Charles III, How Much Did He Inherit and How Much Inheritance Tax Will He Pay?

British Royal Family's Total Assets Worth 39 Trillion Won... Only Queen's Personal Property Is Inheritable
The King Does Not Pay Inheritance Tax

Charles III inherits the queen's personal property as the heir to the throne without paying inheritance tax.
Photo by AFP Yonhap News

[Asia Economy Reporter Kim Hyunjung] There are two things people cannot avoid: death and taxes. When dealing with the troublesome issue of inheritance that combines these two, one cannot simply remain immersed in the grief of losing family.

With the passing of Queen Elizabeth II of the United Kingdom, how much royal property will King Charles III inherit?

According to American economic magazines Fortune and CNBC, the total assets owned by the British royal family last year were estimated at about $28 billion (approximately 39 trillion KRW). Among these, the Crown Estate, the royal property management foundation, holds assets worth $19.5 billion (about 27 trillion KRW), making up the majority, followed by assets owned by Buckingham Palace, the Duke of Cornwall, the Duke of Lancaster, Kensington Palace, and the Scotland Crown Estate.

The income generated from the Crown Estate is paid annually to the royal family in the form of a sovereign grant, with the remainder going to the UK government treasury.

The sovereign grant paid to the royal family in 2021-2022 was about ?86 million (approximately 138 billion KRW).

The assets used for the operation and maintenance of the royal family cannot be inherited personally by King Charles III. However, the personal property left by Queen Elizabeth II can be inherited.

According to Forbes' estimates, the Queen's personal wealth in 2021 was about $500 million (approximately 700 billion KRW).

This was accumulated through various investments, art collections, jewelry, and real estate purchases during her reign, including $70 million (about 96.8 billion KRW) inherited when the Queen Mother passed away in 2002.

Most of the personal wealth is said to be inherited by King Charles III.

In the UK, no inheritance tax is imposed on the monarch’s heir, so Queen Elizabeth II did not pay inheritance tax, and King Charles III can enjoy the same privilege.

For reference, the highest inheritance tax rate in the UK is 40%, while in Korea it is 50%.