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Queen Elizabeth II, head of state of the United Kingdom and of 31 other states and territories, is the legal owner of about 6,600 million acres of land, one sixth of the earth’s non ocean surface.
Even the most devoted royalists do not claim that the royal family actually owned the British Empire, let alone the Commonwealth. Even in antiquity the realm of the king was not his solely personal property, but was a collection of holdings by independent owners who pledged allegiance to the king. There seems to be some confusion between ruling over the land situated within a realm and owning the land. The queen does own substantial personal family property and about 12 billion pounds worth of commercial property through the Crown Estate, but that latter is property of the office, not of the person. She cannot sell Australia, even if she could find a buyer, or Canada, even if no one would notice.