The Queen’s death on Sept. 8 marked not only the loss of the constitutional head of the United Kingdom and Canada, but also the leader and ambassador of the monarchy itself, according to Charles Scarlett-Smith, director of Brand Finance Canada. “When we think of the Queen Elizabeth II brand, we’re really synonymous with the royal family and the monarchy,” she tells Global News.

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That brand alone ranks among the most valuable in the world, according to a Brand Finance report assessing the monarchy’s net worth in 2017. Story continues below ad The British monarchy—its real assets plus intangible effects on the economy—was valued at £67.5 billion that year, or about $112.4 billion CAD in 2017 dollars. The value of the British royal family rivals top corporate brands, according to 2017 reports from Brand Finance. (All USD figures.). Global News / Brand Funding 2017 While the average annual cost to British taxpayers to maintain the royals is around £500 million per year ($700-$750 million CAD), Brand Finance estimates that the monarchy brand contributes £2.5 billion ($3.7 billion CAD dollars) to the UK economy each year. “Royal or not, the amount of economic benefit to (the UK) from having the royal family is undeniable,” says Scarlett-Smith. Fueling the financial impact of ‘The Firm’, as the royal family’s business arm is informally known, is a brand association piece known as royal warrants, which give companies the chance to claim the monarch’s seal of approval. Brand Finance claims that a royal warrant has led to an average 10% increase in revenue for around 800 UK companies that carry the brand. Story continues below ad

			Royals drive UK tourism

Tourism dollars also play a major role in this economic impact. Brand Finance said in 2017 that it expects the royal family to generate around £550 million ($915 million CAD) a year for UK tourism as travelers include destinations such as Buckingham Palace or the Tower of London on itineraries. Lesley Keyter, who grew up in England and now runs The Travel Lady agency in Calgary, says the monarchy’s appeal to her Canadian clientele is “huge.” Most of the avid travelers who book with her are also big history buffs, says Keyter, which makes pilgrimages to see the Crown Jewels or visit royal palaces irresistible. 2:02 ‘God Save the Queen’: Crowds of mourners gather across UK after news of Elizabeth’s death ‘God Save the Queen’: Crowds of mourners gather across UK after news of her death Elizabeth The Queen’s death last week will spur even more travel to these iconic landmarks, he argues, as royalists mourn the monarch. Trending Stories

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Story continues below ad “I have to admit, I shed a few tears because she was such a remarkable woman,” Keyter reflected in an interview with Global News. “I’m sure next year there will be a lot of people visiting Buckingham Palace … somewhere where they can leave a flower or a note or something at the gates.” Much of the credit for the monarchy’s lucrative branding can be laid at the feet of the late Queen herself, argues journalist and royal researcher Emily Stedman. That most people think of her only when she says the words “the queen” was a reflection of one of her oft-quoted lines during her reign, that “you have to be seen to be believed,” she says.

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As such, she went on more than 250 royal tours in her 70 years on the throne, visiting Canada 22 times. These visits were as much a branding exercise as a show of formal duty, Stedman argues. “He is the face of the British monarchy at the end of the day. “When you say the words ‘royal family’, they’re the first figure that comes to mind,” he says. Story continues below ad It’s her face on the plates and mugs lining every British gift shop in London, notes Stedman. “It’s going to be such a big loss and a big change for people to really factor in, ‘OK. The queen has passed and now the head of the royal family is King Charles III.” Queen Elizabeth II’s platinum jubilee memorabilia is on display in a display case near Windsor Castle, Berkshire, following Queen Elizabeth II’s death on Thursday. Photo date: Friday, September 9, 2022. Canadian Press

			Can the royal brand outlive Queen Elizabeth II?

But in the official transition of power lies the British monarchy’s biggest test yet to come, notes Scarlett-Smith. Story continues below ad While he believes the Queen’s image can leave a “legacy” that lasts beyond her lifetime – the royal family can use her iconography for “history” and “nostalgia” projects – the value of the brand now lies in the hands of King Charles III and the other royals. “We will really have to see how the new custodians of the brand are able to transfer this huge amount of international goodwill that the Queen has had to the new business,” he says. 3:08 King Charles III pledges to uphold Queen Elizabeth’s ‘selfless duty’ in speech to British Parliament King Charles III pledges to uphold Queen Elizabeth’s ‘selfless duty’ to British Parliament Canada, too, will have a number of questions to contend with as it relates to the Queen, the constitutional monarchy and the country’s economic future. On the subject of money, one of the first questions will be Canadians’ comfort levels with the Queen’s face gracing the green $20 bill. Story continues below ad

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There is no legal requirement for Canada to put the face of King Charles III on the banknote instead of Queen Elizabeth II, Stedman notes, so it will likely come down to a matter of political will. Older Canadians tend to love the monarchy more than the younger generation, he notes, which could weaken the appetite for more royal representation on our accounts and in our political systems in the future. But Scarlett-Smith also notes that there may be an economic incentive on both sides of the pond to preserve Canada’s constitutional monarchy. Trade deals stemming from Canada and the U.K.’s “idea of ​​closeness … of union” may not come together as easily if Canadians choose to formally remove the monarchy from their head of state, he says.

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“I think the idea of ​​a tie, the idea of ​​a bond with the UK can transcend the monarchy,” says Scarlett-Smith. “Whether that’s going to be reason enough to maintain the relationship is going to be, I think, really, really important to the conversation we’re having as Canadians, in terms of what we see the future of Canada to be and what we really want from our government. “ Story continues below ad — with files from Anne Gaviola of Global News 2:22 Death of Queen raises questions about monarch’s future Death of Queen raises questions about monarch’s future © 2022 Global News, a division of Corus Entertainment Inc.