Palace statements in 1993 called estimates of £100 million “grossly overstated”.[187] Jock Colville, who was her former private secretary and a director of her bank, Coutts, estimated her wealth in 1971 at £2 million (the equivalent of about £24 million today[188]).[189][190] The Royal Collection (which includes artworks and the Crown Jewels) is not owned by the Queen personally and is held in trust,[191] as are the occupied palaces, such as Buckingham Palace and Windsor Castle,[192] and the Duchy of Lancaster, a property portfolio valued in 2013 at £429 million.[193] Sandringham House and Balmoral Castle are privately owned by the Queen.[192] The British Crown Estate—with holdings of £7.3 billion in 2011[194]—is held in trust for the nation and cannot be sold or owned by Elizabeth in a private capacity.[195]
Titles, styles, honours and arms Titles and styles Elizabeth has held many titles and honorary military positions throughout the Commonwealth, is Sovereign of many orders in her own countries, and has received honours and awards from around the world. Officially, she has a distinct title in each of her realms: Queen of Jamaica in Jamaica, Queen of Australia in Australia, etc. In the Channel Islands and Isle of Man, which are Crown dependencies rather than separate realms, she is known as Duke of Normandy and Lord of Mann, respectively. Additional styles include Defender of the Faith and Duke of Lancaster. When in conversation with the Queen, the practice is to initially address her as Your Majesty and thereafter as Ma’am.[196] Arms From 21 April 1944 until her accession, Elizabeth’s arms consisted of a lozenge bearing the royal coat of arms of the United Kingdom differenced with a label of three points argent, the centre point bearing a Tudor rose and the first and third a cross of St George.[197] Upon her accession, she