When Queen Elizabeth II died aged 96 at her residence in Balmoral last week, her son Charles became the new monarch. King Charles III, as he is now known, immediately took the throne and will also inherit his mother’s considerable wealth alongside assets belonging to the crown.
It has prompted questions over the royals' fortune which includes billions of pounds worth of land, marine areas, buildings, property investments and art collections. It has also led to renewed debate on how much people in Wales benefit from the Crown’s wealth, and how this could change under Charles, who has already promised a slimmed-down monarchy.
But the question over where that money comes from is more complicated than Queen Elizabeth II’s personal fortune. It includes major property portfolios governed by ancient rules and huge wealth which is often exempt from UK tax laws. Here is how the royals make and maintain their fortune and the implications their vast wealth have for people in Wales.
