We all know the royal family are rich but just how rich has always been a bit of a mystery.
A new report from The Times however, might have just given us the answers we need.
As part of its Sunday Times Rich List, the publication analysed King Charles’ various income streams and calculated his net worth to be around £600 million (AU $1.1 billion).
This means the new monarch’s net worth is even more than that of his late mother, Queen Elizabeth, who had an estimated net worth of £370 million ($684 million).
A former aide told The Times that Charles’ became good at saving after his costly divorce from Princess Diana in 1996, which granted a $31 million lump sum and annual salary of $740,000 to Diana.
“He became prudent at tucking away some money from the Duchy [of Cornwall] after that wipe-out [of capital],” the source explained.
How Does King Charles Make Money?
The majority of King Charles’ earnings come from his royal estates (also known as a duchy).
In the UK, there are two duchies: the Duchy of Lancaster and the Duchy of Cornwall.
Traditionally, the reigning monarch looks after the Duchy of Lancaster, while the heir to the throne looks after the Duchy of Cornwall.
The Duchy of Cornwall, which has an estimated worth of $1.8 billion, was looked after by King Charles until 2022.
According to The Times, the monarch made around $393.6 million from the duchy between 2011 and 2022. As the duchies are private estates, the palace isn’t required to be transparent about how the earnings from the estates are spent.
While these earnings are also not liable to income tax, King Charles has chosen to pay income tax since 1993.
King Charles two other income sources also include Sandringham and Balmoral Castle. The Times valued Sandringham’s net worth at $453 million and Balmoral’s at $388 million.
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