In a surprising twist of royal fortunes, King Charles has officially surpassed his late mother, Queen Elizabeth, in personal wealth. The 2024 edition of the ‘Sunday Times Rich List’ unveiled that the British sovereign’s fortune now stands at a staggering $770 million. This notable increase of $12 million from the previous year has positioned King Charles as the 258th wealthiest individual in the United Kingdom.
A Royal Financial Triumph
King Charles, now 75, has seen his wealth soar well beyond that of his beloved mother. Before her passing in September 2022, Queen Elizabeth held a personal wealth of $468 million, as reported in the 2022 ‘Sunday Times Rich List’. This means King Charles’ fortune has outstripped that of his late mother by over $300 million.
However, even with this impressive fortune, King Charles is still dwarfed by the likes of Hugh Grosvenor, the Duke of Westminster. Prince George’s godfather commands an eye-watering fortune of $12.8 billion, making him one of the richest individuals in the UK. There are speculations that Grosvenor may also be Prince Archie’s godfather, although Prince Harry and Meghan Markle have chosen to keep their son’s godparents’ identities confidential.
Rebuilding Wealth Post-Divorce
King Charles‘ financial acumen has been particularly notable since his divorce from Princess Diana in 1996, which reportedly cost him around $21 million. A former aide to the King revealed that Charles managed to rebuild his financial standing by shrewdly managing revenues from the Duchy of Cornwall.
“He became prudent at tucking away some money from the Duchy after that wipeout [of capital],” the former aide shared. “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 Duchy of Cornwall: A Royal Cash Cow
The Duchy of Cornwall, valued at a staggering $1 billion, has been a significant contributor to Charles’ wealth. This extensive estate includes land parcels, agricultural holdings, residential properties, and various other assets. The duchy also leases commercial spaces in prime locations such as London, Milton Keynes, and Cornwall, generating substantial revenue. These revenues support the Prince of Wales, his immediate family, and fund various philanthropic endeavors.
Upon Queen Elizabeth’s death, Prince William inherited the Duchy of Cornwall, assuming the responsibilities and privileges that come with its management. Under Charles’ stewardship, the duchy’s annual profits surged by an impressive 42.6%, exceeding $31 million from 2011 to 2022. Over this period, Charles personally received over $268 million in income from the duchy’s operations.
The Future of Royal Finances
With his newfound wealth, King Charles faces the complex task of managing not only his fortune but also the extensive assets of the British monarchy. His financial prudence and the successful management of the Duchy of Cornwall set a promising precedent for the future.
As the world watches the evolution of the British monarchy’s finances, one thing is clear: King Charles has firmly established himself as a financial force to be reckoned with, surpassing even the revered Queen Elizabeth in personal wealth. Whether this financial success will translate into a lasting legacy remains to be seen, but for now, King Charles stands tall as one of the wealthiest members of the British aristocracy.
