worth $88bn of the monarchy

Queen Elizabeth leaves behind assets worth $88bn of the monarchy

Washington, Sep 10 (IANS) Queen Elizabeth II, who died on Thursday at Balmoral Castle in Scotland at age 96, leaves behind assets worth $88 billion of the British Monarchy as estimated in 2017. Where it now goes is the question. The British Monarchy was valued at roughly $88 billion in 2017, according to brand valuation consultancy firm Brand Finance. The Queen’s personal wealth is closer to $500 million from investments, art, jewels and real estate, according to a 2021 estimate from Forbes. But the queen’s true net worth has never been disclosed. The Guardian reported last year that the queen successfully lobbied the British government in the 1970s to change a draft law in order to conceal her private wealth from the public, claiming the disclosure would be embarrassing. A spokesperson for Buckingham Palace told BBC that “any assertion that the sovereign has blocked legislation is simply incorrect”. The castle is just one of the assets the queen leaves after 70 years on the throne. Her personal assets from investments, real estate, jewels and more have an estimated worth of $500 million, according to Forbes magazine. The entire royal family was estimated to be worth at least $88 billion as of 2017. The financing that makes up the wealth behind the crown is complex. Here’s a breakdown of how much her majesty was worth, where the money came from and where it may go, USA today said in a report here. How rich was the queen? What happens to the other royals under King Charles III and his new slimmeddown monarchy? How much is the British royal family worth? These are questions often asked not just by just Britons but engaging the minds of the populations of the world especially the commonwealth countries of which she was the head. King Charles III is now officially the new monarch and head of the commonwealth after his installation by the privy council. Brand Finance reported in 2017 that the British Monarchy’s worth has grown “every year” since it began tracking in 2012. The $88 billion figure includes the Crown Estate, the Royal Collection (including the crown jewels) and other assets. Who inherits the queen’s fortune? King Charles III inherits the majority of the Queen’s $500 million, according to Forbes. How did Queen Elizabeth get the money? The royal family collects fees from The Sovereign Grant Act, a taxpayer fund that is used to maintain royal palaces and royal duties such as receptions and travel. The Sovereign Grant for 2022 to 2023 is just under $100 million. Payments are based on profits from the Crown Estate, a property business that is owned by the monarch but runs independently, according to the BBC. Starting in 2017, the queen began receiving 25 per cent of the Crown Estate profits from the previous two years, a deal that was set to last 10 years to help pay for the refurbishment of Buckingham Palace. The remainder of the money goes to the government. The Crown Estate is also part of a $28 billion empire run by “The Firm,” or a group of members of the House of Windsor. Along with the Queen, members included King Charles and his wife the Queen Consort Camilla, the Duchess of Cornwall; Prince William and his wife Kate, the Duchess of Cambridge; Princess Anne, the queen’s daughter; and the queen’s youngest son, Prince Edward, and his wife Sophie, the Countess of Wessex, Forbes says.

The crown holds, but cannot sell, various assets including:

* The Crown Estate ($19.5 billion) * Buckingham Palace ($4.9 billion) * The Duchy of Cornwall ($1.3 billion) * The Duchy of Lancaster ($748 million) * Kensington Palace ($630 million) * The Crown Estate Scotland ($592 million). The Firm, or “Monarchy PLC,” pumps hundreds of millions of pounds into the United Kingdom’s economy every year through tours of Commonwealth countries and other displays. Prince Harry and Meghan, the Duchess of Sussex’s 2018 royal wedding, for instance, was expected to benefit the British Economy by over 1 billion pounds, according to Brand Finance. The royal family doesn’t personally benefit from the business, but Forbes reports that they do receive other financial benefits such as free media coverage, the USA today reported.

How much money did the queen get from taxpayers?

The Sovereign Grant was set at 86.3 million pounds (about $99 million) for 2021 to 2022, or about 1.29 pounds (about $1.50) per person in the UK, according to the BBC. This does not include security costs.

How much property did Elizabeth own?

Forbes reports that the queen’s personal real estate assets include two castles: Sandringham House and Balmoral Castle.

