Queen Mother's Legacy: Prince Harry's Inheritance and Royal Finances Unveiled
The Queen Mother's financial legacy, including Prince Harry's inheritance and her unique spending habits, reveals a complex picture of royal finances and family planning spanning generations.
Sir Ralph Anstruther, the Queen Mother's treasurer from 1961 to 1998, faced a challenging task managing her finances. Despite his meticulous appearance, he reportedly had a "hazy idea of costs," an intriguing choice for someone tasked with controlling the Queen Mother's spending.
The Queen Mother's financial habits were notable, with reports of a £4 million overdraft at Coutts bank. Her spending often exceeded her means, as evidenced by her candid remark to a dinner guest:
"Golly, I could do with £100,000, couldn't you? Had such an awful afternoon today with my bank manager scolding me about my overdraft."
Despite these challenges, the Queen Mother established a substantial trust fund for her great-grandchildren. In 1994, she set aside £19 million, approximately two-thirds of her fortune. This fund was designed to provide inheritances on the beneficiaries' 21st and 40th birthdays.
Prince William and Prince Harry reportedly received £6 million each at 21, with an additional £8 million set for their 40th birthdays. Prince Harry is expected to receive his final bequest on September 15, 2024, marking his 40th birthday.
The Queen Mother's financial legacy extends beyond monetary gifts. Her extensive art collection, including works by Monet, Lowry, and Millais, has significantly appreciated in value. Her jewelry collection, featuring pieces from Marie Antoinette, adds to the family's treasures.
The Queen Mother's lifestyle was a blend of frugality and extravagance. She maintained an Edwardian-style hospitality, hosting numerous lunches and dinners. Her racing stable was considered her primary indulgence.
Financially, the Queen Mother received substantial support from the Civil List, with her annual payment reaching £643,000 in her later years. Queen Elizabeth II also covered her mother's racing losses and other expenses.
As Prince Harry prepares to receive his inheritance, it serves as a reminder of the Queen Mother's enduring influence on the royal family's finances and her foresight in planning for future generations.
