King Charles is now richer than the late Queen with a fortune worth £600m

King Charles nearly doubled the late queen’s wealth with a fortune of £600 million, new estimates suggest.

Last year, Her Majesty was estimated to be in possession of some £370 million.

But when Charles was the Prince of Wales, the King is said to have carefully saved money from the profits of his efforts in the Duchy of Cornwall.

He is said to have decided to be more frugal after his £17 million divorce from Princess Diana.

The new estimate of his wealth means he has more money than Sir Elton John and even the Beckhams.

Charles’s stewardship of the Duchy of Cornwall has seen it rapidly increase its profits through 2022

An analysis of his finances was carried out for the Sunday Times Rich List, due out next month.

A former adviser said losing the money after his divorce had led to a more cautious approach going forward.

The source told the Time: ‘He became cautious about tucking away some of the Duchy’s money after that destruction.

“We’re not talking huge sums here—a few tens of millions, no more.

“There have been suggestions that Camilla brought a lot of money into their relationship – but that’s really not correct.”

The king’s savings are also likely helped by his own views on the environment.

While cost-cutting isn’t why he often wears clothes and suits bought years ago, the reduced need for new items will certainly help.

As he told Vogue magazine in 2020: ‘I am one of those people who hate to throw anything away. That’s why I’d rather have them maintained, even patched if necessary, than abandon them.

“The difficulty is that as you get older, you tend to change shape, and it’s not so easy to fit into the clothes. I can’t tolerate waste, including food waste; I would much rather find another use.

Queen Elizabeth photographed at Sandringham House to commemorate Accession Day in 2022

King Charles III and the Prince of Wales plant a tree in April this year to mark the end of the Queen’s Green Canopy initiative in the gardens of Sandringham House

“That’s why I’ve been preoccupied for so long with the need for a circular economy, rather than a linear economy where you just make, take, and throw away — which is a tragedy, because we inevitably run out of natural resources that are quickly depleted.”

Before he became king, Charles previously earned between £15 million and £23 million in personal income through his ownership of the estate of the Duchy of Cornwall, which has now passed to Prince William.

In fact, new analysis suggests that the profits of the Duchy of Cornwall had risen to £25.4 million a year, with assets of £1.04 billion. It is also known for its food products and biscuits, although the king donates the profits to charity.

Income was also increased by renting commercial properties in London, Milton Keynes and Cornwall to £17.6 million.

Balmoral Castle is valued at £60 million, but it and the estate could bring in around £210 million

Some of Leonardo Da Vinci’s anatomical studies in A Life in Drawing are also exhibited by the Royal Collection at The Queen’s Gallery, Buckingham Palace

According to the report, Charles received £212.7 million from the dukedom over the past ten years.

After Queen Elizabeth II’s death, the King also inherited nearly £22 billion ($28 billion) in assets belonging to the Crown Estate plus Buckingham Palace, the Duchy of Lancaster, the Duchy of Cornwall and Kensington Palace.

The estate holds approximately £15.0 billion in assets that cannot be sold.

The Royal Collection, which consists of more than a million paintings, statues, sculptures, books, jewelery and other valuables, is also owned by a trust.

In addition, the Queen also owned a stamp and art collection, the value of which is unknown.

King Charles also receives the Sovereign Grant, which are funds allocated by the government.

It is essentially a 25% repayment of the crown estate’s annual profits, which goes to the Treasury.

The grant covers expenses such as staff costs, castle maintenance, travel and security. The total Sovereign Grant for 2022-23 is £86.3 million.

In terms of ownership, King Charles has Sandringham and Balmoral.

Last year alone, Sandringham’s buildings were valued at £55 million and also bring in money from tourism. The whole estate could be worth £245 million.

Balmoral Castle is valued at £60 million, but it and the estate could raise around £210 million.

And there is also a huge portfolio of investments in stocks and bonds that the Queen had and has now passed on, estimated to be worth £100 million.

Her horses – which she had adored during her lifetime – are said to be worth £27 million.

Buckingham Palace declined to comment on estimates of the king’s wealth.