A law agreed in 1993 by John Major provides an inheritance tax exemption for any assets inherited from “sovereign to sovereign” as well as from any consort of a former sovereign. This means the usual 40% inheritance tax rate normally applied on any assets with a value greater than £325,000 will not apply in these circumstances, The Guardian reports.

The new monarch’s inheritance includes the Crown Estate, the Queen’s private holdings, and the royal family’s private assets, which include Balmoral Castle.

It is estimated that the crown estate, which King Charles has now taken control of, is worth £15.2bn. 25% of the profits from the crown estate is given to the royal family in the form of ‘the sovereign grant’. The estate consists of a diverse variety of assets, including shopping centres, land, wind farms, and much more.

It is not possible to know the exact value of all of the King’s wealth, as much of the details are kept strictly private, but it is certainly in the tens of billions.

The inheritance tax exemption does not apply to any assets passed onto individuals other than the new sovereign.