The royal family’s wealth comes from a complex variety of sources. These will be affected little by the queen’s death
turned 65 back in 2013, the age at which Britons were then entitled to their state pension, he announced that he would give his £110 per week to charity. It was not as if he was about to retire. Now as—a position for which he has waited his entire life—he hardly needs the money. The royal family’s wealth comes from a complex variety of sources: taxpayers, estates and other privately held assets. Charles has made no secret of his plans to; he wants to reduce the number of working royals.
Consider first how the monarchy is funded. Since the government replaced the old “civil list” system of grants with a single “sovereign grant” in 2012, the amount it has paid the royals to cover staff, travel and the upkeep of palaces has risen sharply, from £31m at its introduction to £86m in 2021-22.
Separately, the family pockets the income from the duchies of Lancaster and Cornwall, made up of land, property and financial assets. As king, Charles will inherit the Duchy of Lancaster and pass the Duchy of Cornwall to Prince William, his heir. In 2022 the duchies’ assets are worth a combined £1.7bn, and they made profits of around £47m between them. All this covers the royals’ private expenses. When Prince of Wales, Charles bunged millions of pounds to William and his wife Kate.
How will a new head of the family change these arrangements? Most European monarchies get by with a handful of working members , compared with the 12 who regularly perform official duties for Britain’s firm. Cutting their ranks may reduce the cost of security, but that is paid for by the Metropolitan Police and is separate from the sovereign grant. The exact cost is undisclosed but is estimated to be at least £100m per year.
Do not expect a thrifty monarchy just yet. The terms of the grant are reviewed every five years; the latest review is due to conclude by April 2023. David McClure, the author of “The Queen’s True Worth”, calls the sovereign grant a “golden ratchet” and notes that the amount has never gone down. The grant was increased in 2016 from 15% of the crown estate’s profits to 25%, supposedly temporarily, to pay for a refurbishment of Buckingham Palace.
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