Millennium Post

The British Royals "earn" as well

The British Royals earn as well
Most people make money from their day jobs. And, the British royals are no exceptions. There had been plenty of speculation in as far as the source of "wealth" was concerned. But the major chunk comes from property. The government gets the major share and the rest is handed over under various Grants. Queen Elizabeth II and the British royal family have multiple sources of income but, contrary to perceptions, they are not all that "rich". Media reports have estimated the Queen's personal fortune is worth up to £360 million ($470 million). That may seem considerable but over 320 Brits are richer. The Queen and the heir to her throne, Prince Charles, receive most of their income from the government and their private estates. Millions trickle down to the rest of the family, including Prince William and his wife Catherine, the Duchess of Cambridge. Prince Harry, who will wed American actress Meghan Markle on May 19, also receives royal funds. The Queen's three main sources of income are the Sovereign Grant, the Duchy of Lancaster estate, and her personal property and investments. The Sovereign Grant is an annual lump sum from the government and essentially an expense account, covering the costs of travel, security, staff and the upkeep of royal palaces. The Queen received £42.8 million ($58 million) free of tax from the Sovereign Grant in the 2016-2017 fiscal year. The payment was projected to balloon by 78 per cent to £76.1 million ($103 million) in the latest fiscal year to help finance an extensive renovation of Buckingham Palace. The Sovereign Grant is generated from the Crown Estate, a collection of UK properties and farms that generate hundreds of millions of pounds each year. The vast majority of earnings from the Crown Estate go into government coffers, but a portion of the profits, between 15 per cent to 25 per cent is given to the Queen in the form of the Sovereign Grant. Another important source of income for the monarch is the Duchy of Lancaster, a private estate of commercial, agricultural and residential properties that dates back to 1265. It produced £19.2 million ($26 million) in income for the Queen during the most recent fiscal year. Other assets closely associated with the Queen, including the Crown Jewels and many works of fine art, are actually owned by the Royal Collection Trust, a charity. Prince Charles and his wife Camilla, known formally as The Prince of Wales and The Duchess of Cornwall, rely on a mix of public and private money. The couple also receives £1.3 million ($1.8 million) from the Queen's Sovereign Grant and another £461,000 ($627,000) from various UK government departments. The government cash also goes toward the salaries of members of the military who protect the family. The remaining £6.6 million ($8.9 million) goes to Charles' children and a royal savings account.
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