After 70 years on the throne, Queen Elizabeth II died last week and has been succeeded by her eldest son, King Charles III. The queen’s death was met unsurprisingly with an outpouring of grief. The monarch was beloved by millions in Britain and beyond.
But whatever your feelings toward Elizabeth, it’s clear that the institution of the British monarchy is far from benevolent. There have been many important pieces on the monarchy’s global legacy of colonialism. The ascension of Britain’s new king has also presented a very good opportunity to talk about the monarchy’s socioeconomic influence and impact.
The ascension of Britain’s new king is a very good opportunity to talk about the monarchy’s socioeconomic impact.
Today, socioeconomic instability in Britain is inescapable. The new prime minister, Liz Truss, was in her post for just three days before the queen’s death. But she is facing down a growing crisis as energy bills soar, food bank use has doubled over the past decade, and the economic effects of Brexit are still being felt.
Meanwhile, the exact worth of the British monarchy is very difficult to calculate. The Sunday Times’ Rich List calculated the queen’s personal net worth as 370 million pounds (more than $420 million), while the author and royal expert David McClure estimated it at 400 million pounds (around $460 million). Other estimates are closer to a billion. Brand Finance, a leading consultancy firm in brand valuation, estimates the capital value of the monarchy is 67.5 billion pounds (over $77 billion).