How Does The British Monarch Earn?

How Does The British Monarch Earn?

Everyone of the world has to work to earn his or her living. However the British Royals do not belong to everyone! Though they too complete some constitutional tasks regularly, but comparing to their earnings, those are better to be ignored as ‘work’.

There are a couple of resources of earnings for Her Majesty Queen Elizabeth II and other  members of the British royal family. Each sources generates handsome amounts of money for them, but you will be surprised to know that still they are not among the top richest persons of United Kingdom. Few hundred more people are wealthier than the most influential monarch of the world.

According to British media, the core value of Queen Elizabeth’s overall property is E360 million ($470 million). The Sunday Times is informing that despite that giant figure, still 320 persons of Britain are richer.

Most of Queen Elizabeth and her son Prince Charles’s income come from the monarch’s personal estates and from the British government. Another portion of those goes to other members of the royal family including Prince William and Kate Middleton. Also Prince Harry, who married American actress Meghan Markle this week, gets his share of allowance from the royal fund.

Queen Elizabeth II

There are three main sources of income for the current head of British monarch. They are Sovereign Grant, Lancester estate’s earning ang earnings from several personal properties and investments. Sovereign Grant is the official fund generated by British government for the royal family. Expenditure of Her Majesty’s domestic and foreign trips, stuffs and security personals, maintenance of the castles etc are met from this fund.

In the 2016-17 fiscal year, Queen Elizabeth II received E42.8 million ($58 million) through Sovereign Grant. And in current year, the amount rose up 78% to E76.1 million ($103 million). However that’s for the long pending renovation of Buckingham Palace.

The major portion of the Sovereign Grant comes from Crown Estate. It contains several personal properties and farms. Most of the earnings from crown estate goes to the government, while 15% to 25% are added to Sovereign Grant.

Another of the notable royal income sources is Duchy of Lancester Estate. Established in 1265, this estate holds several commercial, agricultural and residential properties. In last fiscal year, E19.2 million ($26 million) has been added to Her Majesty’s balance from this estate.

Apart from these, the Queen has some private properties too. Such as Balmoral palace in Scotland and Sandringham Estate in eastern England. Queen got both the properties from her father, and off course both are very favorite to the entire royal family. Queen Elizabeth also has an exclusive and expensive collection of stamps and a lot of artworks. She is also the owner of the grand collection of crown jewels. Queen Elizabeth’s husband Prince Phillip, officially known as the Duke of Edinburgh, used to receive E359,000 ($488,000) annually for his official duties. The prince last year retired from all public services after remaining engaged for long six decades.

Prince Charles and family

Prince Charles and his wife Camilla Perker, officially known as the Prince of Wales and the Duchess of Cornwell, receive a notable amount of allowance for their personal expenditure and official duties. 90% of their income are generated from the Duchy of Cornwell estate, which was built in 1337. This estate covers several cottages, islands and other properties of Wales and Cornwell. In last fiscal year, E20.7 million ($28 million) was added to Charles and Camilla’s fund from this source.

Prince Charles and his wife also get a portion of the Sovereign Grant, which last year was E1.3 million ($1.8 million). Along with these, they received additional E461,000 ($627,000) from different departments of the British government.

Expenditures for Charles and Camilla

Half of Prince Charles and Camilla Perker’s annual earnings are spent for their royal duties and official trips. One-fourth goes as tax (Charles’ income is not tax-free as of the Queen) and the rest E6.6 million ($8.9 million) are spent in other areas.

Whenever Prince Charles’s two sons Prince William and Prince Harry and William’s wife Kate Middleton execute any royal duty on behalf of Her Majesty the Queen of England, they get special allowance for the service. Apart from that, the two princes have several personal properties which also generates income for them.

Other members of the royal family

There are little known about the incomes of the remaining members of the British royal family. Queen Elizabeth’s other sons, Duke of York Prince Andrew and Earl of Wassex Prince Edward regularly perform royal duties on behalf of their mother. They are allocated a portion from Sovereign Grant and incomes from Duchy of Lancester for performing these duties and for personal expenses.

However, the newest generation of the British monarch is trying to create their own unique position in society rather than just being as royals. Along with performing their royal duties, they are interested to build up their own career too. Prince Andrew’s two daughters, Princess Beatrice and Princess Eugenie are currently engaged with business and art world. Though they both receive their shares of the royal fund.