King Charles III officially proclaimed British monarch

London, Sep 10 (IANS) For the first time in a televised ceremony, King Charles III was on Saturday officially proclaimed the new British monarch following the demise of his 96-year-old mother, Queen Elizabeth II who reigned for 70 years on the throne. Charles, the Queen’s first born, became king immediately after her death on Thursday, but a historic meeting formally confirmed his role on Saturday during the ceremony at St James’s Palace, says the BBC. The Accession Council, a body made up of senior politicians, judges and officials, proclaimed him as the monarch in the State Apartments. Following the proclamation, the King formally announced the death of his “beloved mother, the Queen”. “The whole world sympathises with me in the irreparable loss we’ve all suffered,” he said. “My mother gave an example of lifelong love and of selfless service. My mother’s reign was unequalled in its duration, dedication and devotion. Even as we grieve, we give thanks for this most faithful life. “I am deeply aware of this deep inheritance and of the grave duties and responsibilities which are now passed to me,” the BBC quoted Charles as saying. He then went on to thank Queen Consort Camilla, saying: “I am profoundly encouraged by the constant support of my beloved wife.” Also in attendance at the ceremony were Prime Minister Liz Truss, and former premiers Gordon Brown, David Cameron, Boris Johnson and Theresa May, as well as Archbishop Justin Welby and Prince William. Before Charles was named the King, the death of the Queen was formally announced. The 200 or so people gathered in the room all then said ‘God save the King’ before documents were signed. Flags that were lowered in mourning for the late Queen will fly full-mast for a short time. A wave of further proclamations will take place across the UK until Sunday.

Queen Elizabeth II passes away, Prince Charles succeeds as king

London, Sep 8 (IANS) Prince Charles, 73, who had been heir to the crown for 70 years -- the longest in the country’s history -- has ascended the British throne. The development followed immediately upon his mother Queen Elizabeth II, 96, passed away after being monarch since 1952 - which surpassed Queen Victoria’s 63-year reign. Victoria ruled up to 1901. Elizabeth was also Queen of Canada, Australia and New Zealand, among other territories. “The Queen is dead. Long live the King.” This has been the British tradition for centuries, though there is still the matter of an official coronation to consummate the ascension. Elizabeth breathed her last at Balmoral Castle in Scotland, one of her four ‘royal’ residences and possibly her favourite. Her family from near and afar had gathered there to be at her side in her final moments. Apart from Charles, his elder son William, now next in succession, Charles’ sister Anne, brothers Andrew and Edward and his wife Camilla were present. William’s younger brother Harry, who now lives in the United States, was to attend a function in London, but cancelled his appearance to join the rest of the family at Balmoral. It was unclear whether his wife Meghan accompanied him. The couple have been estranged from their relatives for some time. Elizabeth was extraordinarily popular among her people and therefore widely accepted and respected by them. This rendered the British monarchy conceptually popular as well as opposed to republicanism. The same cannot arguably be said of Charles, although he will now have an opportunity to prove himself and gain greater confidence of British citizens. A YouGov poll put Charles’ popularity with the British people at 42 per cent, with 24 per cent disliking him and 30 per cent being neutral. He has been a tireless campaigner for the environment for decades, from much before it became fashionable to talk about it. He also values organic food and classical architecture. A question would arise as to whether Charles should automatically become head of the Commonwealth. But this was effectively decided by leaders of the 53-nation organisation, including India’s endorsement of this move. He has in fact been officiating on Elizabeth’s behalf at Commonwealth Heads of Government Meetings, including the summit held earlier this year in Rwanda. When Elizabeth’s father George VI died in 1952, it was by no means cast in stone that she would step into her father’s role in the Commonwealth sphere. The appointment of George as head of the Commonwealth was for his lifetime only. However, a remarkable telegram from India’s then Prime Minister Jawaharlal Nehru had settled the matter. In congratulating Elizabeth on succeeding her father, he also congratulated her on succeeding him as head of the Commonwealth. Such was Nehru’s stature in the world, all member states of the Commonwealth fell in line with his sentiment.

