Brits have long associated the Queen with money, largely because her face has been on every note and coin used for payment in the country for 70 years.
But after her death, there is the question of what happens next to her wealth and land estates.
Elizabeth II had both personal wealth and possessions, along with income from the state during her years on the throne, becoming the longest-reigning monarch in British royal history during that time.
Buckingham Palace is closely linked with the idea of the monarch in the world's mind. What will happen to the imposing central London property now she has passed?
And what about her beloved Balmoral Castle in Scotland, where she spent her final days?
Here is a look at both her wealth but also what happens to the money and property now that Charles has succeeded her to become the king.
How rich was the Queen?
The Sunday Times Rich List suggested the Queen had an estimated net worth of £370m in 2022.
Although considered to have been one of the richest women in the world, she was shy about declaring the full sum of her bank balance.
However, her personal wealth and the assets held as part of her role as sovereign were not one and the same.
How did the Queen make her money?
Her Majesty received 15% of the profits from the vast Crown Estate property portfolio, but from funds two years in arrears.
The grant covered the running costs of the Queen’s household and events such as official receptions, investitures and garden parties.
The percentage increased to 25% in 2017 to cover the cost of a 10-year programme of repairs at Buckingham Palace, giving the Queen around £82.4m in 2019/20.
Medieval historian uncovers 'list of predictions for Charles III reign' written in 1661
The Queen did have her own investments, including private art and stamp collections, racehorses, a share portfolio and the estates of Sandringham and Balmoral.
In the three decades up to 2017, the avid equestrian won around £6.7m in prize money from horse racing.
Meanwhile, The Sunday Times said a strong showing from her stock market portfolio meant her wealth was likely to have risen by £5m in just one year when calculating her 2022 wealth.
The historic Duchy of Lancaster estate — a sprawling 48,000 acres passed from monarch to monarch — also provided the Queen with an annual income, amounting to £23m in 2019/20.
What happens to the Queen’s money now that she has died?
With much of the Queen’s wealth held by her on behalf of the country, most of it will pass into the hands of her son, King Charles III.
He will continue to receive the monarch’s share of the Crown Estate.
The Queen is likely to have written a will to choose how her personal wealth will be divided out.
ITV's Chris Ship makes Queen slip-up as he reads poignant statement from King Charles
Hart Reade solicitors said that, should the Queen have chosen to leave all her money to Charles as her heir, then she would have been exempt from inheritance tax.
According to a post on the firm’s website: “A special deal struck with the government means any assets left by a UK monarch to their immediate successor will be free from inheritance tax, although gifts left to other children or relatives will be taxed in the usual way.”
What happens to Buckingham Palace now the Queen has died?
Buckingham Palace and some other royal residences will be held in trust for the country by King Charles following his mother’s death.
The palaces, along with the Royal Collection — an unrivalled cache of art and artefacts — and the Crown Jewels, were not in the Queen’s personal wealth and pass to each succeeding Head of State.
The estates of Balmoral in Scotland and Sandringham in Norfolk have been in the royal family’s possession for decades, and are likely to have been passed down to the new king.
- Queen's final moments ‘with Charles and Anne at her bedside’ at Balmoral
- Everything King Charles III has ever said about becoming King
- Queen's children to hold vigil at her coffin while monarch lies in rest
- King Charles III no longer 'owns' one of England's famous sport venues after accession
Queen's death to be marked with extra week of mourning after Her Majesty's funeral
Source: Read Full Article