King Charles III, the world’s newest monarch, was officially proclaimed sovereign of the United Kingdom of Great Britain and Northern Ireland last week. He was named king following the death of his mother, Queen Elizabeth II.
How much is he worth after getting proclaimed as king? Here’s the answer to that and more about his fortune.
Before ascending the throne, Charles’ net worth was estimated to be around $100 million by Celebrity Net Worth. The same outlet reported that the king’s net worth now stands at $600 million.
Before becoming King, Charles earned the bulk of his income from a real estate trust called the Duchy of Cornwall. Established in 1337, the trust, inherited by the eldest son of the reigning monarch, aims to provide income to the Prince of Wales and his family.
The trust properties include assets such as cottages, seaside estates, countryside manors, barns converted to homes and even rental properties.
In a typical year, Charles receives around $20-$30 million from the trust, typically through rents and agricultural sales.
It was believed that with his mother’s passing, the bulk of the queen’s private wealth, valued at $500 million, was added to Charles’ net worth. As per Washington Post, the king will get his inheritance without paying the inheritance tax.
The queen’s $500 million private wealth, according to Fortune, was largely due to her investments, art collection, crowns, jewelry and real estate portfolio, including the Balmoral Castle in Scotland and the Sandringham Estate in Norfolk, England, which she inherited from her father.
Also included is the $70 million she inherited from her mother, Queen Elizabeth Angela Marguerite Bowes-Lyon, who died in 2002. This includes artworks, a stamp collection, jewels and horses.
As for the late royal’s many crowns, royal commentator Josh Rom told New York Post: “It is likely that she would want to pass on items from her private collection to her loved ones.”
“The bulk of the collection will pass to Charles — with Camilla as his queen consort — and then Kate, so they may not be left anything big [in the will].”
After Charles ascended, his eldest son William became Prince of Wales – the designation reserved for the heir to the throne.
Queen Elizabeth II passed away on Sept. 8. She was 96.