The late Queen of England may not have been as rich as many people think.

British royals aren’t billionaires, say financial experts. The Queen has the largest fortune, but it may not be as much as many people think, according to Insider.

Queen Elizabeth II, who ascended the throne 70 years ago and died at the age of 96 on September 8 (local time), had a net worth of £340 million ( $442.92 million ), The Sunday Times estimated in 2016.

That’s more than any other member of the royal family, including the Duke and Duchess of Sussex — who have a combined fortune of $30 million , according to Insider.

After the Queen’s death, Prince Charles became King Charles III and replaced his mother as ruler and owner of the Crown Estate – a fortune of mansions and lands scattered across the United Kingdom.

Queen Elizabeth II in Scotland in 2015. She is the longest-reigning monarch of the United Kingdom. Photo: Chris Jackson/Getty.

Queen Elizabeth II in Scotland in 2015. She is the longest-reigning monarch of the United Kingdom. Photo: Chris Jackson/Getty.

Every year, the royal family receives an amount of money called the Sovereign Grant, which comes from taxpayer funds, according to the BBC .

The basic arrangement is that the royal family is subsidized in exchange for all profits from the Crown Estate being returned to the government. Each year, the ruler is given a sum of money equivalent to 25% of the Crown Estate’s profits.

The Wall Street Journal reported that the sum totaled £82.2 million ( $107.1 million ) in 2019.

According to the royal family’s financial statements, the Sovereign Grant covers the upkeep of the property and utilities, travel for members of the family, and salaries for royal servants. However, The Telegraph notes that this does not include the costs of security and royal ceremonies, as that money comes from a number of other sources.

The ruler’s personal income was called the Privy Purse.

The money comes from the Duchy of Lancaster, or the portfolio of land and other assets that have belonged to the royal family for hundreds of years. It includes £548.6 million ( $715 million ) in net assets (including 40,000 acres of land) and is made up of residential, commercial and agricultural properties, according to The Wall Street Journal.

In 2019, the Duchy of Lancaster brought in £20.7 million ( $27 million ). This money helps pay for expenses not covered by the Sovereign Grant. Specifically, it is used to cover the expenses incurred by members of the royal family.

The Savoy Hotel in London sits on land controlled by the Duchy of Lancaster. Photo: Michaelpuche/Shutterstock.

The Savoy Hotel in London sits on land controlled by the Duchy of Lancaster. Photo: Michaelpuche/Shutterstock.

The late Queen of England had many valuable assets that added to her net worth.

Queen Elizabeth II owns Balmoral Castle and Sandringham Estates – a massive art collection and other valuable assets passed down from previous monarchs, according to The Wall Street Journal.

The late Queen’s total assets are unknown, making it difficult to estimate her total net worth. One royal finance expert said the royals are “millionaires, not billionaires.”

Lâu đài Balmoral thuộc sở hữu của cố Nữ hoàng Anh. Ảnh: Andrew Milligan/WPA Pool/Getty.

Balmoral Castle, owned by the late Queen. Photo: Andrew Milligan/WPA Pool/Getty.