The members of the royal family may dedicate their lives to public service, but that doesn’t mean they don’t earn money.
The monarch’s main source of income comes from a taxpayer-funded settlement known as the Sovereign Grant, which is paid annually. The Sovereign Grant was worth 86.3 million English pounds, or the equivalent of nearly $113 million, for the 2022-2023 year, per BBC. The same amount was granted in 2021-2022.
How is this whopping payment calculated? In short, the level of profits earned by the Crown Estate, a commercial business that owns and manages an expansive portfolio of land and property for the British monarchy, is used as a benchmark to calculate the funding given by the government to the royal family.
Money from the Sovereign Grant doesn’t simply go into the pocket of King Charles III, the vast majority is spent on the upkeep of properties and staff costs. The royal family carries out over 2,500 events per year, which are paid for by the Grant, as are additional planned expenses like the 10-year Buckingham Palace refurbishment plan, which is estimated to cost a total of 369 million British pounds, or $483,057,900, and will be completed in 2027, according to the National Audit Office.
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For the monarch’s personal expenses, he also receives an allowance, called a Privy Purse, that comes from the Duchy of Lancaster, a separate portfolio of land, property and assets held in trust for the Sovereign. The Duchy of Lancaster has been passed down from monarch to monarch, and the properties it holds are worth an estimated 654 million pounds and generate about 20 million pounds, or $26,182,000, in profits per year, BBC reported.
Charles and Prince William, who similarly receives his own allowance from the Duchy of Cornwall as the sitting Duke of Cornwall, personally receive the profits from their respective duchies and can spend the money however they wish. One caveat is that they are not personally entitled to any proceeds from the sale of any estate assets, which instead must be reinvested.
Charles reportedly pays the other senior royals out of the funds he receives from the Duchy of Lancaster, per BBC. So, his plans to “slim down” the monarchy after the death of his mother, Queen Elizabeth II, could save tax-payer funds and lessen his personal financial load.
Keep reading to see more about the salaries of the royal family members.
King Charles and Queen Camilla
Charles is said to be worth $750 million and reportedly makes $25 million a year as King of England, Us Weekly reported.
The Prince and Princess of Wales
As the Duke and Duchess of Cornwall, William and wife Kate Middleton receive income from the Duchy of Cornwall estate. William took home $30.4 million last year, Us reported.
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The Duke and Duchess of Sussex
Prince Harry and wife Meghan Markle received the majority of their paychecks from Elizabeth via the Duchy of Lancaster. After stepping away from the royal family in 2020, the pair set off to find financial independence and no longer receive funding from the royal family.
Princess Anne
The royal, who is Charles’ sister, got on the payroll back in 1971; since then, she’s earned roughly $21.1 million, Us reported. Considering she does over 500 royal engagements a year, it’s money well spent by the monarchy.
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The Duke and Duchess of Edinburgh
Prince Edward, the youngest child of Elizabeth and the late Prince Philip, made 7,363 royal appearances between 2002 and 2022, while wife Sophie made 4,463. It’s estimated that Edward has earned 6.5 million pounds, or $8,509,150, since 1982 for his royal work, The Guardian reported.
Prince Andrew
Before the disgraced royal stepped down from his official duties in 2019, it was estimated that he made about 250,000 pounds per year, or $327,275, BBC reported. However, being stripped of his responsibilities would have put an end to his royal salary.
