Royal Treasury (Zaclaria)

The Royal Treasury of The Sultanate of Zaclaria (Zaclaric Audonian: خزانه سلطنتی سلطنت زاکلاریا), also known as the Royal Treasury, is a of Zaclaria. Established as a financial institution to manage the vast wealth accumulated by the Al-Fassara Dynasty, the Royal Treasury functions as a unique blend of state-owned fund and royal assets. The Royal Treasury is controlled by the Sultan of Zaclaria and operated by the Ministry of Finance. The origins of the Royal Treasury trace back to the late 16th century during the reign of Alatah Al-Fassara, who, after leading the successful Āshahvār Revolt, began accumulating wealth from Zaclaria's vast natural resources and trade. Recognizing the need for a centralized institution to manage these assets and secure the financial future of the sultanate, the Royal Treasury was officially instituted in 1598. During the 20th century, the Royal Treasury began to make investments in international markets, acquire foreign assets, and participate in joint ventures with leading global corporations, which helped position Zaclaria as an influential player in global financial circles. Today, the Royal Treasury plays a pivotal role in Zaclaria's economic strategy, focusing on long-term investments to diversify the nation's wealth, while also ensuring the fiscal stability and luxurious lifestyle of the Sultan and the extended royal family.

While it operates largely as a traditional sovereign wealth fund, it also maintains a private personal fund within, exclusively accessible to the Sultan and designated members of the royal family. This fund, often referred to as the Sultan's Fund, allows the reigning Sultan direct control over a significant portion of the assets, ensuring personal financial autonomy while still being nested within the larger framework of the Royal Treasury. Though it operates under the purview of the Ministry of Finance, the Royal Treasury enjoys significant autonomy, with major decisions often requiring the Sultan's direct approval or decree. A council, comprising esteemed financial experts, nobles, and members of the royal family, oversees its operations, ensuring a blend of traditional wisdom and modern financial expertise.

The Royal Treasury controls approximately $480 billion in assets and is administered by the Ministry of Finance and the special Financial Council of the Sultanate. As of 2022, the Sultana's grand-uncle Ismar Al-Fassara has effective authority over the Royal Treasury as the Head of the Financial Council. The Royal Treasury's structure and decision-making procedures have been characterized as non-transparent, and it has been characterized as among the least transparent sovereign wealth funds in the world. The governance structure of the Royal Treasury has been called into question, specifically with respect to how much control the Sultan holds on decision making. The fund's domestic investments tend to go to firms owned by elites with long-standing personal connections to the Al-Fassara Dynasty.