Isabel Bowes-Lyon, the Queen Mother of the United Kingdom, died in 2002 at the age of 101. She died peacefully in her sleep at her Royal Lodge residence in Windsor. Her longevity cost taxpayers millions in inheritance tax revenues, but many of her relatives—even those far down the line of succession—made their lives easier.
Some estimates put her fortune at the time of her death at 80 million euros. Although three of her four residences were Crown property and some of her jewels passed into the hands of her daughter, Queen Elizabeth II, almost all of her great wealth was the result of sound financial advice and smart buying. The Queen Mother’s most valuable asset, a Monet painting from 1889 valued at nearly 20 million euros, she acquired in 1945 for barely 2,500 euros.
Her jewels were valued at 18 million euros. Among them were a diamond necklace that belonged to Queen Marie Antoinette, a diamond tiara and a sapphire brooch set with diamonds that she gave to Princess Diana on her wedding day. In addition to that stunning royal jewelry, there were her collections of porcelain, silver, Fabergé eggs, watches and antique furniture.
In 1994, Isabel Bowes-Lyon allocated a large portion of her fortune, 22 million euros, to a trust fund for her great-grandchildren. Upon turning 100, she avoided paying a 40% tax. Now, more than three decades later, the ‘nepo babies’ of the British royal family continue to benefit from that financial decision.
The Generosity of the Queen Mother
In statements to the Daily Mail, the author Norman Baker asserted that relatives such as Samuel Chatto, grandson of Princess Margaret, can live practically without financial concerns thanks to “the accumulation of gifts” from the wife of King George VI. “There may be a strong desire among the public to have a smaller monarchy, but the Windsor clan’s tentacles extend everywhere,” the writer who is an expert on the British monarchy said.
Samuel Chatto y su prometida, la artista Eleanor Ekserdjian.
The 29-year-old man recently hit the headlines after becoming engaged to his university girlfriend, the artist Eleanor Ekserdjian, with a handmade porcelain ring. “Not even the King’s distant relatives have to worry about financial matters, including Sam Chatto, a former Eton student, who can thank the late Queen Mother for his financial cushion,” Baker explained, noting that they would receive the first payment upon turning 21 and the second upon turning 40.
“Naturally, all parents and grandparents want to do what they can to help ensure the economic security of their descendants, and in her case there was a very substantial sum to distribute,” the writer added. “The Queen Mother benefited from extraordinarily generous taxpayer aid, which amounted to 750,000 euros a year. And throughout her life she accumulated a huge fortune thanks to the gifts she received, including Mey Castle in Scotland, for which she paid only 125 euros.”
The Legend of Isabel Bowes-Lyon
It is said that her extreme longevity was due to : her daily alcohol intake included a small glass of this liquor at aperitif time. Her compatriots remember her fondly for her role as the nation’s grandmother, but in her day she was also criticized for her excessive spending. It is said that Elizabeth II contributed 2.3 million euros per year to maintain her luxurious lifestyle and that the Prince of Wales paid 100,000 euros each year out of his own pocket to augment the paltry wages of some of his oldest servants.
Also known for her love of fine dining and for owning some of the most expensive racehorses ever bred, she kept at her residences a large amount of permanent staff. Her retinue consisted of pages, valets, gardeners, maids, lackeys, housekeepers, chamber aides, cooks, dressers, and chauffeurs, totaling about 80 people.
