The justification is diversification of investments. Land is always a good investment because there is never any more of it being created on a human timescale.

The justification is diversification of investments. Land is always a good investment because there is never any more of it being created on a human timescale. You can argue about the micro islands in Abu Dhabi made from dredging but still the point stands. The British monarchy maintains its existence through enormous land ownership as well as their financial investments. Land prices basically can only go up over time as long as population does the same. And if you already have a few million in oil and a few million in high risk stocks you might as well put a few million into Montanan pastures.