Queen Elizabeth II may have taken a pay cut this year, but she is still the wealthiest member of the British royal family, according to a recent report. 

Research carried out by Wealth-X Intelligence firm, estimates the Queen's net worth at $510 million, making her the wealthiest royal in Britain. Prince Charles takes second place with a net worth of $210 million.

The report, which was released in celebration of the Queen's recent Diamond Jubilee, collected the financial data of 14 British royals and found their collective net worth topped $1 billion.  

The figures did not include the worth of the Crown Jewels and Royal Collection. These royal assets, as well as $11 billion worth of U.K property, are owned by Britain and not the Queen, according to Forbes. 

The fact that the combined wealth of the top 14 members only reached $1 billion reflects what has been suspected for some time: that new wealth is overtaking old wealth in Britain. Mykolas D. Rambus, CEO of Wealth-X told said. 

The study also found that Prince Andrew, who is fourth in line of succession to the throne, has a net worth of $75 million. Followed by Prince Edward, who has $45 million and Princess Anne who has $30 million. 

Last weekend, Britain celebrated the Diamond Jubilee, which marked Queen Elizabeth's 60 year reign. She became the second longest serving monarch in a thousand years of British history. 

Last year, the Queen agreed to freeze her annual 'salary' until at least 2015. The austerity measures came off the back of the economic downturn. 

This year is the sixth consecutive year the queen would have received a cut in her income, the Daily Mail reported.  She will now receive £30m year, a stark contrast to the £77.3m she received between 1991-1992.

In December last year, Chancellor George Osborne announced that the Queen's salary, funded by tax payer's money, will be frozen until April 2013. He explained that she would receive £30m annually with an additional 1m to fund the cost of the diamond jubilee.

Royal funding for travel and other expenses in the palace will no longer come from the pockets of tax payers; instead profits from the Crown Estate will be the main source of royal expenditure, according to the Daily Mail.

During her pay freeze the queen has agreed to rent out rooms at St James's Palace for royal warrants to throw parties during the 2012 Olympics, the Associated Press reported.