GettyThe British Royal Family is in line for a big raise.
The Sovereign Grant, funded by British taxpayers, foots the bill for the monarchy. The Sovereign Grant replaced the “Civil List” in 2012, and covers upkeep of royal residences, official travel, security and staffing for working royals including King Charles, Queen Camilla, Prince William and wife Princess Katherine, Princess Anne, Prince Edward and others.
Royal Family Income Will Nearly Triple in April
In 2024, the grant stood at £45 million or approximately $55 million. In April, that number will rise to £132 million or about $162 million.
When the increase was announced, officials for the Royal Family were quick to point out that much of the additional funding will go toward the £369 million (approximately $460 million) renovation of Buckingham Palace. The palace has been the official London residence of the British monarch since Queen Victoria moved in in 1837.
Nevertheless, the increase has sparked outrage among anti-royalists. Chief among the critics is Graham Smith, CEO of the UK-based anti-monarchy republican pressure group “Republic.” Smith told Town & Country magazine “This is public money, all of this money comes from the government, at a time when the government is not able to properly fund schools, hospitals police…It is scandalous. Not only should it not be going up at all, it should be going down.”
King Charles Promised a Leaner Monarchy Going Forward
King Charles promised a “slimmed down monarchy” when he took the throne in the wake of Queen Elizabeth’s death in 2022. And indeed the number of working royals has gone down with not only the deaths of the Queen and Prince Philip but also the removal of Prince Andrew as a working royal in the wake of his alleged involvement in the Jeffrey Epstein scandal and the decision by Prince Harry and wife Meghan Markle to step back from royal duties. That number is not expected to grow until Prince William’s three children are old enough to carry out official engagements.
King Charles has an estimated private net worth of approximately $772 million thanks to the millions of pounds that come in each year from the Crown Estate, plus two tax-exempt Duchies, including the Duchy of Cornwall he profited from as Prince of Wales, and the Duchy of Lancaster he inherited from the late Queen. The Royal Family as a whole boasts a portfolio of castles, estates, investments, the priceless collection of Crown Jewels and the Royal Collection of art and other treasures. Experts estimate the family’s net worth at about $28 billion.
Smith says The Republic will be launching a campaign this year to have the Duchies abolished, arguing that the land in the Duchies belongs to the state and therefore the money they earn should go in the treasury.
In the last financial year, The Duchy of Lancaster paid the King £27.4 million ($34.2 million) and the Duchy of Cornwall paid the Prince of Wales £23.6 million ($29.5 million.)
Despite his millions, King Charles is far from the richest man in the U.K. In fact, The Sunday Times 2024 “Rich List” ranks the King at No. 258 on the list of the richest Britons.
But when it comes to the number the King and the rest of the Royal Family likely worry most about, the news is good. According to the latest YouGov poll, 6 in ten Britons have a favorable view of the monarchy. And King Charles has a 63% approval rating, with son and heir Prince William doing even better at 75%.
English (US) ·