Queen Elizabeth dropped from the list of the world's richest people as she apparently lost $25 million (£20 million) because of the coronavirus pandemic. Estimations are that the monarch's personal wealth of over $445 million (£370 million) in 2019 is down to $420 million (£350 million) for 2020.
According to The Times Rich List, Queen Elizabeth ranked at 356 in 2019 but she's dropped to rank 372. Majority of her losses come from her property portfolio and British blue chips. However, the stock and property market are two industries severely affected by the pandemic.
Most of the Queen's properties are usually open for tourist visits, especially during the summer season. However, sites like Buckingham Palace and Windsor Castle have been closed to the public since the lockdown orders. It's unclear when these historical sites will receive visitors again as large gatherings in public places are still not allowed in the U.K. indefinitely.
However, reports indicate that Queen Elizabeth has ordered the resumption of building work in Buckingham Palace. The Crown has been undertaking hundreds of millions of pounds of refurbishment of the Queen's official home before the lockdown but the project stalled because of the government orders amid the pandemic.
But some industries in Britain may now return to work following Prime Minister Boris Johnson's push to reopen the economy. Queen Elizabeth was the first to heed to the call and ordered the resumption of the refurbishment so workers can begin earning a living again.
A palace spokesperson confirmed that work on Buckingham Palace resumed in a "phased manner" while workers are observing social distancing. The spokesperson emphasized the importance of keeping staff wellbeing protected, thus only a limited number of workers were asked to return.
During the lockdown, design, planning and procurement work of the Buckingham Palace refurbishment was remotely undertaken. Actual builders, however, had to be off work for nearly eight weeks.
Meanwhile, Queen Elizabeth and the rest of the royal family continue to be on lockdown and to take their royal engagements remotely since public appearances are still not possible. The royals have stopped going to public engagements in the middle of March as a precautionary measure against contracting the virus.
The Queen will remain in Windsor Castle indefinitely with her husband, Prince Philip, among a downgraded number of royal staff. The royals will, reportedly, not proceed to Balmoral Castle for the summer, as they usually do, since protecting the health of the vulnerable members of the family is crucial in this uncertain time.
