How much is King Charles worth?

Ever wondered how much is King Charles worth? With events like his official birthday, the circulation of King Charles banknotes and the King’s Speech 2024 outlining the Labour government's priorities for the year ahead, there has been much speculation about the royal’s wealth, where it comes from and his standing among the richest people in the world. 

King Charles’ net worth is estimated at £610 million, making him wealthier than his late mother, Queen Elizabeth II, whose fortune was estimated at £358 million in 2022. Thanks to his royal property holdings, he received a significant boost to his personal wealth, earning him a spot on The Sunday Times Rich List 2024. 

But, this is where it gets complicated. While King Charles may not be as rich as billionaires such as Elon Musk or Jeff Bezos, his wealth does surpass that of former prime minister Rishi Sunak – based on a few key criteria.

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We explain King Charles’ net worth, how much he inherited from the late Queen and whether he pays inheritance tax on his vast personal fortunes. 

How much is King Charles worth?

An investigation by The Guardian estimates the King’s private wealth to be around £1.815 billion, which is three times higher than the calculation made by The Sunday Times. This valuation includes his royal holdings, such as properties worth about £330 million, royal vehicles valued at £6.3 million, art, private jewels estimated at £533 million, the late Queen’s inheritance and investments in stocks and shares worth around £142 million. 

However, Robert Watts from The Sunday Times argues that “these estates come with the job as sovereign and there are rules circumscribing a monarch’s ability to sell or profit from them”, hence its total being lower than the Guardian estimated. 

If we include additional assets like nine royal palaces, the Crown Jewels and the Royal Collection (including works by artists including Rembrandt, Vermeer, Caravaggio and Leonardo Da Vinci), the value would be even higher. The largest estate is the Crown Estate, a sprawling property portfolio with £16 billion in net assets, including Regent Street, Ascot racecourse and virtually the entire UK seabed up to 12 miles from the coast. The monarch doesn’t fully own these assets but he does receive income from them. 

What about the late Queen’s wealth? King Charles has inherited a substantial personal fortune through his mother, although her will remains private until 2112, so we’re highly unlikely to witness the unveiling. 

David McClure, author of The Queen’s True Worth, suggests this inheritance could add another £400 million to his wealth, including private estates like Balmoral and Sandringham, a £27 million racehorse breeding business, £120 million investment portfolio and £100 million royal philatelic collection.  

Then there’s the complex issue of the late Queen’s art and jewellery collection, much of which is part of the Royal Collection and not personally owned by the King. This collection, along with the Crown Estate and the Duchy of Lancaster, is “held in trust by him as sovereign for his successors and the nation”. 

How much does the King get from the Crown Estate?

Charles currently receives 12% of the Crown Estate profits in order to fund its work and the ongoing £369 million renovation of Buckingham Palace. 

According to royal accounts, Charles is set for a whopping £45 million pay hike due to a surge in profits from the Crown Estate worth £1.1 billion. That’s because of six new offshore wind farms, which will lead to a rise in the Sovereign Grant, provided by the HM Treasury, which essentially funds the royal family’s official duties and running costs. The grant will be bumped up from £86.3 million in 2024-25 to £132 million in 2025-26. 

Any other sources of income?

No one outside the royal household knows for sure the extent of the monarch’s private financial wealth and income from investments, but a further public – and more direct – income than the Sovereign Grant is provided by the Duchy of Lancaster, the large private estate that has belonged to the reigning monarch since 1399. 

Today its holdings are worth £653 million, and include 18,248 hectares of land, including farmland across Cheshire, Lancashire, Staffordshire and Yorkshire. 

How much tax does King Charles III pay?

We don’t know. Legally, the monarch is not obliged to pay any taxes at all. However, the Queen began to pay income and capital gains tax on a “voluntary basis” in 1993, following years of growing disquiet about the blanket exemption. King Charles has let it be known that he intends to do the same and, in the past, he has voluntarily paid tax on income from the Duchy of Cornwall.

Under the same agreement, brokered by John Major’s government, the monarch pays income tax on revenues from the Duchy of Lancaster, and there is no inheritance tax payable on any assets passed from the Queen to her son and successor. If she has left private wealth to other members of her family – as is likely – those assets will be subject to inheritance tax.

What might change in the future?

There is talk of a “slimmed down monarchy” with less expensive pomp and fewer working royals. But unless the settlement is renegotiated, there is every sign that Crown Estate revenues will keep rising. 

McClure calls the Sovereign Grant a “golden ratchet”. Since 2012, the sum paid to the monarch – to cover living costs such as staff, travel and the upkeep of palaces – has risen sharply. In 2016, the grant was increased from 15% of Crown Estate profits to 25%, to help pay for repairs to Buckingham Palace.

Its profits are set to be swollen in coming years thanks to valuable leases for offshore wind farms on the seabed owned by the estate. So we should “not expect a thrifty monarchy just yet”, says The Economist.