March 31, 2023
How much will Charles III earn as king and what is the value of the queen's inheritance?

How much will Charles III earn as king and what is the value of the queen’s inheritance?

a King Charles III She ascended the throne of the United Kingdom in the place of her mother Queen Elizabeth II, who left him a very generous private fortune. The eldest son of the late king is will inherit About 425 million euros (2.198 billion Brazilian reals).

Read more: With the death of Elizabeth II, what will be the title of Camilla Parker, wife of Prince Charles?

Under British law, inheritances over £325,000 are subject to an inheritance tax of 40%. Thanks to a rule passed in 1993, Charles III would not have to give up part of what he earned. This decision exempts from the collection of assets that pass from one of the sovereigns, or from the wife of the sovereign, to the next monarch.

Other provisions in the 2013 government memorandum of understanding also ensured that the new king had his own money. In this way, your financial life is independent of the life of the state.

The values ​​do not need to be disclosed. However, the list of the richest Britons prepared by the newspaper Sunday times It shows the size of Elizabeth II’s fortune. According to the publication, the Queen had about 370 million pounds (2.209 billion Brazilian reals) at the beginning of this year, 5 million pounds more than in 2021.

A large part of this amount will be transferred to Charles III No tax on the British government. The king, in turn, has an estimated fortune of $100 million (514 million R$).

Annual Sovereign Grant

In addition to his mother’s inheritance, the King is entitled to an annual Sovereign Grant from the UK Treasury, equivalent to 15% of the profits of the Crown Treasury. The agreement to pay this “salary” to the monarchy has been in effect since 1760.

The scholarship covers all costs of the king’s official engagements and first-tier royals, even officials’ salaries and palace maintenance expenses. The Royal Treasury announced a net income of £312.7 million (R$1.862 billion) in the financial year to March 2022.

crown fortunes

Most of the fortunes of British kings and queens are not personal wealth, but assets held by the royal establishment, such as land, jewelry and art. The crown jewels, which symbolically belong to the king, are valued at £3 billion (17.91 billion BRL).

Upon changing his title, Charles III acquired the right to use the proceeds of the Duchy of Lancaster, a huge private estate of commercial, agricultural and residential property. As compensation, he relinquished the Duchy of Cornwall, which would be passed on to his son William.