Since India achieved independence from Britain in 1947, a trust managed by descendants of the Travancore royal family has controlled the temple.
But India's Supreme Court recently ordered that the temple be managed by the state to ensure the security of valuables at the shrine.
Until now, the Thirupathy temple in southern Andhra Pradesh state was believed to be India's richest temple with offerings from devotees worth 320 billion rupees.
The revelation about the huge riches in the Padmanabhaswamy temple has forced police to sharply step install security cameras and alarms.
Authorities also plan to set up a commando force for security, said Kerala director general of police Jacob Punnoose.
"Now it’s known all over the world that the Padmanabhaswamy temple has jewels worth billions of rupees we have decided to assign it maximum security," Kerala Chief Minister Oommen Ch