After his death at the age of 99, many wondered what Prince Philip’s net worth was and who inherited his fortune. Much like his wife and monarch, Queen Elizabeth II, it’s safe to say that the Duke of Edinburgh amassed great wealth during his lifetime. Below, we dive into what could happen to him now that he’s no longer with us, but first read on for a bit of background on the Iron Duke himself.
Long before becoming the queen’s consort, Philip was already born into royalty as a prince of Greece and Denmark. His parents, Prince Andrew of Greece and Denmark and Princess Alice of Battenberg, were vying for the Greek throne until their exile when he was just eighteen months old. Together they fled with his four older sisters, Princesses Cecilie, Margarita, Sophie and Théodora, to France. There Philip was educated in Paris (and later in Germany and the UK) before finally joining Britain’s Royal Navy in 1939 at the age of 18.
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In March 1939, Philip was a naturalized British citizen and adopted the surname Mountbatten from his mother’s family, otherwise relinquishing his Greek and Danish royal titles. It was that year that he also began exchanging letters with Queen Elizabeth, whom he would later marry in 1947.
On the eve of their marriage, Lieutenant Mountbatten was formally made Duke of Edinburgh, Earl of Merioneth and Baron of Greenwich, and given the title of His Royal Highness. Along with inheriting those royal titles, Prince Philip went on to amass a wide array of assets and money alongside his wife, the Queen. So how much exactly was Prince Philip’s net worth? Read Prince Philip’s net worth below, as well as what happened to his estate following his death at the age of 99 in April 2021.
What was Prince Philip’s salary?
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As the Queen’s husband, Prince Philip received a Royal Allowance from the Sovereign Grant, an official expense account paid for by British taxpayers, of around $500,000 (or £400,000) a year. While it’s unclear whether Philip continued to receive this allowance after retiring from official royal duties in 2017, he still retained access to funds earned through a private portfolio of property, land and assets set aside. in place by the Duchy of Lancaster in 1399. Like the Queen, Her Majesty also maintained a private income from the Duchy of Lancaster estate.
Together, the couple would also share a portfolio of stocks and land inherited from the Queen’s family, such as Balmoral Castle in Scotland and the Sandringham Estate in England.
Who inherited Prince Philip’s estate?
As the bulk of Prince Philip’s estate was shared between him and the Queen, Her Majesty continued to keep Philip’s assets after his death. The royal couple also share four children: Prince Charles, Princess Anne, Prince Andrew and Prince Edward. As Philip’s children, they also likely inherited a share of his assets. After more than 70 years on the throne, Queen Elizabeth II died on September 8, 2022. She was 96 years old.
According to Fortune, King Charles, Queen Elizabeth II’s eldest son with Prince Philip who ascended the throne after her death, inherited most of her $500 million in personal assets after her death. These assets included her investments, art collection, jewelery and real estate, including Sandringham House in Norfolk, England, and Balmoral Castle in Aberdeenshire, Scotland, where the Queen died.
Queen Elizabeth also inherited nearly $70 million in assets after the Queen Mother died in 2002. These assets include a stamp collection, fine china, jewelry, horses and even a valuable collection of Fabergé eggs and paintings by artists like Monet, Nash and Carl Fabergé. According to Fortune, there is a statutory clause that exempts the Queen from paying inheritance tax on the estate left by her Queen Mother, which will also apply to Charles. Under an agreement with former Prime Minister John Major in 1993, sovereign-to-sovereign inheritance is exempt from the UK’s 40% inheritance tax. The agreement was created to avoid the erosion of the wealth of the British royal family.
However, Charles will not inherit the entire $28 billion British Royal Family empire, which includes the Estate of Scotland, the Crown Estate, the Duchy of Lancaster, the Duchy of Cornwall, Buckingham Palace and Kensington Palace. According to Fortune, he will only inherit personal property designated to him by his mother.
What Was Prince Philip’s Net Worth?
At the time of his death in April 2021, Prince Philip was said to have a net worth of around $30m, or £24m, according to Celebrity Net Worth.
How did Prince Philip die?
In their statement, Buckingham Palace confirmed that Prince Philip died “peacefully” on the morning of April 9, 2021, at his home in Windsor Palace. Sophie, Countess of Wessex and wife of Prince Edward, revealed at a church service on April 12 that Philip was surrounded by family when he died. “It was good for him. It was so sweet,” she said. “It was like someone took him by the hand and he left. Very, very peaceful and that’s all you want for someone, right? »
Prince Philip’s body was laid to rest at Windsor Castle ahead of his funeral at St George’s Chapel, which was both in line with custom and the wishes of the Duke of Edinburgh. “With Prince Philip he has asked for a much quieter event. He has asked, in his words, for a simple affair and that is exactly what is happening at the ceremonial service which will take place at St. George’s Chapel in the castle. of Windsor”, Omid Scobie, co-author of Finding Freedom: Harry and Meghan and the Creation of a Modern Royal Family, told Entertainment Tonight in April 2021.
‘Prince Philip revealed’ by Ingrid… $17.19
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For more on Prince Philip’s life, see Ingrid Seward’s biography of the Duke of Edinburgh, Prince Philip revealed, Seward, editor of Majesty magazine which has covered the British royal family for decades, unravels the “riddle” of who we know as Prince Philip. From his early childhood in Paris to his mother’s battle with schizophrenia to his military service during World War II, Seward covers topics that many royal supporters may not know or have not seen on The crown. The book also explains how Prince Philip was “initially mistrusted” by the royal court before finding his way to Buckingham Palace.
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