From ‘The Crown’ to ‘South Park’: Queen Elizabeth’s many screen avatars

London, Sep 9 (IANS) Queen Elizabeth II became a cultural staple during her long and eventful reign. She was the most photographed woman in history -- gracing the cover of ‘Time’ magazine at age three, the first of several such appearances -- and was depicted on the big screen, the small screen, the stage, in music, and in art, says ‘Variety’ in a special report. She is the subject of the Netflix original series ‘The Crown’, which follows the Queen from the 1940s to modern times and examines her relationship with the various prime ministers -- Liz Truss was the 15th she invited to lead Her Majesty’s Government 48 hours before her passing -- as well as with other figures, both within the Royal Family and outside it. Over the show’s six seasons, each of which covers approximately a decade in her life, she has been portrayed by three different actors: Claire Foy, who won a Golden Globe for her portrayal, and Olivia Colman, who earned both a Golden Globe and an Emmy, and Imelda Staunton, who will portray the Queen in her 70s and 80s during the show’s fifth and sixth (also believed to be its final) season. Season 5 will premiere on Netflix in November this year, notes ‘Variety’. Helen Mirren also memorably played the British monarch in the 2006 film ‘The Queen’, written by ‘The Crown’ creator Peter Morgan and directed by Stephen Frears. The film was set in the aftermath of Princess Diana’s death, a low point for the British royal family, and won Mirren a best actress Oscar for her performance, adds ‘Variety’. Mirren went on to play Elizabeth again in the West End and on Broadway, in the stage hit ‘The Audience’. The monarch also made an appearance in ‘Spencer’, played by Stella Gonet -- the film stars Kirsten Stewart as her daughter-in-law Princess Diana -- while the Queen’s early childhood was portrayed in the Oscar-winning 2010 film, ‘The King’s Speech’, starring Colin Firth, Geoffrey Rush and Helena Bonham. The 2015 British comedy drama film ‘A Royal Night Out’ offered a fictionalised glimpse of the night Elizabeth (played by Sarah Gadon) and her sister Princess Margaret (Bel Powley) were allowed secretly to slip out of Buckingham Palace to join the crowds celebrating V-E Day on the streets of London in 1945. In 2016, the Queen, played by Penelope Wilton, was a character in ‘The BFG’, Steven Spielberg’s adaptation of the book by Roald Dahl and ‘The Naked Gun: From the Files of Police Squad!’ also tackled the British monarch, according to ‘Variety’ -- literally. In this 1988 comedy, Leslie Nielsen’s character uses a running tackle to save the Queen from what he wrongly believes to be an assassination attempt. The actress who plays her in the film, Jeannette Charles, has made a career of royal impersonation, standing in as Elizabeth in about 20 movies and TV programmes over a 40-year period. In animated form, notes ‘Variety’, the Queen in her Cinderella-like royal coach survived an attempted robbery of her crown in the 2015 film ‘Minions’ and a rear-ending by Homer Simpson in a 2003 episode of ‘The Simpsons’ (titled ‘The Regina Monologues’). She wasn’t so lucky in a 2012 episode of ‘Family Guy’, in which a high-speed chase of her carriage ends in a royal fatality, and in 2007, according to ‘Variety’, an episode of ‘South Park’ sparked outrage after it showed her dying by suicide on the throne. She also made an appearance in Gary Janetti’s shortlived animated comedy ‘The Prince’, which ran for one season on HBO Max. In 2022, the Queen delighted viewers around the world by guest-starring in a video with Paddington Bear. In the skit, which was filmed at Windsor Castle and broadcast before the Platinum Jubilee concert, Paddington is invited to the Queen’s abode for tea where chaos ensues. At one point in the video that went viral globally, the bear offers Her Majesty a marmalade sandwich fished out of his hat, as he tells her: “I always keep one for emergencies.” In response, the Queen replies, “So do I” and opens her handbag to pull out a marmalade sandwich of her own.

