UK's royal family’s ‘firm’ worth around $23 bn with rapid growth over past decade: Report

The royal family of the United Kingdom has consistently grabbed the limelight since the death of Queen Elizabeth II followed by the proclamation of King Charles III as the new monarch of the country. In a recent report, it has been revealed that the royal family's "The Firm" is worth at least $23 billion. Notably, "The Firm" is a nickname given by King George VI for the monarchy and its institutions. Since the first components of the royal estates were acquired around 1,000 years ago, the wealth of the royals' asset holdings has expanded at a much more rapid rate in the last one decade than at any other time, New York Post reported citing a recent report in the Sunday Times of London.

The royals' assets include buildings, land, mineral rights, art, and several other treasures. According to the report, the assets of the monarchy's largest institutions - the Crown Estate and the Duchies of Lancaster and Cornwall, have almost doubled in the last ten years. The royal family also owns hundreds of miles of the British coastline. Additionally, the royal property is also home to the Ascot racecourse, the Oval cricket stadium, and several illustrious private members' clubs in London. 

The Crown Estate is worth $18 billion alone

The enormous Crown Estate, a vast portfolio of real estate that comprises land and buildings throughout England, Wales, Northern Ireland, and Scotland, is estimated to be worth $18 billion alone. Almost all of Regent Street, significant portions of St. James's and Pall Mall, as well as some of the most illustrious clubs in the city, make up the majority of the Crown Estate's holdings in London. The Crown Estate also belongs to the reigning monarch, but it cannot be described as their private property. 

Notably, the reigning monarch does not have the authority to sell holdings and does not derive direct income from the estate. Instead, the Treasury invests the Crown Estate's profits back into the market before giving the royal family a portion of it as the "Sovereign Grant," the Times reported. 

King Charles possesses assets worth about $1 billion: Report

According to the report, King Charles III possesses personal assets worth about $1 billion. With the demise of the Queen, he inherited the Duchy of Lancaster, a property which has been owned by the monarch since the 14th century. Besides, he also got ownership of 45,092 acres of land across several counties in the country. The Sandringham Estate in Norfolk, which spans 20,000 acres, and Balmoral, the castle where Queen Elizabeth II passed away, belonged to her and would likely be handed over to Charles. It should be noted that Buckingham Palace and other royal palaces are owned in trust. 

Image: AP