The vast majority of people make their money by working 8 hours a day, 5 five days a week. Unlike most people, the royal family does not need to follow the same routine in order to get money. As of 2016, Queen Elisabeth net worth is estimated to be $530 million. Although that is an insane amount of money for the average Joe, they are not the richest family in the UK. There are, in fact, a lot of people who exceed this amount, and those are in the hundreds. Their money comes from different sources, taxes from the citizens of the UK, but also from private investments. Let's have a closer look at their source of wealth.
Queen Elisabeth's Main Sources of Income
The Queens's main income sources are the private estates, the Sovereign Grant, and revenues from the Duchy of Lancaster. According to the Sovereign Grant Act 2011, the Queen receives a single annual grand which is provided by the Treasury. Its main purpose is to cover the traveling expenses, to pay for the staff members and to provide for the upkeep of Buckingham Palace and the other estates owned by the royal family.
The Duchy of Lancaster is a private estate owned by the sovereign (the Queen). It is a vast estate which consists of farmland, rural estates, urban developments, historic buildings etc. It's estimated worth is £472 million pounds, and its net income is £16 million per year. Queen Elisabeth has a private income as well. One of the sources is private investments. Although the income of those investments is substantial, it is not publicly disclosed. It is worth mentioning that the Queen's wealth also comprises an art collection, the royal jewels, substantial stamp collection etc.
Prince Charles's Net Worth
Prince Charles and his wife's income also depend on both public and private sources. The majority of the income comes from the Duchy of Cornwall. The duchy was established on 17 March 1337 for the purpose to provide income for the future king. The duchy covers a big piece of land which stretches over 23 counties and includes including farming, residential, and commercial properties, as well as an investment portfolio. Its estimated worth is £763 million and it provides £19 million annual income.
They have also received £1.3 million ($1.8 million) from the Sovereign Grant and another £461,000 ($627,000) from various UK government departments. They received money from the Sovereign Grand because it covers the trips they have taken over the year and to pay for the salary of the members of the military designated to protect them. As regards the children, they receive money from Prince Charles and the inheritance left by princes Diana. Basically, they are given an allowance. Some people could relate to that.
What About the Rest of the Royal Family?
Not a lot is known about the rest of the royal family and their source of income. Probably, they don't want to be in the spotlight and want to have their own private lives. Besides Charles, the Queen has three other children who have their own families. The Queen's two youngest children Andrew, the Duke of York, and Edward, the Earl of Wessex, are very strong supporters of the crown and they regularly appear at public engagements to represent their mother.
In response to their commitment, the Queen repays in kind by providing them with the income that she gets from the Duchy of Lancaster and the Sovereign Grant. As with the other members, they also have private estates which provide them with a steady source of income. It is expected that the younger generation would become more independent. For example, Duke Andrew's daughters Princesses Beatrice and Eugenie are respectively involved in the art and finance world.
Trending On BuzzFuse: