On 8 September 2022, Prince Charles officially became King Charles III following the death of his mother, Queen Elizabeth II.

He was Prince of Wales for more than 50 years. During this period, he also spent five years in the Royal Navy, undertook extensive charity work, and launched numerous businesses, which made him very wealthy.

As scandalous details about the Duchy of Lancaster are revealed, read on as we take a look at just how rich the King could be and where his money comes from. All dollar amounts in US dollars.

On 14 November 1948, the then-Princess Elizabeth gave birth to her first child, a boy. Thousands of people flocked to Buckingham Palace to celebrate the arrival.

Less than a month later, he was christened Charles Philip Arthur George in the Music Room of the royal residence. 

In February 1952, King George VI died aged 56. Princess Elizabeth, his eldest daughter, ascended to the throne and Charles, then aged three, instantly became her heir. The young prince was given the traditional title of Duke of Cornwall, usually held by the eldest son of the UK's reigning monarch, and was also bestowed with a number of dukedoms associated with various areas across Scotland. 

Several years later, on the advice of then-Prime Minister Harold Macmillan, the Queen sent Charles to school in London's exclusive Knightsbridge. On 7 November 1956, at the age of eight, the young royal had his first day at Hill House Preparatory School – the very first time an heir to the throne had gone to school with other children rather than being home-educated by a private tutor.

Charles later transferred to Cheam, the oldest private school in England, before completing his schooling at the remote Gordonstoun in Eastern Scotland. He followed in the footsteps of his father, Prince Philip, who had attended the establishment years before.

In 1967, Charles began studying archaeology and anthropology at the University of Cambridge, later swapping to history. Alongside his studies, he learned Welsh ahead of becoming Prince of Wales.

The Prince of Wales title was granted to Charles by his mother on 1 July 1969. The ceremony (pictured) was held at Caernarfon Castle in Gwynedd, northwest Wales.

The 1970s were an important decade for Charles and saw him take his first foray into politics by taking his seat in the House of Lords, which he held until reforms in 1999. 

At the age of 22, he began campaigning on conservation issues and the environment, warning in one speech that "technological advance threatens the individuality of man and is becoming his master".

Charles began his Royal Navy career in 1971. For the next five years, he served on three different ships, also qualifying as a helicopter pilot and taking command of a coastal minehunter.

At the end of his service, he received £7,400 (around £40k/$45k in today's money) in severance pay, which he put towards launching his first charity.

The Prince’s Trust was founded in 1976. The charity supports disadvantaged young people aged between 11 and 30, helping them to tackle challenges related to education, employment, and homelessness. 

The organisation has assisted more than one million young people since its launch.

In 1980, Charles published a children’s book. Titled The Old Man of Lochnagar, the tale is set in the Scottish Highlands and is based on a story the prince had invented years earlier for his younger brothers, Andrew and Edward.

The BBC later turned the storybook into an animation, and it also inspired a ballet that debuted at London's Sadler's Wells Theatre in 2007.

Charles set up an organic product company named Duchy Originals in 1990.

Its products challenged traditional farming methods and genetic modification, which the prince had previously criticised.

Duchy Originals has since partnered with UK supermarket giant Waitrose and rebranded to Waitrose Duchy Organic. It currently sells over 200 products, with all proceeds donated to charity. 

In 2006, Charles gave a speech to the World Health Assembly where he urged professionals to integrate the use of homoeopathy into modern medicine.

As part of its range of products, Duchy Originals has even produced a line of herbal medicines. Charles also became the patron of the Faculty of Homeopathy in 2019, though he's received criticism for endorsing the practice.

Furthering his environmentalism, Charles launched The Prince's May Day Network in 2007.

The organisation is aimed at encouraging businesses to take action on climate change. Over 3,500 organisations, including the likes of BT and Adnams Brewery, have become members over the last decade.

Like much of the public, Charles has paid tax – although it is voluntary for royals – and as such, he's built up a state pension.

It's been widely reported that when he turned 65 in 2013, he donated the pension to an unnamed charity that supports the elderly.

Since he founded The Prince's Trust in 1976, Charles has built up an impressive portfolio of charitable work.

Incredibly, he's believed to be the president, patron or member of over 400 charities with causes including the environment, business enterprise, and education.

So now that he's HM King Charles III, how will the monarch's new title impact his wealth, charitable endeavours, and other business ventures?

It's estimated that King Charles had a personal fortune of around £85 million ($100m) prior to taking the throne. However, his fortune is set to grow substantially, as he's inherited his late mother's private wealth. 

It's unknown exactly how much of the Queen's personal fortune Charles has received as monarchs' wills are sealed after their death, but online sources suggest the figure could be around £399 million ($503 million).

However, it is known that the highly lucrative Duchy of Lancaster estate is included within the bequeathment...

Founded in 1351, the Duchy of Lancaster is a private estate that comprises land, property, and other assets, all belonging directly to the Sovereign. King Charles is now entitled to all of its profits and is under no obligation to pay income tax, capital gains tax, or inheritance tax on the proceeds.

