Although the royal family likes to keep their personal business away from the public, there are a few details about their lives that cannot be kept hidden for long, including the Queen's financial status.
Back in November, the Paradise Papers revealed that Queen Elizabeth II has paid around $13 million into funds in the Cayman Islands and Bermuda. People were taken aback when the royal's name popped up in the documents because this type of activity is common among the rich who try to avoid paying high taxes by putting money into offshore accounts.
Upon further investigation, it was revealed that the Queen's investment are indeed legal and she wasn't evading taxes.
"All of our investments are fully audited and legitimate," said a spokesperson for the Duchy of Lancaster, which handles the Monarch's finances.
Despite the clarification, people were still curious about how much the Queen is worth and if she actually pays taxes.
Are you ready to find out?
The monarch currently has a nine-figure net worth totaling $562.1 million, and although members of the royal family are exempt from paying taxes, the Queen voluntarily chose to start paying taxes since the 1990s.
"The Queen is not legally required to pay tax," according to the Institute of Chartered Accountants in England and Wales. "However she has voluntarily been paying income tax and capital gains tax since 1992."
She also regularly pays around $12,000 in taxes on her four properties, including Buckingham Palace, Windsor Castle, Balmoral Castle, and Sandringham Estate. However, this amount is expected to increase as her income is set to increase by about $92 million dollars this year.
Aside from her residential properties, the Queen's assets include farms, marine land, art jewelry and one of the world's largest stamp collections. She also receives a stipend of $12.9 million from the government per year.
Similar to the tax system in the U.S., the Queen's contribution goes towards healthcare, welfare and pension, environmental causes, national debt relief, criminal justice, and more.
The Queen is also known for being a philanthropist, which means she often makes large monetary contributions to various charitable causes every year.
In addition to Queen Elizabeth, other royal family members like princes Philip, Charles, William and Harry also voluntraily pay income tax annually.
