Prince Philip Net Worth at Death: Who Inherited His Fortune After He Died

After his death at the age of 99, many have wondered what Prince Philip’s net worth is and who inherited his fortune. Much like his wife and monarch, Queen Elizabeth II, it’s safe to say that the Duke of Edinburgh has accumulated a wealth of wealth over the course of his lifetime. Below we dive into what might happen to it now that he’s no longer with us – but read on first for a little background on the Iron Duke himself.

Long before he became the Queen’s husband, Philip was already born into the royal family as a Prince of Greece and Denmark. His parents, Prince Andrew of Greece and Denmark and Princess Alice of Battenberg, were in line for the Greek throne until they were exiled when he was just 18 months old. They fled to France with his four eldest sisters, Princesses Cecilie, Margarita, Sophie and Theodora. There Philip was educated in Paris (and later in Germany and the United Kingdom) before finally joining the British Royal Navy in 1939 at the age of 18.

In March 1939, Philip was a naturalized British citizen and took the surname Mountbatten from his mother’s family, otherwise renouncing his Greek and Danish royal titles. That year he also began exchanging letters with Queen Elizabeth, whom he would later marry in 1947.

On the eve of their wedding, Lieutenant Mountbatten was formally created Duke of Edinburgh, Earl of Merioneth and Baron of Greenwich and given the title of His Royal Highness. Prince Philip not only inherited these royal titles, but also amassed a variety of assets and money alongside his wife, the Queen. So what exactly was Prince Philip’s net worth? Read more below about Prince Philip’s net worth and what happened to his estate following his death aged 99 in April 2021.

What was Prince Philip’s salary?

As the Queen’s husband, Prince Philip received a royal allowance of around $500,000 (or £400,000) a year from the Sovereign Grant, an official expense account paid for by British taxpayers. While it is unclear if Philip continued to receive this allowance after his retirement from official royal duties in 2017, he continued to have access to funds he had earned through a private portfolio of lands, lands and assets acquired by the Duchy in 1399 Lancaster was established Queen, Her Majesty also retained a private income from the estate of the Duchy of Lancaster.

The couple are also thought to share together a portfolio of stocks and land inherited from the Queen’s family, such as Balmoral Castle in Scotland and Sandringham Estate in England.

Who Inherited Prince Philip’s Estate?

As most of Prince Philip’s estate was divided between him and the Queen, Her Majesty continued to retain Prince Philip’s estate after his death. The royal couple also have four children together – Prince Charles, Princess Anne, Prince Andrew and Prince Edward. As Philip’s children, they likely inherited some of his wealth as well. 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 to the throne after her death, inherited most of her $500 million personal fortune after her death. These assets included her investments, art collections, jewelery and real estate holdings, 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 following the Queen Mother’s death in 2002. These assets included a stamp collection, fine china, jewels, horses and even a valuable collection of Faberge eggs and paintings by artists such as Monet, Nash and Carl Fabergé. According to Fortune, there is a statutory clause exempting the Queen from paying an inheritance tax on the estate left by her Queen Mother, which will also apply to Charles. Under a 1993 agreement with former Prime Minister John Major, inheritance from sovereign to sovereign is exempt from the UK’s 40 per cent inheritance tax. The agreement was created to prevent 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 estate, the Crown Estate, the Duchy of Lancaster, the Duchy of Cornwall, Buckingham Palace and Kensington Palace. According to Fortune, he will only inherit the private fortune assigned to him by his mother.

What was Prince Philip’s net worth?

At the time of his death in April 2021, Prince Philip reportedly had a net worth of around $30million or £24million, according to Celebrity Net Worth.

How did Prince Philip die?

In their statement, Buckingham Palace confirmed that Prince Philip passed away “peacefully” at his home in Windsor Palace on the morning of April 9, 2021. Sophie, the Countess of Wessex and wife of Prince Edward, revealed at a service on April 12 that Philip was surrounded by his family when he died. “It was right for him. It was so gentle,” she said. “It was like someone took his hand and he left. Very, very peaceful and that’s all you want for someone, isn’t it?”

Prince Philip’s body lay in St George’s Chapel at Windsor Castle before his funeral, in accordance with both custom and the Duke of Edinburgh’s wish. “At Prince Philip’s he asked for a much quieter event. He has, in his words, asked for a simple matter, and that is what is happening at the solemn service that will be held at St George’s Chapel, Windsor Castle,” Omid Scobie, co-author of Finding Freedom: Harry and Meghan and the Making of a Modern Royal Family, said Entertainment Tonight in April 2021.

Image: Courtesy of Atria Books.

For more information about Prince Philip’s life, see Ingrid Seward’s biography of the Duke of Edinburgh. Prince Philip unveiled, Seward, an editor of Majesty magazine who has covered Britain’s royal family for decades, solves the “mystery” we know as Prince Philip. From his early childhood in Paris to his mother’s battle with schizophrenia and his military service during World War II, Seward covers subjects that many royal supporters may not know or have not seen The crown. The book also discusses how Prince Philip was “initially distrusted” by the royal court before finding his place at Buckingham Palace.

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Sarah Ridley

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