I think it definitely references a Brit’s perspective of what it means to rule an empire, but I always took it as being more about a person who’s lost a lover than literally about a king who’s lost his empire.
“Now in the morning I sleep alone
Sweep the streets I used to own...
For some reason I can’t explain
Once you’d gone there was never
Never an honest word
And that was when I ruled the world...”
I tend to take things very literally, but I guess you could argue the lover is the metaphor, rather than the empire. So I guess what I’m saying is I’m not meaning to assert that I’m right and you’re wrong.
It's not what I would call a fully realized or focused poem—just a pop song stream of consciousness. He may have scant idea what he was implying!