The newly crowned King of England may be set to become a billionaire.
With the passing of the Queen Elizabeth II, Prince Charles has ascended to the throne and will be inheriting the bulk of his mother’s $500-million personal fortune.
The prince was worth an estimated $600 million prior to her passing, reports Yahoo!. He earned this from his real estate trust called Duchy of Cornwell, which has historically provided income to the Prince of Wales since the 14th century.
“The estate owns significant real estate including cottages, seaside estates, countryside manors, barns converted to homes, and even rental properties. In a typical year, Charles receives around $20 to $30 million from the trust, through rents and agricultural sales,” says Celebrity Net Worth.
The monarchy owns at least $28 billion in real estate assets, according to Forbes.
Why it’s important
As we reported yesterday, Queen Elizabeth II passed away yesterday at the age of 96, having become the longest-serving monarch in the history of England—indeed the world. Her son is set to be crowned King Charles III on Saturday. As the nation moves forward with King Charles on the throne and Liz Truss as head of government, England prepares to chart a new path into a future that’s moving faster than ever.
The assets of the crown are diverse and tied up in numerous interests. King Charles III will only directly inherit his mother’s personal assets, not the assets that belong to the monarchy itself.
The queen earned her personal fortune through “investments, art collection, jewelry, and real estate holdings,” reports Fortune.
The soon-to-be King Charles III is a major advocate for climate-change activism and philanthropy and is expected to continue promoting both from his personal fortune while advocating for various causes using his position on the throne.
“Prince Charles is just as generous as he is wealthy. He’s the patron or president of more than 400 charitable organizations focusing on a range of areas, including environmental and global sustainability, youth opportunity, education, and anti-trafficking. Each year, his charities raise more than £100 million, or $138.32 million,” says Yahoo!.
Forbes reports that the monarchy’s holdings include…
- 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
- The Crown Estate of Scotland: $592 million