There’s been a debate going on about how the royal family lives on the money of taxpayers – and whether they deserve to or not – for as long as I can remember. But have you ever wondered how much exactly each individual member of the royal family makes and what that accounts to in total?
According to Forbes, the British royal family was estimated to have a net worth of $88 billion in 2017! How did they amass such a fortune and where does all the money go? To their credit, the royal family does release an annual summary of Head of State expenditure, along with a full report on Royal Public Finances, which provides some insight into how much the Queen and co. earn and spend in a year.
Let us break it down for you:
1. Her Majesty Queen Elizabeth II
Estimated total annual income: $64,491,700
Estimated net worth: $550 million, according to Forbes
The Queen is undoubtedly the richest person in the royal family – the MVP, if you will. The 92-year old has held the throne since 1953, during which time her personal net worth has accrued to around $550 million. Her Majesty gets her incomes from three major sources: The Sovereign Grant, The Royal Collection, and The Duchy of Lancaster. Let’s look at these in detail:
The Sovereign Grant is an annual allowance provided to the queen for her official duties, along with a few other important members of the royal family. This also goes into maintaining the Occupied Royal Palaces, including a 10-year reservicing of Buckingham Palace. The royal family’s official website states that the total Sovereign Grant for 2019-2020 is $107,573,200 — Core $64,491,700 and Reservicing $43,081,500.
The Royal Collection is the total value of all the works of art held by the queen for her successors (Charles, William, George), and the British nation. The maintenance costs for the artwork held in the Royal Collection are funded by the Royal Collection Trust, a registered charity that in turn earns its own income through visitor admission fees to royal places such as Buckingham Palace, Windsor Castle, the Tower of London, Balmoral and others.
Duchy of Lancaster is a part of the queen’s Privy Purse. A Privy Purse is the British sovereign’s private income. It is mainly used for official expenditure occurred by the Queen or other members of the royal family when such expenses do not fall under the Sovereign Grant. These expenses are also taxed as income that isn’t used for official purposes.
2. Prince Philip, Duke of Edinburgh
Estimated total annual income: $500,000
Net worth: $30 million
Prince Philip is also the recipient of funds from the Sovereign Grant, given his position as the husband of Queen Elizabeth II. According to Money.com he receives around $500,000 per year for his official duties and services to the public. However, it is unclear if the Duke of Edinburgh still receives this allowance since his retirement from official public engagements in 2017. His net worth of $30 million might seem to be dwarfed by his wife’s whopping $550 million, but it is still much more than the average British citizen can dream of having.
3. Prince Charles, The Prince of Wales
Estimated total annual income: $31.6 million
Net worth: $100 million
Although the official estimate of Prince Charles’s net worth is around $100, some other estimates have even gone up to around $400 million! How much ever it may actually be, most of his income comes from the Duchy of Cornwall, which he will inherit if he were to ever become King as he is the eldest son of the Queen. This would pass on to his eldest son, Prince William, and then his eldest son, Prince George.
The annual allowance he receives goes into covering the official costs of his immediate family, which includes his wife, Camilla, Duchess of Cornwall, as well as Prince William and Kate, Prince Harry and Meghan, and their children as well. The Prince of Wales website mentions that he received $28.7 from the Duchy of Cornwall in 2017. He also received $2.6 million from the Sovereign Grant and $784.1 million from “Government Departments”.
4. Prince William and Kate, Duke and Duchess of Cambridge
Estimated total annual income: $3.3 million
Net worth: Prince William: Between $32 to $50 million
Prince Charles’s official website states that of the total annual allowance he receives from the Duchy of Cornwall, $6.6 million is passed on to his sons and wives. Therefore, it is safe to assume that Prince William and Kate receive around $3.3 million per year. Individually, Prince William is estimated to have a net worth of around $40 million, largely in thanks to the inheritance he gained from his mother, Princess Diana. Kate Middleton is said to have a personal net worth of around $7-10 million.
5. Prince Harry and Meghan, Duke and Duchess of Sussex
Estimated total annual income: $3.3 million
Net worth: Prince Harry: Around $45 million
Similar to Prince William and Kate, Prince Harry and Meghan are the recipient of $3.3 million from Prince Charles’s portion of the Duchy of Cornwall. The young couple recently made headlines for “leaving the royal family”, but it is unclear how much of an impact that decision would have on their lives – including the annual payment they have been receiving.
Prince Harry, like his older brother, inherited large sums of money from Princess Diana and is also said to have a net worth of around $40 million. Meghan Markle, already the owner of a small fortune thanks to her acting career, came into the marriage with her own wealth. She is said to have a current net worth of around $5 million.
6. Prince Andrew, The Duke of York
Estimated total annual income: $320,000.
Net worth: $41 million-$45 million
As the third child and second son of Queen Elizabeth II and Prince Philip, Prince Andrew also receives an annual allowance from the Sovereign Grant. This amount is said to be $320,000. He also receives a naval pension estimated to be around $20,000 per year. Several places have speculated that The Duke of York’s net worth could be anywhere up to $82 million, but it is more likely that the correct number is around $41-45 million – which is not too shabby either! He’s amassed his sizeable net worth from his allowances as well as the number of prestigious properties he owns, including the Royal Lodge in Windsor.