THE Queen Elizabeth had gathered during her 70-year reign a personal estatewhich the Sunday Times estimates at 370 million pounds and one part of it is known and managed by the government, but another is private.
The Queen lived a royal life, paid for by British taxpayers, and also enjoyed the proceeds of a gigantic private estatethe details of which are not fully known.
Expenses associated with the official activities of representing the Queen or members of her family are covered by a annual sponsorship (‘sovereign grant’) of the Treasury, which for 2021-2022 reached £86m (€99m) – includes an amount granted over ten years for the renovation of Buckingham Palace (£34m) .
Without calculating the additional amount, this grant corresponds to 15% of the income from the property of the British Crown (“The crown estate”), which includes, among other things, areas of land, other properties, licenses for wind farms, and whose revenue attributed to the Treasury under a 1760 law.
THE royal patronage primarily used to pay Windsor’s more than 500 employees.
The private wallet
As a private purse (“privy purse”) are characterized, according to the APE-MPE, the private revenues of the queen. They come from proceeds of approximately £650m from assets (land areas, financial securities…) of the Duchy of Lancaster, which since the Middle Ages has been the property of the royal house.
Includes approx 315 luxury properties, residential and commercial properties, as well as tens of thousands of acres of agricultural land.
The income from this colossal fortune amounted in the last financial year to about £24 million, an amount which the Queen distributes in part to her relatives. This private income is taxed as long as it is not used for official duties.
“The Queen uses this money for the maintenance costs of her Balmoral and Sandringham properties; two very expensive private homes’, which she owns, says David McClure, author of a book on the Crown’s finances (‘The Queen’s True worth’).
“He also uses this money to subsidize other members of the royal family which do not receive public money”, he continued when asked by AFP.
Although some of the money is being redistributed to her children, Andrew, who has fallen out of favor because of his relationship with stockbroker Jeffrey Epstein, who has been accused of sex crimes and child molestation, will no longer receive any of the money. these, as it has been excluded from the monarchy.
THE Balmoral Tower, where the Queen breathed her last, is estimated at around 100 million pounds and her country house in Sandringham to 50 million.
Some items in the Royal Collection are also privately owned by the Queen, such as a stamp collection started by King George V
Queen Elizabeth also had one known passion for horses and her personal stable has earned her more than £7million over the years, according to the equestrian website myracing.com.
The famous ones crown jewels, the value of which is estimated at approx £3 billion, they symbolically belong to the queen, but are automatically transferred to the next monarch, namely Charles.
The queen’s fortune was tarnished by the scandal of the Paradise Papersan investigation into large-scale tax avoidance practices by the powerful and famous.
According to these revelations made in 2017 by the International Consortium of Investigative Journalists (ICIJ), Elizabeth II had, through the Duchy of Lancaster, around ten million pounds sterling in funds in the Cayman Islands and Bermuda; UK territories designated as tax havens.
“Not so rich”
With 370 million poundsElizabeth II was not at the top of the list of the great fortunes of the United Kingdomof the Times ‘Rich List’, dominated by brothers Sri and Gopi Induja (£28 billion).
She is also considerably less wealthy than the King of Thailandwhose fortune is estimated at 30 billion dollars, the Sultan of Brunei (20 billion) or King Salman of Saudi Arabia ($5 billion, according to celebritynetworth.com).
What will Charles inherit?
Regarding the distribution of her assets Queen Elizabeth, in all likelihood the private houses that have passed through many generations of British monarchs will go to Charles, who is next in line for the throne. According to ExpressThe Prince Charles will also be exempt from the 40% inheritance tax levied on the average British citizen who receives an inheritance, thanks to a special agreement the monarchs have with the British government, which states that their immediate heirs are not required to pay the tax in question.
The grunge.com also notes that in addition to inheriting the throne, Charles will inherit almost all the rest belonging to his mother.
Source: News Beast
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