/cdn.vox-cdn.com/uploads/chorus_asset/file/24023283/AP22257596743112.jpg "Queen Elizabeth II had a 0 million fortune. Here’s what King Charles and Prince William will inherit")
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At the age of 96, Queen Elizabeth II passed away at her residence in Scotland.
According to Forbes, the late monarch’s fortune was worth $500 million, which included jewels, art, investments, and her two residences.
Laura Clancy, a lecturer in media at Lancaster University and author of a book on royal finances, told CNN that royal wills are hidden so they have no idea what is in them.
The total wealth of the royal family is estimated to be $21 billion, which includes land, property and investments that are mostly funded through the Sovereign Grant.
King Charles III is currently on the throne. What does that mean for his inheritance.
What did King Charles inherit from Queen Elizabeth II?
Fortune reported that before Charles ascended the throne, his net worth was $440 million. He amassed his wealth from the Duchy of Cornwall, a private estate fund. His children will receive this.
The new king will inherit a portfolio of lands, properties and assets held in trust for the queen, according to The Guardian.
The monarch is not obligated to pay income tax, capital gains tax or inheritance tax, but the new king is expected to follow in his mother’s footsteps and pay the income tax
Charles is expected to get the queen’s assets.
What did Prince William inherit after Queen Elizabeth II’s death?
Prince Williams is the son of Charles. According to Fortune, the estate is valued at more than a billion dollars.
Charles made $23 million last year with the assets.