Sunday, May 28, 2023

Charles III’s fortune is estimated at over $1 billion

(London) Charles III, who will be crowned on May 6, is head of a considerable fortune, inheriting some of the wealth he developed as a prince.

Having received an inheritance from his mother Elizabeth II valued at £360 million (616 million Canadian dollars), Charles III’s fortune is estimated at £600 million (over 1 billion Canadian dollars). times,

According to a relative of the royal family cited by the daily, the former Prince of Wales led an ambitious investment policy to fill his coffers after divorcing Diana.

The separation cost £17 million in 1996, but Charles did not start from scratch and could rely on the resources of the Duchy of Cornwall, from which he had the advantage of succeeding his mother to the throne upon the latter’s death in 1952. In 2022.

This heritage was established in the XIVI century to give financial independence to the royal heir.

In particular, the latter does not own the property of this fund, but receives its benefits until he ascends the throne.

For Charles, the Duchy “brings together everything that excites him”, assured his wife Camilla in a 2019 ITV documentary.

The future king visited the farms he rented to farmers and encouraged them to use sustainable farming methods.

In addition to 260 farms, the Duchy owns 52,450 hectares of land, and leases commercial property worth £345 million.

model village

Charles also built a village, Poundbury, in the suburbs of Dorchester, where he implemented his architectural preferences.

Charles Iii'S Fortune Is Estimated At Over $1 Billion

Photo Adrien Denis, Archives Agence France-Presse

see above poundbury

Under his leadership the duchy has grown in size and its latest annual report has assets of over £1 billion, a record, with the income paid to the heir apparent being £23 million, an increase of over 40% over 15 years. Is.

This income now passed to his heir, William, but he had already had time to top up Charles’ account from his royal inheritance.

“She will not pay any inheritance tax” because of a centuries-old tradition ratified in the 1990s to avoid breaching royal heritage, London heritage lawyer Geoff Kerthez told AFP.

Billionaire King?

The Queen’s will is not made public, which is also typical of the sovereign.

But Balmoral Castle, where the royal family spends their summers, and Sandringham are among the properties inherited by Charles, the royal family’s historic homes, which belong to the state, unlike Buckingham or Windsor.

Another historical symbol of the British monarchy, the Crown Jewels are also the property of the nation, and are therefore excluded from the assessment of the royal fortune, as they alone represent several billion pounds.

On the other hand, the state pays the sovereign a “sovereign grant”: an endowment for the sovereign of a quarter of the income generated by the “Crown Estate”, a vast fund made up of real estate assets such as wind farms at sea. The rest goes to the treasury. .

The Royal Endowment for 2021-22 has reached £86.4m.

Finally, a third fund completes the royal fortune: the Duchy of Lancaster, which is controlled by the sovereign, and which brings the Queen £24 million in 2022.

When it comes to estimating the Crown Fund’s net worth, “I don’t think anybody knows what it represents,” Mr Kertesz acknowledged.

in a series of articles titled price of tajThe Guardian Seeks to assess the royal fortune, in particular the assumed option to include the Duchy of Lancaster’s estate legally defined as controlled by the state, but whose full benefits go to the sovereign .

The daily also includes luxury vehicles, which are technically owned by the state but are used by the royal family.

There are also works of art, including a painting by Claude Monet, the blockBought by the Queen Mother, Elizabeth II, for £2000 in the post-war period, it is now worth £20 million.

As a result, Charles’s fortune would then be £1.8 billion (about 3 billion Canadian dollars).

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