(London) Queen Elizabeth II had amassed a personal fortune estimated at £370 million ($558 million CDN). Sunday timesduring his 70-year reign, some of which are known and run by the government, but others are private.
Posted at 10:08 p.m
The sovereign benefited from a British taxpayer-supported royal lifestyle, but she and her relatives also benefited from income from the gigantic private inheritance, the details of which are not fully known.
distribution of sovereignty
Expenditure relating to the official activities of representing the Queen or her family comes from an annual grant (‘Sovereign Grant’) from the Treasury, which reaches £86m for 2021-2022 (CAN130m), with renewable grants for ten years for the refurbishment of Buckingham Palace (£34m for 2021-2022).
Disregarding the enlargement, this represents 15% of the profits from The Crown Estate, a colossal body of land, real estate, wind farm licenses and more, the proceeds of which have been returned to the Treasury since an Act of 1760.
Specifically, the Sovereign award is intended to reward more than 500 Windsor employees.
The private purse
The secret pouch relates to the Queen’s private income. They come from the receipts of around £650m in assets (land, financial titles etc.) – the equivalent of CAN980m) – from the Duchy of Lancaster, which has been the property of the Kings since the Middle Ages.
It includes around 315 residential properties and high-quality commercial properties as well as thousands of hectares of agricultural land.
Revenue from this colossal inheritance totaled around £24million for the last financial year, some of which the Queen is distributing to her relatives. This private income is taxed as long as it is not used for official tasks.
“The Queen uses this money to pay for the maintenance of her estates at Balmoral and Sandringham, two very expensive private residences,” of which she is the owner, notes David McClure, author of a book on the finances of the Crown (The real value of the queen).
“She also uses this money to subsidize other members of the royal family who do not receive public funds,” he continued in an interview with AFP.
While some of the money will be redistributed to his children, Andrew, who has fallen out of favor for his ties to accused sex and pedophile financier Jeffrey Epstein, is unlikely to receive as much since stepping down from the monarchy.
Balmoral Castle is valued at around £100m (CAN151m) and his country estate at Sandringham at £50m (CAN75m).
Some items in the Royal Collection are also privately owned by the Queen, such as a stamp collection owned by King George V.
Queen Elizabeth also had a well-known passion for horses and her personal stable has netted her more than £7million over the years, according to equestrian sports site myracing.com.
Worth about £3 billion, the famous crown jewels symbolically belong to the Queen and will automatically be passed on to the next monarch.
The Queen’s fortune was hit by the Paradise Papers scandal, an investigation into large-scale tax avoidance practices among powerful people and celebrities.
These 2017 revelations by the International Consortium of Investigative Journalists (ICIJ) claimed that Elizabeth II, through the Duchy of Lancaster, had treated around £10m in assets in funds in the Cayman Islands and Bermuda, overseas territories of the UK, or such tax havens.
not that rich
At £370m, Elizabeth II is well into the Times’ ‘Rich List’ ranking of great fortunes in the UK, and is dominated by brothers Sri and Gopi Hinduja (£28bn).
She was also much less wealthy than the King of Thailand, whose fortune is estimated at $30 billion, the Sultan of Brunei ($20 billion), or King Salman of Saudi Arabia ($5 billion, according to website celebritynetworth.com).