Now that King Charles has taken the mantle as the head of the British monarchy, it renews interest in just what that involves.
For one thing, the staggering wealth of this family comes to light, and it’s interesting to see what types of perks have helped them achieve their riches.
The royals are exempt from inheritance tax, which is a huge deal because, in the UK, the government takes 40% for estates worth more than $377,000.
King Charles has inherited a portfolio of assets valued at $28 billion, according to a story in the New York Times.
Here’s what collectively makes up this impressive portfolio. First off, he took over his mother’s portfolio, which was valued at $949 million. He’s now the owner of The Crown Estate, a collection of shopping malls and wind farms worth a staggering $19 billion.
Then there are the more hidden and private assets, including Balmoral Castle in Scotland.
Charles deserves credit. Because Queen Elizabeth lived until the age of 96 and was Queen for 70 years, he had a lot of extra time on his hands waiting for his turn, and he spent that time growing the investment he passed down to Prince William. The Duchy of Cornwall is worth $1 billion, and Charles increased its value by 50% in the past ten years thanks to savvy investing in vacation rentals, office buildings in London, and others.
Besides the real estate, there are mountains of jewels and other treasures that all get passed down with no inheritance tax attached. The British government explained in 2012 why the royal family is able to enjoy that one perk that nobody else has.
“The Monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life, and to have a degree of financial independence from the Government of the day.”
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