also a massive estimated personal fortune of around $500 million/Ksh67 billion, which went to King Charles III and the rest of the royal family including the late Queen’s other children — Prince Andrew, Princess Anne and Prince Edward.

British royal family: One of world’s richest

The royal family comprises some of the richest people in the world, but it is the senior royals who have the most in terms of wealth.

This group is nicknamed ‘The Firm’ or ‘Monarchy PLC.’ It comprises Queen Consort Camilla, Prince William — Prince of Wales, Catherine — Princess of Wales and other senior royals but does not include Prince Harry — Duke of Sussex and Meghan — Duchess of Sussex, who stepped back from their official roles as senior royals in 2020.

According to Forbes, the royal family’s net worth could be around $28 billion/Ksh377 billion. In 2017, valuation consultancy firm Brand Finance estimated that the British royal family’s brand value was around $88 billion/Ksh11 trillion. But the exact fortune of the monarchy couldn’t be computed yet.

As per a 2021 report by The Guardian, in 1973, the Queen convinced the British government to change a law to ensure that the exact information about her wealth is never made public citing that it would be “embarrassing.”

Even though Queen Elizabeth II’s net worth has never been known, it includes investments, jewellery, horses, art, real estate and the Royal Philatelic Collection, and other assets, such as her two private homes — the Balmoral Castle in Scotland and the Sandringham House in England. All of these are now inherited by King Charles III.

In 2017, The Paradise Papers investigation also revealed that the Queen invested millions in offshore accounts including a Cayman Islands fund.

It is worth noting that the British monarch does not technically own Buckingham Palace — one of the most famous royal residences and among the biggest tourist attractions in London. Administration of the 775-room property falls under the Royal Household and it is held under a trust for future generations of the royal family.

The Windsor Castle and the Clarence House, where King Charles III resided when he was the Prince of Wales, are also part of this arrangement. Similarly, there are other estates and palaces which are not in official use and not part of the royal family’s properties; these include the Tower of London and the Hampton Court Palace, which are managed by Historic Royal Palaces.

Interestingly, as per a practice in place since 1910, the will of Queen Elizabeth II will be sealed for at least 90 years, meaning that its contents including details related to what all the royals inherited can’t be known in our lifetime.

Overview of King’s net worth

Even before the inheritance he received from his mother, King Charles III was already worth millions before he ascended the throne following his mother’s demise.

According to Fortune, the net worth of King Charles III was valued at around $440 million/Ksh59 million by Wealth-X, a company of data intelligence firm Altrata, even before he became a monarch.

His personal wealth before any inheritance included assets such as jewellery and art as well as real estate — the last of which is behind the majority of his million-dollar net worth.

According to Forbes, he has owned an 18-carat gold Parmigiani Fleurier Toric Chronograph watch since the mid-2000s.

He also has in his personal collection cars such as the Seychelles Blue Aston Martin DB6 Volante, which runs on a biofuel made of wine and cheese. He was most recently spotted driving it himself to the opening ceremony of the 2022 Birmingham Commonwealth Games.

And he has also inherited his mother’s Rolls Royce Phantom VI and the Bentley State Limousine, which were designed to mark the silver and golden jubilees, respectively, of the Queen and are counted among the most famous cars of world leaders.

Additionally, King Charles III will not have to pay the 40 per cent inheritance tax that British citizens are required to do if the value of their inheritance crosses a particular threshold. This is owing to a 1993 agreement between the Crown and the British government which was justified by then-Prime Minister John Major citing the “unique circumstances of a hereditary monarchy.”

“I believe that is necessary to protect the independence of the monarchy, and I would not wish to detract from that independence in any way,” Major told the House of Commons at the time.

In other words, it’s a complete win-win situation for the British monarch as much as it is for his siblings who, too, might inherit parts of their mother’s fortune.

How rich is King Charles III?

The wealth of King Charles III primarily includes his private assets and the income from, as well as the value of, the assets that are part of different management systems. These systems include two duchies — Duchy of Cornwall and Duchy of Lancaster, and the Crown Estate — the billion-dollar portfolio held by a British Sovereign.

Whosoever holds the duchies and the Crown Estate have their share in the revenue of the properties managed by them. However, while both duchies are private sources of wealth, the Crown Estate is not, meaning that holders of the two duchies have to report their income from them without giving details.

Of the three, the most significant contributor to the net worth of King Charles III, till he became King, has been the Duchy of Cornwall because he held it as a prince since he was 21 years old. But now, his biggest sources of revenue are the Crown Estate and the Duchy of Lancaster.

In April 2023, The Guardian published its analysis of King Charles III’s private fortune. The paper called its research “the first comprehensive audit of the king’s assets.” It said that 12 valuation experts from the areas of land, vehicles, property, art and jewellery worked with a team of The Guardian‘s reporters on the study.

Accordingly, The Guardian concluded that King Charles III’s personal fortune is around $2.25 billion/Ksh303 billion, including estimated investments worth $178 million/Ksh23 billion, vehicles worth $7 million/Ksh942 million, stamps worth $125 million/Ksh16 billion, and 54 privately owned jewels worth $667 million/Ksh89 billion. The report also said that the art collection is worth around $30 million/Ksh4 billion, based on just 60 of the 400 pieces that were exhibited in private or personal royal collections.

The two private properties he inherited from his mother are worth an estimated $412 million/Ksh55 billion, according to the report.

Of them, the Sandringham estate is alone worth $313 million/Ksh42 billion. Located in Norfolk, it is a source of revenue through rental properties, commercial lets and its 64 sq km of farmlands. Its Royal Stud has some of the 70 thoroughbreds worth $34 million/Ksh4 billion. The report also says that King Charles III earned around $3 million/Ksh404 million by selling some of the horses at auction after the death of his mother.

But The Guardian added that the King’s spokesperson called the figures stated in the report “a highly creative mix of speculation, assumption and inaccuracy.”