Queen Elizabeth II passes away: Who will inherit her private wealth and how much?

Following the death of Queen Elizabeth II on September 8,  her eldest son and heir Charles will lead the country in mourning as the new King and Head of State for 14 Commonwealth realms.

The Royal family members have received new titles. Prince Charles has finally become the King of the United Kingdom and 14 other realms, ending a wait of more than 70 years. His late mother was overwhelmingly popular and respected. Here are details who will inherit her wealth and how much.

Also Read | Queen Elizabeth II passes away: From currencies to national anthem, what changes with incoming King Charles

After his mother, Queen Elizabeth II, passes away, King Charles not only inherits the crown but also her personal wealth without having to pay inheritance tax. While it is not customary for British monarchs to disclose their personal wealth, the Sunday Times Rich List 2022 estimates that the queen was worth around £370 million ($426 million), up $5 million from the previous year.

Charles will inherit the majority of the late sovereign's personal assets in its entirety, without the British government receiving any compensation. The monarchy as an institution is in possession of the true royal riches, which includes the Crown Estate grounds, the Royal Collection of art and jewellery, as well as official residences and the Royal Archives. 

Also Read | Queen Elizabeth II passes away: Twitter flooded with tributes, mourn demise of longest-serving monarch

The Crown Jewels, believed to be valued at least £3 billion, are similar in that they only belonged to the queen symbolically and are immediately handed to her replacement.

Charles' own fortune, which according to celebritynetworth.com is believed to be worth about $100 million, will be augmented by the riches of the queen. Prince Philip, Elizabeth's late husband, left a more modest legacy worth £10 million, which included a collection of over 3,000 works of art, the most of which were donated to relatives and friends, according to the Sunday Times.

Also Read | Queen Elizabeth II passes away: Kohinoor Crown to go to Camilla, suggests report

The Sovereign Grant pays for the expenses associated with the monarch's and other senior members of the royal family's official activities, as well as the salaries of their employees and maintenance of the royal residences. In addition to excellent locations in downtown London and other commercial and retail buildings, the portfolio of The Crown Estate also comprises rural and coastal land across the nation, as well as the waters off of England and Wales.

It reported a net revenue profit of £312.7 million in the fiscal year ending in March 2022, up from £269.3 million in 2020–21.
On estates worth more than £325,000, Britain levies a 40% inheritance tax.

However, due to regulations created in 1993, the next king won't have to pay inheritance tax on the personal fortune he would get from his mother. Assets that have been transferred from one royal, or a sovereign's consort, to the following monarch, are exempt.

Also Read | Queen Elizabeth II passes away: Here are 5 lesser-known facts about her