Palace rejects claims Queen 'tried to hide' private wealth

Gillian Wolski
·Lifestyle & Entertainment Producer
·2-min read

Buckingham Palace has come out swinging amid bombshells claims that the Queen made attempts to hide her immense personal wealth by blocking a piece of legislation in the 1970s.

According to The Guardian, Her Majesty’s private lawyer successfully lobbied the British government to amend a draft law that would in effect conceal her private fortune.

Queen Elizabeth II Smiling As She Arrives At The Palace Of Westminster For The State Opening Of Parliament.  The Queen Is Wearing A Diamond Crown Known As The State Diadem Made For The Coronation Of George Lv.  She Is Wearing An Embroidered Cream Satin Dress Covered With A Fur-trimmed Robe.
Buckingham Palace has hit back at claims the Queen (pictured in 2002) blocked a law to 'hide' her private wealth. Photo: Getty Images.

Queen’s concerns over transparency bill

The publication claims that as a result, a special clause was included in the law that allowed companies used by ‘heads of state,’ that is, the monarchy, to avoid new transparency measures.

To back up this claim, the publication cites documents in the National Archives dated November 1973 that reportedly reveal the Queen’s concerns over the proposed bill.

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The Guardian goes on to allege that the Queen’s lawyer approached civil servants at the then-Department of Trade and Industry to negotiate an exemption, claiming that disclosure of HRH’s personal finances “would be embarrassing.”

The proposal reportedly became law in 1976 and applied until ‘at least’ 2011. In 2020, The Sunday Times ‘Rich List’ estimated Queen Elizabeth’s personal worth to be about AUD $624 million.

The British monarchy as a whole is worth around AUD $130 billion, according to Forbes, and includes an art collection valued at almost $18 billion.

A Royal Collection staff member dusts the frame of Landscape with Saint George and the Dragon by Sir Peter Paul Rubens during a preview of the Royal Collection's George IV: Art & Spectacle exhibition in The Queen's Gallery at Buckingham Palace in London. (Photo by Jonathan Brady/PA Images via Getty Images)
The Buckingham Palace art collection is valued at almost $18 billion. Photo: Getty Images.

Palace denies bombshell claims

The shock allegations were resoundingly denied by a Palace spokesperson who, as reported by The Sun, branded claims that the Queen had intervened in the law as ‘simply incorrect’.

The Palace spokesperson clarified that as the role of sovereign purely formal, their consent for things such as laws is ‘always granted’ when requested by the government.

“Any assertion that the sovereign has blocked legislation is simply incorrect,” they said.

“Whether Queen’s Consent is required is decided by Parliament, independently from the Royal Household, in matters that would affect Crown interests, including personal property and personal interests of the monarch.

“If consent is required, draft legislation is, by convention, put to the sovereign to grant solely on advice of ministers and as a matter of public record.”

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