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Queen Elizabeth II and the British royal family have multiple sources of income, but they’re still not as rich as you might expect.
Media reports have estimated the Queen’s personal fortune is worth up to £360 million ($470 million). That’s a nice chunk of change, but over 320 Brits are richer, according to the Sunday Times.
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 — an annual lump sum from the government — is 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% to £76.1 million ($103 million) in the latest fiscal year to help finance an extensive renovation of Buckingham Palace.
The Queen also has her own personal assets, including Balmoral Castle in Scotland, and the Sandringham Estate in the east of England.
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.
The Queen’s husband — Prince Philip, the Duke of Edinburgh — also receives an annual payment worth £359,000 ($488,000) to finance his official duties.
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.
Over 90% of their income comes from a private estate, the Duchy of Cornwall, which was established in 1337 to provide an income to the heir to the throne.
The couple also received £1.3 million ($1.8 million) from the Queen’s Sovereign Grant and another £461,000 ($627,000) from various UK government departments.
The rest of the royal family make their money through a variety of means, including their own careers and inheritances.
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