The estate includes London's prestigious Savoy Hotel (pictured) and Somerset House. The Duchy of Lancaster had net assets of £652.8 million ($755m) as of March 2022, the most recent financial figures officially released. Meanwhile, CNN reports that the Duchy's assets are worth as much as £655 million ($826m), while Charles' first annual payout since inheriting the duchy was apparently £26 million ($33m).

But some of these assets are more scandalous than others. According to a bombshell report from the Guardian, the Duchy of Lancaster has been "secretly profiting from the assets of dead citizens" thanks to an archaic system whereby the assets of people who die without making a will or who have no known next of kin, can be claimed by the duchy. 

According to the duchy, these assets – known as bona vacantia – are donated to charity. But the Guardian has now claimed that only a small portion of the funds is being donated, with leaked policy documents from 2020 revealing crown officials have been given license to use them on a range of other expenditures. These reportedly include investments that could bring an "incidental" financial benefit to King Charles' personal finances, as well as renovating properties in the crown's portfolio.

Over the last decade, the crown has inherited £60 million ($76m) from residents of north-west England, a region known in the middle ages as Lancashire County, which encompasses parts of Greater Manchester, Merseyside, Cheshire, and Cumbria as well as modern-day Lancashire. Due to the backlash, King Charles' estate has announced it will send more than £100 million ($127m) to ethical investment funds – though it's kept quiet about whether it plans to stop collecting bona vacantia.

So what else is in King Charles' portfolio? The new monarch hasn't directly inherited the sprawling Crown Estate property portfolio, nor will he directly benefit from the Royal Collection of art and jewellery. Instead, these assets will be passed on to the new monarch in the form of a trust.

As king, he'll receive the Sovereign Grant to fund the monarch's official duties. The amount of the Sovereign Grant is based on the profits generated by the Crown Estate in the financial year two years before the current financial period.

This means that the Sovereign Grant for 2022/23, which is £86.3 million ($99.8m), has been calculated using the Crown Estate's profits from 2020/21.

While Charles has inherited a fortune, he's lost his lucrative Duchy of Cornwall estate, the private estate founded in 1337 by King Edward III for his son and heir, Prince Edward.

Traditionally, the estate funds the heir of the monarch. In the past, it comprised a lucrative range of properties, such as farmland, oyster fisheries, granite quarries, and tin mines. It also includes real estate in London and even Dartmoor Prison.

The estate has now been passed on to Prince William and his wife Catherine, with the couple assuming the titles of Prince and Princess of Wales. It's been reported that the couple can expect to earn around £20 million ($25m) from the estate every year.

As Prince William has inherited the Duchy of Cornwall estate, he's now the owner of King Charles' beloved Highgrove House in Gloucestershire (pictured). 

Charles is reportedly quite attached to the country estate, but William is now his father's landlord, with sources revealing that he could charge the king as much as £700,000 ($883k) a year in rent. But it’s more than just accommodation for the royals: it's also a sustainable organic farm. Charles was initially criticised for some of his modern ideas about farming techniques, but he paved the way for many other farmers. 

It's unclear if Charles wishes to continue using the property now that he's king, with reports suggesting he principally resides in Buckingham Palace and Windsor Castle. However, he has submitted a planning application for a new greenhouse at the property and recently celebrated his 75th birthday there too.

The Duchy of Cornwall is now made up of approximately 52,000 hectares and spans 20 counties in England and Wales.

The estate, which includes over 600 residential lettings and 700 agricultural tenancies, is mostly in the southwest of England.

It's believed to be worth around £1 billion ($1.3bn).

Charles may have lost the Duchy of Cornwall since ascending to the throne but, according to another recent Guardian investigation, he still has plenty of property in a personal portfolio.

The King is believed to have inherited a portfolio of real estate surrounding the Crown's Sandringham estate (pictured) in Norfolk after the death of his mother. However, his personal interests reportedly include the freehold for at least 37 commercial properties in the same area, such as shops, a post office, a pub, a medical centre, a primary school, a nursery, and even a church.

As the landlord, Charles receives income for renting these properties to tenants. The social club is apparently rented out for a mere £100 ($125) a year. Others pay more; the Guardian reports that a company called Sandringham Apple Juice had "forthcoming lease payments of £18,000 [$22.7k]". 

While King Charles will be redistributing many of his charity patronages, it's been confirmed by the Prince's Trust CEO Martina Milburn that the charity he founded almost 50 years ago will continue its work and retain its original name.

From a business perspective, King Charles' Duchy Originals brand operates separately from the Duchy of Cornwall estate.

Even though Charles is now king, it's believed that Duchy Originals will continue to operate as its own entity, with all profits still to be donated to charitable causes.

So how rich is King Charles? A Guardian investigation claimed his net worth is around £1.82 billion ($2.3bn), but this included art and stamp collections and other assets built up by the royal family that he would potentially be unable to sell. The Sunday Times estimated his fortune at a much smaller but still notable £600 million ($757m) in its latest Rich List. Due to his properties and other interests, this was significantly higher than his late mother's.

Whatever the true figure may be, there's no doubt King Charles is an extremely rich monarch.

Now discover how wealthy Prince William and his family really are