LONDON: Prince Charles has become the King of England
after Queen Elizabeth died at Balmoral castle yesterday.
He also inherited all her private fortune, which is worth, according to reports, over £370 million (US$426 million).
The real royal wealth – the Crown Estate lands and the Royal Collection of art and jewellery, plus official residences and the Royal Archives – is held by the monarchy as an institution, according to Daily Express.
The Crown Jewels, which is worth at least £3 billion, are also automatically transferred to the successor.
According to reports, Charles will also receive the annual Sovereign Grant from the UK Treasury, which is set at 15 percent of the profits from the Crown Estate, and which the monarch surrenders to the government under a deal dating back to 1760.
Meanwile, thousands of people are still assembling outside the Queen’s official London residence since shortly after the Palace announced she was under “medical supervision” by her physicians.
As the BBC broke the news of Her Majesty’s death on September 9, 2022, hundreds of mourners joined in a spontaneous tribute to the life of the UK’s longest-serving monarch, according to Daily Express report.
The large crowd also signalled their support for the new king, Charles III.