The new king of the United Kingdom, Charles III, built his own empire even before inheriting that of his mother, Queen Elizabeth II, who died last Thursday (8).
Charles has spent the last half century making his royal estates extremely profitable, being one of the royal family’s best businesses, according to The Globe, as reported by The New York Times.
Over the past decade, he has assembled a team of professional managers who have increased the value and profits of his portfolio by around 50%. Currently, the properties include the traditional The Oval cricket stadium, extensive farms in the South of England, seaside rental houses, offices in London and a supermarket depot. With more than 526 km², the portfolio is more than twice the size of Recife and generates millions of dollars a year in rentals.
The approximate value of the fortune is $1.4 billion, compared to about $949 million in the Queen’s portfolio. However, both are just a portion of the royal family’s $28 billion fortune, not counting the family’s private wealth, the exact value of which is a secret.
Now king, Charles will inherit his mother’s portfolio and an unknown part of his personal fortune. Control of the Duchy of Cornwall will pass to his eldest son William, who will continue to run it without paying corporate taxes.
The growth of Charles’ fortune coincided with a time of fiscal austerity in the UK, and rising levels of poverty. Demand for food banks has nearly doubled. The current moment of the British economy also contrasts with the accounts of the new head of state: the annual variation of inflation is the highest in 40 years, passing double digits, and the crisis is not expected to improve next year.
Important detail: Charles was and will continue to be tax-exempt.