King Charles III has seen a significant increase in his personal wealth this year, as per the latest Sunday Times Rich List. In just one year, His Majesty’s net worth reportedly soared from £30m to a staggering £640m.
This substantial increase in wealth has made King Charles III richer than his late mother, Queen Elizabeth II. The new figures estimate that Charles is worth an impressive £270m more than his mother, with the majority of his fortune coming from the investment portfolio he inherited from her.
Queen Elizabeth II was reported to have a net worth of £370m in 2022, compared to Charles’ current fortune of £640m. He did not pay inheritance tax on the fortune she left, due to an exemption.
This would have charged a standard rate of 40% on assets above a certain threshold. Income is also generated from the private Duchy of Lancaster estate.
The Duchy of Lancaster spans over 18,000 hectares of land in areas such as Lancashire and Yorkshire, as well as property in central London. Valued at £654m, it generates approximately £20m a year in profits.
In other Royal financial news, Prince William’s estimated net worth stands at £100 million. As the Duke of Cornwall, the future King earns annual income from the private Duchy of Cornwall estate, which comprises 52,264 hectares of land, predominantly located in the south-west of England.
Despite stepping back from Royal duties, Prince Harry’s net worth remains substantial, according to reports. Hello! magazine suggests that the Duchess of Sussex is worth a whopping £45 million.
Harry’s fortune is thought to be a blend of his Royal heritage and inheritance, coupled with the profitable ventures he has embarked on in America, such as lucrative media contracts with Netflix and Spotify.