what countries does britain own?
Principality of Wales Kingdom of Scotland
neutral
 Ultimately , they concluded that the United Kingdom was a distinct sovereign power and a distinct legal personality from Australia , and as such was a " foreign power " for the purposes of section 44 of the Australian Constitution . 

entailment
 By the start of the 20th century , Germany and the United States challenged Britain 's economic lead . Subsequent military and economic tensions between Britain and Germany were major causes of the First World War , during which Britain relied heavily upon its empire . The conflict placed enormous strain on the military , financial and manpower resources of Britain . Although the British Empire achieved its largest territorial extent immediately after World War I , Britain was no longer the world 's pre @-@ eminent industrial or military power . In the Second World War , Britain 's colonies in South @-@ East Asia were occupied by Imperial Japan . Despite the final victory of Britain and its allies , the damage to British prestige helped to accelerate the decline of the empire . India , Britain 's most valuable and populous possession , achieved independence as part of a larger decolonisation movement in which Britain granted independence to most territories of the empire . The transfer of Hong Kong to China in 1997 marked for many the end of the British Empire . Fourteen overseas territories remain under British sovereignty . After independence , many former British colonies joined the Commonwealth of Nations , a free association of independent states . The United Kingdom is now one of 16 Commonwealth nations , a grouping known informally as the Commonwealth realms , that share one monarch — Queen Elizabeth II . 

entailment
 Between 1815 and 1914 , a period referred to as Britain 's " imperial century " by some historians , around 10 @,@ 000 @,@ 000 square miles ( 26 @,@ 000 @,@ 000 km2 ) of territory and roughly 400 million people were added to the British Empire . Victory over Napoleon left Britain without any serious international rival , other than Russia in central Asia . Unchallenged at sea , Britain adopted the role of global policeman , a state of affairs later known as the Pax Britannica , and a foreign policy of " splendid isolation " . Alongside the formal control it exerted over its own colonies , Britain 's dominant position in world trade meant that it effectively controlled the economies of many countries , such as China , Argentina and Siam , which has been characterised by some historians as " Informal Empire " . 

neutral
 United Kingdom views the Covenant as subservient to the UN Charter . It made several reservations regarding its overseas territories . 

entailment
 The United Kingdom and fifteen other Commonwealth monarchies that share the same person as their monarch are called Commonwealth realms . The terms British monarchy and British monarch are frequently still employed in reference to the shared individual and institution ; however , each country is sovereign and independent of the others , and the monarch has a different , specific , and official national title and style for each realm . 
