King Charles III has become one of the richest men in the world since his ascendency to the throne of Britain.
- Following the death of Queen Elizabeth II on September 8, King Charles III will be formally coronated at Westminster Abbey on Saturday.
- The new king will officially become one of the richest men in the world, with an estimated net worth of more than $800 million, between inherited wealth and personal investments.
- Much of the monarchy’s possessions do not belong to King Charles, but instead pays a portion to the Sovereign Grant through real estate companies like Crown Estate, Duchy of Cornwall, and Duchy of Lancaster.
- Assets like the monarchy’s art collection and Royal Jewels are owned by the monarchy itself.
- The total assets of the British monarchy are estimated to be worth $21 billion. It reportedly draws $1.26 billion a year in revenue, Bloomberg reports.
Why It’s Important
Details about the monarchy’s wealth and finances are difficult to come by, as much of it is not revealed to the public. It is known that the monarchy makes up the majority of its revenue through real estate holdings. At the same time, individual members of the royal family have their own investments and revenue streams. The late queen passed on an inheritance of $450 million, meaning King Charles could be worth an estimated $800 million, Bloomberg reports.
As we previously reported, the 74-year-old King Charles could successfully become a billionaire during the course of his rule. Some estimates suggest he may already be worth over $1.1 billion.
Backing Up A Bit
When the King’s coronation passes through London on Saturday, the route will pass by $2.8 billion worth of royal real estate, concluding at the $1.6-billion Buckingham Palace. These assets reflect upon the net worth of the monarchy but not of King Charles, who does not own the scepter he will be coronated with.
“We’re unique, we sit between the private and public sector under this parliamentary remit to serve the country,” Crown Estate CEO Dan Labbad tells Bloomberg.
As we previously reported, U.K. prime minister Rishi Sunak is similarly the richest man ever to hold the office, with a net worth of $826 million and technically exceeding that of King Charles III.