Russia to France, Israel to UK - all hail INS Vikrant and India’s rise as a major global power

From Vikramaditya to Vikrant, Those 72 hrs were a make-or-break flight of India’s aircraft carriers

for India’s indigenous aircraft carrier New Delhi, Sep 3 (IANS) India scripted history on Friday (September 2) when it commissioned its first Indigenous Aircraft Carrier (IAC), INS Vikrant named after India’s first aircraft carrier, which played an important role in 1971. As India joined a select group of small countries, that have the potential to indigenously design and build aircraft carriers, let’s have a look at India’s past and present aircraft carriers which have served the country effectively. India’s maritime history changed in 1957 when the first aircraft carrier -- Indian Naval Ship (INS) Vikrant -- was commissioned in Belfast, UK by the then Indian high ambassador to London, late Vijayalakshmi Pandit.

* INS Vikrant

Originally named as HMS Hercules, the ship was built at the VickersArmstrong Shipyard and was launched in 1945 as a part of the majestic class of ships of Great Britain. However, even before it was brought into active operational duty, World War II came to an end and the ship was withdrawn from use in active naval duty. In the Bangladesh Liberation War of 1971, INS Vikrant played a pivotal role in spite of many doubts about its seaworthiness before the war. As Captain Hiranandani later recalled the Chief of the Navy, Admiral Sardarlal Mathradas Nanda, saying: “During the 1965 war, Vikrant sat in Bombay Harbor and did not go to sea. If the same thing happens in 1971, Vikrant will be called a white elephant and naval aviation will be written off. If we didn’t fly the plane, Vikrant had to be seen operational.” As per reports, in just 10 days, more than 300 strike sorties were carried out from Vikrant. The warship exceeded expectations. In subsequent years, the warship underwent major re-hauling. However, after years of wear and tear, INS Vikrant served as a museum after decommissioning in 1997 and was visited by thousands of curious people, especially youth and students, as it remain anchored off Mumbai Harbour. The cost of maintenance and upkeep turned out to be huge and after several hiccups and legal battles, after a glorious history of 71 years, it was finally sold as scrap to IB Commercials Pvt Ltd in November 2014 for Rs 60 crore.

* INS Viraat

INS Viraat has the honour of being India’s oldest aircraft carrier. It also has the honour of being the longest serving warship in the world. According to the Indian Navy, it created the Guinness Book of Records for this. INS Viraat was first commissioned into the British Royal Navy as HMS Hermes on November 18, 1959. It served as the Chief of Task Force of the Royal Navy during the Falklands War in 1982. It was decommissioned in 1985. Hermes was then brought in from the Portsmouth Dockyard to Devonport Dockyard to be refitted and sold to India for $465 million. The aircraft carrier was inducted into the Indian Navy on May 12, 1987. The traditional Centaur-class aircraft carrier, whose name means ‘giant’ in Sanskrit, had a staff of 1,500 members on board. Its motto was (in Sanskrit) - ‘Jalameva Yasya Balameva Tasya’ (The one who controls the ocean is all powerful). INS Viraat has a long history of service of 33 years to the Indian Navy. INS Viraat first saw action during the 1989 Indo-Sri Lanka conflict in Operation Jupiter, sending peacekeeping forces to Sri Lanka, after which it was associated with the Garhwal Rifles and Scouts of the Indian Army in 1990. INS Viraat also played a key role in intercepting Pakistani ports, mainly Karachi Port, as part of Operation Vijay in 1999. Viraat then saw action in Operation Parakram in 20012002 after the terrorist attack on the Indian Parliament. Nicknamed the Grand Old Lady, the ship has participated in various international joint exercises such as in Malabar with the US Navy, Varuna with the French Navy, Naseemul-Bahr with the Omani Navy, and was an important part of the annual Theater Level Operation Exercise in 2014 (TROPEX). The illustrious era of the INS Viraat came to an end when it was decommissioned by the Indian Navy in March 2017. At the time of decommissioning in March 2017, the Navy had said, “Under the Indian flag, the ship has clocked over 22,622 flight hours by various aircraft and has spent approximately 2252 days sailing in 5,88,287 nautical miles or 10,94,215 km.” It means that Virat has spent seven years at sea, circling the globe 27 times. INS Viraat was commanded by 22 captains since 1987. In September 2020, it was moved to Alang in Gujarat where it was dismantled and sold as scrap.

