In 2015 it was reported that at least four senior officials had been made redundant to reduce costs. The Royal Collection is the art collection of the British royal family. It is one of the largest and most important art collections in the world, containing over 7,000 paintings, 40,000 watercolours and drawings, about 150,000 old master prints, historical photographs, tapestries, furniture, ceramics, books, gold and silver plate, arms and armour, jewellery and other works of art. The collection includes the Crown Jewels in the Tower of London (including the crown, orb and sceptre). It is physically dispersed between thirteen Royal residences and former residences across Britain. Although the collection belongs to the sovereign, it is not the personal property of Charles III as a private individual. Instead the collection is held in trust by the King for his successors and the nation. The Treasury says these assets are "vested in the sovereign and cannot be alienated". Income is generated by the collection from public admissions and other sources. This income is received by the Royal Collection Trust, the collection's management charity, and not by the King. The Royal Archives comprises collections including diaries, letters, household papers and administrative records of the British monarchy. Private estate of the Sovereign The late Queen Elizabeth II had a private income from her personal investment portfolio, though her personal wealth and income were not known. In 2002, she inherited her mother's estate, thought to have been worth £70 million (the equivalent of about £ today). Sandringham House and Balmoral Castle are privately owned by the Sovereign. Estimates of personal wealth Jock Colville, a former private secretary to Queen Elizabeth II (when she was Princess Elizabeth) and a director of her bank, Coutts, estimated her wealth at £2 million in 1971 (the equivalent of about £ today). An official statement from Buckingham Palace in 1993 called estimates of £100 million "grossly overstated". Forbes magazine estimated the Queen's net worth at around $500 million (about £325 million) in 2011, while an analysis by the Bloomberg Billionaires Index put it at $425 million (about £275 million) in 2015. In 2012 the Sunday Times estimated the Queen's wealth as being £310 million ($504 million), and that year the Queen received a Guinness World Record as Wealthiest Queen. The Sunday Times Rich List 2015 estimated her wealth at £340 million, making her the 302nd richest person in the United