Chris Jackson/Getty Images For Buckingham Palace
How Does the British Royal Family Make Money? Breaking Down the Sovereign Grant
The royal family members often make headlines for their professional duties, as well as the drama in their personal lives. While it is their responsibility to carry out official duties in the United Kingdom and overseas, many of their fans are wondering how the royal family members make money.
How Does the Royal Family Make Money?
The royal family members make their money through a taxpayer-funded settlement, which is known as the Sovereign Grant.
What Is the Sovereign Grant?
“Funding for the Sovereign Grant comes from a percentage of the profits of the Crown Estate revenue (initially set at 15%),” according to the royal family’s website. “The grant will be reviewed every five years by the Royal Trustees (the Prime Minister, the Chancellor of the Exchequer and the Keeper of the Privy Purse), and annual financial accounts will continue to be prepared and published by the Keeper of the Privy Purse.”
The Sovereign Grant – which went into effect in 2012 – “provides for the Royal Household to be subject to the same audit scrutiny as other government expenditure.”
Prior to the current arrangement, the family made money through the Civil List system, which was reign-specific. The Civil List previously assured that the royal family members were paid enough to cover their living expenses each year.
How Much Money Does the Royal Family Have?
The royal family has an estimated net worth of $28 billion as of 2023, according to Forbes.
Queen Elizabeth II had a separate personal fortune of $500 million before she died at the age of 96 in 2022. Her eldest son, King Charles, ultimately inherited the money that Elizabeth left behind. In addition to Charles, Elizabeth shared kids Princess Anne, Prince Andrew and Prince Edwards with husband Prince Philip, who died at the age of 99 in 2021.
The Guardian reported that Charles has an estimated net worth of about $2.3 billion, according to 12 financial experts who calculated his wealth and assets in April 2023.
Prince William – who is next in line to be king after his father – has an estimated net worth of $100 million, according to multiple reports. Meanwhile his wife, Kate Middleton, has an estimated net worth of $28 billion, according to several reports.
Prince Harry has an estimated net worth of $60 million, according to Celebrity Net Worth, and his wife, Meghan Markle, also has an identical fortune with an estimated net worth of $60 million.
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