The coronation of King Charles III is set for May 6, with a significant fortune to his name. Read to know more about it.
A look into the finances of King Charles III
Since his massive £17 million divorce from his wife, Princess Diana, the former Prince of Wales has built up a considerable fortune with an investing program. Upon her death in September 2022, Queen Elizabeth II endowed him with about £360 million, bringing Charles’s fortune to about £600 million. His fortune is made up of inheritance investments and royal estates.
When his mother became the queen, Charles received an income from the Duchy of Cornwall. It is an estate established in the 14th century giving the throne’s heir apparent financial independence. According to Camilla, the duchy “encompasses everything he is passionate about.” The duchy is now passed to Prince William. He also owns 260 farms and 52,450 hectares of land and leases commercial property worth £345 million. Additionally, he created Piundbury, a community on duchy land where he bring his architectural ideas to reality.
More on the Moarch’s finances
Due to a 1993 clause agreed by the then prime minister John Major, Monarch does not have to pay taxes on inherited assets. The clause is aimed at guarding the royal estate from being broken up. Additionally, their will, including that of Queen Elizabeth II shall remain private and will not be made public. () But it is public knowledge that Sandringham estate in eastern England and Balmoral Castle in northeast Scotland was left to King Charles. Moreover, they are privately owned unlike Buckingham Palace and Windsor Castle which belong to the state.
Similarly, the crown jewels, a historical symbol of the British monarchy belong to the nation and are not a part of the royal fortune evaluation. King Charles also receives that “sovereign grant”. The annual endowment of 25 percent of profits on Crown Estate income goes to him and the rest to the Treasury. Lastly, the Duchy of Lancaster, controlled by the sovereign also belongs to him. In 2022, it generated £24 million for the late Queen. Totaling, King Charles III’s total fortune totals £1.8 billion.
