People around the world will be following the spectacle closely, but critics have also been using the occasion to point out the cost and anachronistic nature of the institution that is the British monarchy.

While opinions on whether the British crown is gobbling up or generating money differ, ending the official status of the UK's royal line would have far-reaching consequences globally.

As Statista's Katharina Buchholz notes, in addition to British Overseas Territories, King Charles III serves as the head of state of 14 sovereign countries other than his own – making the UK the most prolific among the world's 17 constitutional monarchies which keep employing monarchs as representative heads of state.