Who will inherit late Queen's multi-million fortune, property?

Following the death of Queen Elizabeth II, she left behind an estimated £430 million ($491 million) fortune and property.

King Charles III is set to inherit her personal fortune, which the Queen had accumulated courtesy of her art collection, jewellery, real estate holdings and investments, according to Metro.

But much of what is seen to be owned by her is owned by the Royal Firm.

This £24 billion ($27.4 billion) empire is what was often referred to by Prince Philip and King George VI as "the family business".

The Queen, when alive, received part of her income through a taxpayer fund known as the sovereign grant, paid annually to the Royal Family.

The sovereign grant was created under King George III when he had to surrender his income from Parliament in order to receive a fixed annual payment for himself and future generations of the royal family.

Originally known as the civil list, funding for the grant comes from a percentage of the profits of the crown estate revenue (initially set at 15 per cent).

The grant was increased from 2017 to 2018 to 25 per cent to support the refurbishment of Buckingham Palace and is supposed to be reduced back to 15 per cent by 2028.

This grant was set at £83 million ($94.7 million) in 2021 and 2022 and funded the Queen’s official travel as well as property maintenance and operating or maintenance costs of Buckingham Palace.

On top of this, there is the Firm – the leading group of senior members and public faces of the House of Windsor.

King Charles III now becomes head of the Firm after the Queen’s death, which operates as a global business empire which pumps hundreds of millions of pounds into the British economy each year through tourism, televised events and special occasions like jubilees.

Members of the Royal Firm now include King Charles III, Queen Consort Camilla, Prince William and Kate, Princess Anne, Prince Edward and Sophie.

According to Forbes, the monarchy holds £24 billion ($27.4 billion) in property which includes the Crown Estate, Buckingham Palace, the Duchy of Cornwall, the Duchy of Lancaster, Kensington Palace and the Crown Estate of Scotland.

Charles will not directly inherit this property empire – instead, he will only inherit the personal assets designated to him by the Queen.