Her Majesty Queen Elizabeth II died at 96 years old. On Thursday, September 8, 2022, Buckingham Palace announced the news in an official statement, sharing that she passed away “peacefully at Balmoral.” The news no doubt has left everyone with a mournful feeling as the Queen’s reign came to an end after 70 long years. It was certainly a black day across the United Kingdom, the Commonwealth, and the world at large.
The Queen’s funeral will be planned in a big way. People are always intrigued by royal life. So, what is the source of income for the Royal Family? Where does the money come from? Let us have a closer look.
Read more: Why Did Queen Elizabeth II Have Two Birthdays?
How Much Money Did Queen Elizabeth And Royal Family Earn?
The Queen died with her loved ones by her side. That includes all four of her children, Prince Charles, Princess Anne, Prince Andrew, and Prince Edward, along with Charles’s wife, Camilla, Duchess of Cornwall, and Edward’s wife, Sophie, Countess of Wessex. The Queen’s grandchildren, including Prince William and Prince Harry, also rushed to Balmoral when they heard the news.
In the ‘Real-life‘ program, host Lawrence Spivak said to Prince Philip, “It goes on to detail the very high cost that the royal family must sustain on an allowance of $1,100,000 a year. Is that creating an awkward situation?”
Basically, the royal family is paid through a mix of public and private money. Before her death, most of Queen Elizabeth II’s family’s annual income and expenses were paid through three sources. It included the public Sovereign Grant, The Privy Purse and the Duchy of Lancaster, and The Duchy of Cornwall. All of these sources hold enormous amounts of money individually, just fathom what would they cost if put all together. Yeah! You are probably dreaming now. But, let’s look at authentic figures.
Read more: What Did Queen Elizabeth II Always Carry In Her Handbag?
The Sovereign Grant For Queen Elizabeth
According to the British monarchy’s official site, “funding for the Sovereign Grant comes from a percentage of the profits of the Crown Estate revenue.” The Crown Estate technically belongs to the reigning monarch. Their official site clarifies, “it is not the private property of the monarch—it cannot be sold by the monarch, nor do revenues from it belong to the monarch.”
In the 2018-2019 fiscal year, the total Sovereign Grant amount was 82.2 million pounds. The Sovereign Grant replaced the Civil List and three Grants-in-Aid for travel, communications, and palace maintenance. The Civil List was an annual amount the government used to give the Queen. This was paid to cover her duties as Head of State and Head of the Commonwealth. Although, the government abolished it in 2012.
Read more: How Old Was Queen Elizabeth II When She Ascended The British Throne?
The Privy Purse And The Duchy Of Lancaster
The Privy Purse is the actual income of the monarch as it also takes their estates into consideration. In 2018 there was nearly an income of 20 million pounds from the Duchy of Lancaster. Indeed it’s a lot. Prince Edward, Prince Andrew, and Princess Anne’s salaries were also drawn from this money. The monarch also uses this money to cover their additional expenses. The Privy purse contains around 548 million pounds worth of net assets including residential, commercial, and agricultural properties.
Read more: Which Properties Did Queen Elizabeth II Own?
The Duchy of Cornwall
The Duchy of Cornwall is a completely private estate and is currently owned by Prince William. Also, Edward III established it in 1337 to provide independence to his heir Edward. It consists of land and properties in 23 English counties and a portfolio of investments. The site States that it “funds the public, charitable, and private activities of Prince of Wales and his family”. King Charles’ siblings Princess Anne, Prince Andrew, and Prince Edward were paid from the Duchy of Lancaster. Prince William, Kate Middleton, and formerly Prince Harry and Meghan Markle were paid from the Duchy of Cornwall.
