King Charles has almost doubled the late Queen’s wealth with a £600million fortune, new estimates suggest.
Last year Her Majesty had been calculated to be in possession of some £370million.
But when Charles was the Prince of Wales, the King is said to have carefully saved money from profits from his Duchy of Cornwall endeavour.
He is understood to have decided to be more frugal after his £17million divorce from Princess Diana.
The new estimate for his wealth means he has more money than Sir Elton John and even the Beckhams.
King Charles has shown a careful eye for finance as well as how improve business profits
Charles’ stewardship of the Duchy of Cornwall has seen it rapidly increases its profits to 2022
Analysis of his finances was carried out for the Sunday Times Rich List, which comes out next month.
A former adviser told it that the loss of the money following his divorce had prompted a more careful approach going forward.
The source told the Times: ‘He became prudent at tucking away some money from the Duchy after that wipeout.
‘We’re not talking vast sums here — several tens of millions, no more.
‘There have been suggestions that Camilla brought a good deal of money into their relationship — but that’s really not correct.’
The King’s savings are likely to have also been helped by his own views on the environment.
While cost-cutting is not the reason for him often wearing clothes and suits bought years ago, the reduced need for new items will certainly help.
As he told Vogue magazine in 2020: ‘I’m one of those people who hate throwing anything away. Hence, I’d rather have them maintained, even patched if necessary, than to abandon them.
‘The difficulty is, as you get older, you tend to change shape, and it’s not so easy to fit into the clothes. I can’t bear any waste, including food waste; I’d much rather find another use.
Queen Elizabeth photographed at Sandringham House commemorate Accession Day in 2022
King Charles III and the Prince of Wales plant a tree to mark the end of The Queen’s Green Canopy initiative in the gardens of Sandringham House in April this year
‘Which is why I’ve been going on for so long about the need for a circular economy, rather than a linear one where you just make, take and throw away – which is a tragedy, because inevitably we over-exploit natural resources that are rapidly depleting.’
Before becoming King, Charles previously earned between £15million and £23million in personal income through his ownership of the Duchy of Cornwall estate, which has now been passed down to Prince William.
New analysis suggests in fact the Duchy of Cornwall’s profits had risen to £25.4million a year, with wealth of £1.04billion. It is also well-known for its food products and biscuits, although the King donates profits to charity.
Income was also increased from renting commercial properties in London, Milton Keynes and Cornwall to £17.6million.
Balmoral Castle is valued at £60million, but it and the estate could fetch some £210million
Some of Leonardo Da Vinci’s anatomical studies at A Life in Drawing have also been displayed by the Royal Collection at The Queen’s Gallery, Buckingham Palace
The report says in the past ten years, Charles received £212.7 million from the duchy.
After the death of Queen Elizabeth II, the King also inherited nearly £22billion ($28 billion) in assets belonging to the Crown Estate plus Buckingham Palace, the Duchy of Lancaster, the Duchy of Cornwall and Kensington Palace.
The Estate holds some £15.billion of assets which cannot be sold.
The Royal Collection, which consists of more than a million paintings, statues, sculptures, books, pieces of jewellery and other valuables, is also owned by a trust.
In addition the Queen also had a stamp and art collection, whose value is unknown.
King Charles also gets the Sovereign Grant, which are funds allocated by the Government.
It is essentially a payback of 25% of the crown estate’s annual profits, which goes to the Treasury.
The grant covers expenses such as staffing costs, castle maintenance, travel and security. The total Sovereign Grant for 2022-23 is £86.3million.
In terms of property, King Charles has Sandringham and Balmoral.
Only last year Sandringham’s buildings were valued at £55million and also brings in money from tourism. The whole estate could be worth £245million.
Balmoral Castle is valued at £60million, but it and the estate could fetch some £210million.
And there is also a huge portfolio of share and bonds investments the Queen had which has now been passed down, estimated to be worth £100million.
Her horses – who she had adored during her life – are believed to be in the value of £27million.
Buckingham Palace declined to comment on the wealth estimates for the King.
Source: | This article originally belongs to Dailymail.co.uk
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