Queen Elizabeth Amassed a $500M Fortune, but Does It All Go to King Charles III?

The late Queen Elizabeth II amassed a fortune worth upwards of $500M over 70 years on the throne. This fortune includes assets, property, art, and jewelry. However, will her son, King Charles III, inherit the bulk of her estate? Will he have to divide it with his siblings, Princess Anne and Princes Edward and Andrew?

© Provided by Showbiz CheatSheet Prince Charles and Queen Elizabeth | Chris Jackson/Getty Images

Queen Elizabeth’s fortune at a glance

The monarchy’s tangible assets include the Crown Estate, the Duchies of Lancaster and Cornwall, the Royal Collection, and the Crown Jewels. Also known as The Firm, the royal family’s impact on the U.K. economy is primarily through tourism, and free media coverage of Britain, reported Forbes.

The Firm is an elite group of seven royals. Its members include King Charles III, his wife, Camilla, the Duchess of Cornwall; Prince William, Kate, the Duchess of Cambridge; Princess Anne, the queen’s daughter; Prince Edward, the queen’s youngest son, and his wife, Sophie, Countess of Wessex.

Forbes reported in 2021 that the crown holds, but cannot sell, nearly $28 billion in assets. These assets include the Crown Estate ($19.5 billion), Buckingham Palace (est. $4.9 billion), the Duchy of Cornwall ($1.3 billion), the Duchy of Lancaster ($748 million), Kensington Palace (est. $630 million) and the Crown Estate Scotland ($592 million). 

Forbes also estimated Queen Elizabeth has another $500 million in personal assets.

Is Prince Charles III the sole heir of Queen Elizabeth’s fortune?

"I am deeply grateful for the Addresses of Condolence by the House of Lords and the House of Commons, which so touchingly encompass what our late Sovereign, my beloved mother The Queen, meant to us all."

The King’s reply to the addresses of condolence at Westminster Hall:

— The Royal Family (@RoyalFamily) September 12, 2022

Fortune reported the late queen left over $500 million in personal assets to her firstborn son, King Charles III. The royal will reportedly inherit that sum when he is formally crowned King of the United Kingdom. The late queen’s assets include investments, art, jewels, and real estate, including two castles: Sandringham House and Balmoral Castle.

However, Forbes also reported that King Charles would not own most of his assets. The total net worth of the monarchy as a business is upwards of $28 billion, including the queen’s wealth, the assets under the Crown Estate, its holdings in Scotland, the Duchy of Lancaster, the Duchy of Cornwall, and two palaces: Buckingham and Kensington.

King Charles’ private expenses for himself and his extended family are paid via an allowance through the Duchy of Lancaster called the Privy Purse.

However, it is yet unknown if the late queen left a private will that provided for her three other children and their families.

Prince William is now the Duke of Cornwall as well as the Duke of Cambridge and Prince of Wales

© Provided by Showbiz CheatSheet Prince William | Kirsty O’Connor – WPA Pool/Getty Images

Now that his father Charles is King of the United Kingdom, Prince William, the heir apparent, was handed his father’s prior role as the Duke of Cornwall.

According to the Prince of Wales’s official website, The Duchy of Cornwall is a private estate established by Edward III in 1337 to provide an income for the heir to the throne. Charles has run it since 1969. It gives the royal an income, and the estate also supports the communities who live and work there.

The Duchy of Cornwall owns land in the United Kingdom in over 23 counties. It includes farms, property, forests, rivers, quarries, monuments, and coastline, reported ITV.

The amended title adds to William’s other titles, including the Duke of Cambridge and Prince of Wales.

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