King Charles is set to be crowned with a considerable fortune at his disposal. The Sunday Times Rich List recently estimated his personal net worth at £600 million (approximately $745 million) as of 2023. Notably, this figure surpasses that of his late mother, Queen Elizabeth II, whose net worth last year was estimated at £370 million, or around $460 million.
The King's impressive wealth reportedly exceeds that of famous celebrities like David and Victoria Beckham and Sir Elton John. King Charles' fortune can be attributed to several factors, including two private royal estates—the duchies, Sandringham Estate, and Balmoral Castle.
The Duchy of Cornwall is the responsibility of the heir to the throne, while the reigning monarch controls the Duchy of Lancaster. King Charles took over the Duchy of Cornwall in 1969 at the age of 21. Following the Queen's death, Prince William inherited the private estate.
Under King Charles' management, the Duchy of Cornwall's annual earnings increased significantly between 2011 and 2022, rising by 42.6% to £25.4 million. The duchy's wealth also experienced substantial growth during this period, reaching £1.04 billion—a nearly 50% increase, as reported by the Sunday Times' analysis. A significant portion of this revenue came from renting commercial properties in England, which accounted for more than a third of the income, totaling £17.6 million.
Between 2012 and 2022, King Charles received £212.7 million from the duchy and voluntarily paid income tax on the amount, even though it was not required. A former adviser to the King revealed that Charles saved money from the Duchy following his expensive divorce from the late Princess Diana.
Sandringham Estate and Balmoral Castle are considered the King's most valuable assets, with estimated values of £245 million and £210 million, respectively. Both estates were owned by the late Queen but were passed to King Charles without inheritance taxes, thanks to a 1993 exemption implemented by former UK Prime Minister John Major.
In addition to these assets, King Charles has earned a portion of his wealth from his line of food and produce called Duchy Originals. Launched in 1990, it is now the largest organic food and drink brand in the UK. Profits from the brand are donated to charity.
Author Robert Hardman, who recently published a biography about the late Queen Elizabeth, commented on the royal finances: "Our monarchy really isn't as wealthy as many people would believe. I certainly don't think the King is a billionaire."
As the nation prepares for King Charles' coronation ceremony, scheduled for Saturday, May 6, at Westminster Abbey in London, the official transfer of power will occur in the wake of Queen Elizabeth's death. With the King's personal net worth in 2023 surpassing that of his late mother, the forthcoming ceremony is set to be an event of significant interest and celebration.