But how high is the fortune of the new king? The answer is unclear.
There is no public record of the monarch’s possessions, which include castles, luxury cars, horses and an impressive collection of stamps. Over the years, several organizations and media outlets have attempted to assess the value of this wealth.
This is very difficult to assess as it depends on who you are talking to. An economist and a historian will give you two completely different numbers, says Thomas Morin-Cabana, president of the Crown Corporation of Canada.
“From a cultural and historical point of view, the royal family and the facilities are invaluable. »
— A quote from Thomas Morin Cabana, President of the Crown Corporation of Canada
According to Thomas Morin-Cabana, it is difficult to estimate the total fortune of King Charles III. appreciate. (file photo)
Photo: Radio Canada / Gabriel Le Marquand Perreault
The king’s private wealth is worth more than CAD$3 billion (£1.8 billion), according to a survey published last month in Britain’s The Guardian newspaper, based on estimates by a dozen experts.
According to Forbes magazine, Charles III. inherited most of the $560 million fortune owned by his mother, Queen Elizabeth II. These include investments, jewellery, artwork and two castles – that of Balmoral in Scotland, where she died last September, and that of Sandringham.
Normally UK inheritance tax would have eaten up 40% of its value, but the Crown is exempt from this. This privileged deal with the royal family is causing dissatisfaction among the British population, which is still struggling with very high inflation.
The rules don’t apply to them. I can understand the logic behind this decision, but it’s hard to sell to people, especially in tough economic times, says Robert Hardman, an expert on the British monarchy and author of the book Queen of Our Times.
He also points out that the king’s personal fortune does not include a number of possessions he enjoyed during his reign – such as Buckingham Palace – which tend to fall into the domain of the crown.
Robert Hardman is a British monarchy scholar, author of The Queen of Our Times and columnist for the Chron and the BBC.
Photo: Chron
Where is Charles III among the richest in the world?
Although the wealth of the new king might seem disproportionate to mere mortals, Charles III. not included in Forbes magazine’s famous list of billionaires.
For comparison, the world’s richest man, French fashion magnate Bernard Arnault, chairman of LVMH Group, has a net worth of over CAD$319 billion.
In second place is Elon Musk — big boss of Tesla, SpaceX and Twitter — with a net worth of $237 billion.
Bernard Arnault, chairman and CEO of luxury brand group LVMH, is the world’s richest man, the first Frenchman to win the title. (file photo)
Photo: Portal/Christian Hartmann
If the Guardian’s calculation is to be believed, King Charles III. ranked 950th in the Forbes rankings, disregarding the value of the Crown estate and his family’s amassed wealth.
The royal family has a huge fortune, but still a lot less than many billionaires on the planet, starts Mr. Morin-Cabana.
How do we get 3 billion?
A team of Guardian journalists asked 12 specialists to investigate the assets of King Charles III. list and estimate their value. One of the major challenges, the daily points out, is distinguishing between what is considered the monarch’s private property and what actually belongs to the UK.
Its fleet of luxury cars — including Rolls-Royces, Jaguars and Bentleys — is said to be worth CA$10 million. The assessment takes into account that not all of the 23 vehicles identified at Buckingham Palace and Sandringham Castle belong to the King. Some are borrowed from the car manufacturers, others are owned by the Crown, ie the British people.
A Rolls Royce car parked in the Royal Stables in Buckingham Palace, London.
Photo: Getty Images/Dominic Lipinski/AFP
Queen Elizabeth II, a keen equestrian, had 70 racehorses, a $46 million stable, according to The Guardian. The king’s 400 works of art – including paintings by Monet, Chagall and Dalí – are said to be worth 41 million.
His famous stamp collection would be worth at least $169 million, while the jewelry inherited from his mother would be worth no less than $900 million.
The daily also lists $240 million in private investment and $558 million for Balmoral and Sandringham Castles.
The Duchy of Lancaster, a vast private estate held by British rulers since 1399, is the largest contributor to King Charles III’s fortune at an estimated $1.1 billion, according to The Guardian.
The estate covers 182 square kilometers and includes castles, historic buildings and even commercial properties in the Savoyard area of London.
This is arguably the biggest gray area, says Hardman.
These are agricultural lands and estates that date back to medieval times. King Charles can’t sell it, but he’s making huge profits from the property that are difficult to measure, he says.
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For its part, Buckingham Palace described the assessment to the British daily newspaper as a very creative mixture of speculation, assumptions and inaccuracies, without giving its own figures.
He argues that the personal finances of members of the royal family should remain private, as they do for any other person.
How much is the crown estate worth?
The impressive Buckingham Palace, the official residence of the reigning monarch, and Kensington Palace, home to Prince William and his family, are not among the private possessions of King Charles III. The latter can therefore not sell them and does not generate any income from them.
Rather, these royal palaces are part of the Crown Estate, which basically functions like a corporation and is managed by an independent board of directors.
This council does not manage the king’s private belongings in any way, said his spokesman Ian Green in an emailed statement.
Buckingham Palace, the reigning monarch’s official residence, before the procession of Queen Elizabeth II’s coffin, September 19, 2022. (File Photo)
Photo Credit: Getty Images/AFP/VICTORIA JONES
The Crown’s portfolio is valued at more than CA$28 billion (£16.5 billion), according to its latest annual report (New Window). Examples include beet farms in northern Scotland, mines on the Isle of Portland and Windsor Great Park south-west of London.
Any profits made flow back into the UK public coffers each year. The Crown Estate is a unique company with a unique legacy, says Green.
“We act independently and in accordance with our business interests to enhance portfolio value for the entire nation. »
— A quote from Ian Green, Communications and Campaigns Manager, Crown Estate
Over the past decade, the Crown Estate has brought in more than $5 billion (£3 billion) to UK taxpayers, he adds.
How much are Canadians paying for the monarchy?
The Monarchist League of Canada published an in-depth review of the costs associated with the crown in 2021. Canadian taxpayers would pay around $60 million annually.
This amount covers the expenses of the offices of the governor-general and lieutenant governors of the provinces, maintenance of the viceroy’s residences (Rideau Hall in Ottawa and the Citadelle in Quebec), travel and security during royal visits.
Rideau Hall in Ottawa has served as the official residence of all governors general since the Confederacy. (file photo)
Photo: Radio Canada / Christian Patry
For the 2019-2020 fiscal year, the study reports total spending of $58.7 million, which equates to approximately $1.55 per person for the full year.
“That’s a drop in the bucket of budget. It’s about the price of a Tim Hortons coffee. »
– A quote from Karim Al-Dahdah, spokesman for the Monarchist League of Canada.
One of the most pervasive myths about the monarchy is that it costs taxpayers a lot of money, when the alternative, a republic, would cost us just as much, if not more, the spokesman for the Monarchist League of Canada adds. Karim Al-Dahdah.
Radio-Canada has contacted Her Majesty’s Privy Council Office for Canada to try and get a more up-to-date picture of the costs associated with the monarchy in the country. In an email response, a spokesman didn’t give specifics on how much taxpayers are shelling out.
“The Governor-General exercises the functions of Head of State in Canada. These functions would still be necessary even if Canada were not a constitutional monarchy. The same applies to the provinces. »
— A quote from Pierre-Alain Bujold, spokesman for the Privy Council Office
He clarified that Canada does not provide direct funds to the royal family and that all expenses related to the operation of the crown are incurred in the country.