* INS Vikramaditya

INS Vikramaditya, a modified Kyiv-class aircraft carrier, was commissioned in the Indian Navy on November 16, 2013. Launched in the early 1980s, the carrier, originally designated as Baku, served the Soviet Navy from 1987 to 1991. After spending four years with the Russian Navy as a carrier named Admiral Gorshkov, the vessel was decommissioned in 1996. Since then, the Indian government has started talks with Russia to acquire Admiral Gorshkov. And, in 2004, a very important naval agreement was signed between longtime military allies India and Russia to make the aircraft carrier a part of the Indian Navy. With a displacement of 45,000 tonnes, the warship is capable of carrying over 30 aircraft and helicopters. Featuring a total of 22 decks, the carrier has the capacity to accommodate over 1,600 personnel, including officers and sailors. Today, it is regarded as a force in the Indian Ocean region. INS Vikramaditya is also the first warship to have an ATM. The ship has an ATM, which is working through a satellite link of State Bank of India to save time and resources. In June 2016, INS Vikramaditya reportedly suffered an accident during a scheduled major overhaul at the Karwar naval base. A seafarer and a civilian employee died due to a toxic gas leak during maintenance work in the Sewage Treatment Plant compartment of the warship. Nevertheless, the arrival of INS Vikramaditya has added a unique pride to the history of the Indian Navy. New Delhi, Sep 3: Several foreign envoys, who attended the commissioning ceremony of India’s first indigenous aircraft carrier INS Vikrant in Kochi on Friday, have acknowledged the country’s rise as a global power. Hailing India’s growing defence manufacturing prowess, the foreign ambassadors also committed to making stronger partnerships with New Delhi keeping in mind the fast-changing geostrategic situation as well as security concerns in the Indo-Pacific and the Indian Ocean Region. Denis Alipov, the Russian Ambassador to India, highlighted not only the friendship between the two nations which has remained intact “despite current difficulties and tensions in the world” but also that the warship has been developed with Russia’s participation. “Participated today in the commissioning of INS Vikrant by the Honourable Prime Minister Narendra Modi. India’s first swadeshi aircraft carrier. A glorious moment for the country and its people. Russia is proud to be part of it. Jai Vikrant! Shano varuna!” tweeted Alipov. The seasoned diplomat posted several photographs of the event held at the Cochin Shipyard before proceeding to visit Cochin University of Science and Technology to hold a discussion on the prospects of Russia-India collaboration in education and scientific research. “It’s a proud moment for India that they built an indigenous major aircraft carrier. India is moving towards self-reliance and has shown that it’s moving fastly towards becoming a major global power. The world needs super strong India,” the Russian Ambassador told ANI later. French Ambassador Emmanuel Lenain congratulated India and said that Paris is already looking forward to seeing INS Vikrant sail together with the French Navy’s flagship aircraft carrier Charles de Gaulle in the Indo-Pacific. “Congratulations, India, on commissioning IAC Vikrant and joining the club of nations capable of manufacturing aircraft carriers! France looks forward to seeing INS Vikrant sail together with Charles de Gaulle carrier in our joint actions in the Indo Pacific,” tweeted Lenain. Having already vowed to make the India-France strategic partnership “a force for global good”, Prime Minister Narendra Modi and French President Emmanuel Macron have made it a point to extend the operational cooperation between the two countries in the Indo-Pacific region. Both India and France have also been focused on partnering more strongly in the field of co-designing, co-development, and co-production of different defence equipment in India. Commenting on a video of Barak 1 surface-to-air missiles (SAM) being test-fired from INS Vikramaditya, the Israeli embassy in India congratulated India on the commissioning of “Made-in-India INS Vikrant” and said that it was

