On May 6th, 2023, King Charles III ascended to the throne of the United Kingdom, becoming Britain‘s newest monarch. News About Nigeria reports.
As the eldest son of Queen Elizabeth II, he inherited a vast and varied collection of properties, assets, and holdings. The king’s personal assets, which include private estates such as Sandringham and Balmoral, are estimated at $500 million, and he receives an annual income of $27 million from the Duchy of Cornwall.
However, the wealth of the monarchy is not just limited to the King’s personal assets. The Crown Estate, a vast portfolio of real estate valued at $20.7 billion, is also part of the royal family’s holdings, and the king will oversee $46 billion in assets held in trust for the nation.
The Crown Estate is one of the most valuable assets held by King Charles.
The portfolio includes Regent Street, Ascot Racecourse, and virtually the entire seabed of the UK. The net profit from the Crown Estate, which totaled $361 million in fiscal year 2022, goes to the British Treasury, and the royal family receives a 25% cut known as the Sovereign Grant.
This amounted to $108.4 million in 2022, based on the Crown Estate’s net profit in the 2019-20 financial year. However, only 10% of the net profit is used for maintaining Buckingham Palace, and an additional 15% is used to finance the royal family’s annual travel, formal events, housekeeping, and payroll.
King Charles III will also assume ownership of some of the world’s most famous royal palaces and the Crown Jewels, worth an estimated $46 billion.
These assets, including Buckingham Palace, Windsor Castle, and the Tower of London, are owned by the reigning monarch “in right of the Crown” for the duration of their reign and held “in trust” for his successors and the nation. However, these assets cannot be sold.
Apart from the Crown Estate, the Duchy of Lancaster is another significant asset that will go to the new King. The Duchy is a private estate with $820 million in net assets and is owned in trust by the monarch.
The Duchy’s net revenues go directly to the King as an allowance called the Privy Purse, which covers the costs of maintaining the monarch’s household and official duties.
The king’s personal interests include ventures that protect the environment and foster organic farming. Through his Charitable Foundation, which Prince William will also inherit, King Charles III owned the largest organic food brand in the UK, as well as a nature retreat and crafts center in Transylvania that operates as a bed and breakfast.
King Charles III is inheriting a vast and varied collection of assets, properties, and holdings, some of which are private, and others, such as the Crown Estate, are held in trust for the nation.
As Britain’s newest monarch, he has a considerable responsibility to oversee the nation’s wealth and ensure that it continues to grow for future generations.
