What Happens To The Late Queen's Assets And Who Gets What Title?
What Happens To The Late Queen's Assets And Who Gets What Title?
Queen Elizabeth’s estimated $500 million is part of a bigger $28 billion empire.
This is how her wealth is going to be passed down
Dina Al-Shibeeb Sep. 09, 2022
Queen Elizabeth II, who died on Sept. 8, was the head of state of 14 Commonwealth realms, including Canada. Passing at the age of 96, Elizabeth left a long legacy after becoming the U.K.'s longest-serving monarch — reigning for 70 years. Not only was she the Queen of England, she was a wealthy woman in her own right. With British monarchs not required to reveal their assets, different media outlets have pitched in with their estimates.
The Queen’s personal wealth totals more than US$500 million in assets she accumulated over her decades on the throne, according to Forbes.
British media outlet, the Sun, estimates her net worth to be $3 billion, and the Sunday Times Rich List 2022 said the Queen’s net worth was around $420 million.
The Royal Family have accumulated wealth through centuries of rule and here's a look at what will happen to that wealth as the Queen is laid to rest and her son Charles assumes the throne.
How did the Queen accumulate wealth?
Elizabeth II inherited about $81 million from her mother, Queen Elizabeth, when the monarch died in 2002. The inheritance included assets like paintings, a valuable Faberge egg collection, china, jewelry and even horses.
Overall, the Queen didn’t receive a traditional annual salary. Like other Royal Family members she received income through a taxpayer fund called the Sovereign Grant, which amounted to more than 86 million pounds (almost $100 million) in 2021 and 2022.
The Sovereign Grant is geared to cover official travel, property maintenance plus the operating costs of the Queen’s London residence — Buckingham Palace.
The Sovereign Grant finds its roots in an agreement struck by King George III to surrender his income from Parliament in order to receive a fixed annual payment for himself and future generations of the royal family.
Following her death, King Charles is going to receive the yearly Sovereign Grant from the U.K. Treasury. He will be getting 15% of the profits from the Crown Estate.
The Queen’s wealth is in fact part of a larger empire worth approximately $28 billion, according to Forbes.
To continue reading, please go to the original article here:
https://moneywise.com/news/top-stories/queen-elizabeth-wealth-inheritance
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