Every year the Sunday Times publishes their list of the richest people in the world. On top of telling us how much money these people have, the list is a good indicator of how the wealth of the very rich evolves.
Discover our latest podcast
For instance, Sky News reports that Sir Paul McCartney has managed to boost his wealth by £50 million in 2023. When it comes to the Royal Family, knowing how much money its members have has always proved tricky. Indeed, their assets, investments and simply the way they make money, aren't all public knowledge.
However, that doesn’t prevent publications from estimating. In April 2023, The Guardian published what they called an ‘extensive research and analysis’ of the monarch’s wealth. Their finding was contested by others as well as the Palace and the mystery continues. Now, the updated Rich List shows that King Charles III has managed to increase his wealth significantly.
King Charles’s increased wealth
Prior to being king, Charles III was Prince of Wales. During his tenure the man benefitted from a lot of freedom which he used to pursue his own interests. Though we don’t know the whole extent of the King’s investments, it has now become clear that they have served him well.
As it happens, the 2024 Sunday Times Rich List shows that King Charles has managed to become richer than his mother. According to the publication, his wealth has jumped by £10 million, bringing his estimated personal wealth to £610 million. Queen Elizabeth II was believed to only be worth £370 million.
The Daily Mail explains that this increase could be due to a ‘boost to the net worth of his properties’. As a reminder, when Queen Elizabeth passed away, the newly appointed king inherited private estates: Sandringham and Balmoral. Moreover, through the Duchy of Cornwall, King Charles purchased Highgrove House as well as other royal residences.
An important detail to note is that this Rich List only includes personal assets meaning that the Crown Estate, the Duchy of Lancaster (a portfolio of land) and the Crown Jewels are not included in the estimation of his wealth.
The estimation of King Charles’ wealth
In 2023, The Guardian took on the gargantuan task of estimating King Charles’s fortune. Though they did ‘extensive research’ they admit that it remains ‘impossible to know the complete value of his estate’ due to the lack of transparency.
However, their ‘audit’ of the King’s ‘assets’ included properties, lands, jewels, cars, racehorses and more. Their research also highlights the real reason why the Royal Family can amass such wealth: they are exempt from paying inheritance tax.
That means that for King Charles, the money he inherited from his parents, reportedly £500 million in assets from Queen Elizabeth, all went straight to him.
According to their findings, the grand total of King Charles’ wealth amounts to £1.82 billion. They have separated that into different categories.
- Duchy of Lancaster – £653 million
- Investments – £142 million. This was the most difficult section for The Guardian to estimate as it is the most ‘secret’. The publication explains that for ‘decades’ royal investments were obscured by ‘a shell company’.
- Jewels – £553 million
- Art – £24 million. This includes a Monet bought in Paris after the Second World War which could now be worth £20 million.
- Stamps – £100 million. Their collection is considered the best in the world.
- Horses – £27 million
- Property – £330 million
- Cars – £6 million
Responding to The Guardian’s estimation, Buckingham Palace stated:
While we do not comment on private finances, your figures are a highly creative mix of speculation, assumption and inaccuracy.
However, the Palace has declined to ‘offer alternative figures’, explains the publication.
Read more:
⋙ The 20 richest UK celebrities of 2023 from Adele to the Beckhams
⋙ King Charles: What is the meaning behind the butterfly on his first ever official portrait?
⋙ 30 times members of the Royal Family have broken protocol
Sources:
Sunday Times: The Sunday Times Rich List 2024 revealed
Daily Mail: King Charles' personal wealth jumps by £10m to £610m - making him much richer than his mother Queen Elizabeth who was worth £370m
The Guardian: Revealed: King Charles’s private fortune estimated at £1.8bn
Sky News: Sunday Times Rich List: Biggest billionaire fall in guide's history - but UK's wealthiest family breaks record
Business Insider: King Charles inherited $500 million in assets after the Queen's death, but that's just a fraction of his wealth. Here's how the monarchy makes millions each year.