Kolkata, Sep 3 (IANS) The nation “When India went in search of steel cheered as Indias first Indigenous for the IAC, there were no sellers. Aircraft Carrier (IAC) INS Vikrant There could be several reasons was formally commissioned into for this. One of these could be that the Indian Navy by Prime Minister nobody could supply that huge Narendra Modi. Save for a few, none quantity. It could also be that nobody were aware of the 72 nail-biting wanted to sell steel to India for an hours that were a make or break for aircraft carrier as foreign powers the project during its initial days. wanted us to keep up importing The decision to build the carrier such specialised vessels. Our first would have had to be scrapped two aircraft carriers were second altogether had engineers and hand ones after all. On realising metallurgists not sorted out an issue that the steel could not be imported, concerning steel for the flight deck. Defence Metallurgical Research Indigenisation, that too to an extent Laboratory (DMRL) came up with of nearly 76 per cent wasn’t the specifications. Heavy Engineering prime focus when designers began Corporation (HEC) Ltd, Ranchi, work on the 45,000-tonne behemoth succeeded in manufacturing some around 2002. ingots but mass production was It was estimated that nearly 27,000 tonnes of high-grade steel (of three different kinds) would be required required. Steel Authority of India Ltd (SAIL) took up this challenge,” a source revealed. for the project. Indian shipyards did Three types of steel were required build warships at that time but the for the aircraft carrier. DMR 249 steel was imported. Grade-A was required for the hull and superstructure of the aircraft “excited to see the productive outcome” of India-Israel cooperation in the defence sector. “Congratulations to our Indian brothers. Job well done! A small glimpse at India-Israel defence cooperation. United we will prevail,” tweeted Naor Gilon, the Ambassador of Israel to India. Defence Research and Development Organisation (DRDO) and Israel Aerospace Industries (IAI), in collaboration with the Indian industry comprising of private and public sectors including MSMEs, have jointly developed the Medium Range Surface to Air Missile (MRSAM), a state-of-theart missile system against aerial threats like fighter aircraft, UAVs, guided and unguided munitions and cruise missiles. Alex Ellis, the British High Commissioner to India, tweeted a video of him from the flight deck of INS Vikrant and spotlighted that both India and the United Kingdom believe in the importance of the freedom of the high seas. Our growing interactions are a testimony to the shared commitment to a rules-based international system, a belief in the values of open trade, and the importance of the freedom of the high seas - a right conveyed on all nations. “Honoured to be present at the commissioning of INS Vikrant by Narendra Modi - a great day for Indian Navy and for open and free seas,” tweeted Ellis. Last October, as the UK’s Carrier Strike Group (CSG) led by HMS Queen Elizabeth sailed into the Bay of Bengal in a powerful demonstration of the UK-India Comprehensive Strategic Partnership, the British High Commissioner mentioned that both the Indian and the Royal Navy are blue-water, multi-carrier navies, which places them in a very exclusive club. Australia’s High Commissioner to India, Barry O’Farrell also tweeted about his experience of seeing INS Vikrant closely in Kochi today.

carrier. The Bhilai and Bokaro Steel Plants started to produce this. The second variety, DMR 249 Grade-B, was more special. This steel would be used for the flight deck and needed to be extremely strong (to withstand the pressure as aircraft took off) but flexible (to spring back to its original position after every take off). This steel was produced at Alloy Steel Plant (ASP) in Durgapur, West Bengal. The third type required in small quantities was the Z-25. This was to be used for the flooring of the machine rooms to withstand 25 per cent compression due to the pressure. The steel plates made at ASP didn’t travel straight to Kochi though. They were first taken to the Rourkela Steel Plant (RSP) for special treatment to make them both hard and tough. At RSP, the plates first went through ‘water quenching’ to make them hard. A round of �tempering’ followed to make them tough. Finally, there was another round of ‘water quenching’ before the DMR 249 Grade-B plates achieved their unique qualities. “Everything seemed to be going well till a batch of DMR 249 Grade-B plates developed internal stress six months after delivery. We had barely three days (72 hours) to come up with a solution. DMRL had nothing on this subject. There could be no aircraft carrier without a flight deck after all. “In those three days, our engineers and metallurgists came up with two processes to prevent internal stress. We adopted one of these and supply resumed,” the source added.