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The British royal family is undoubtedly one of the wealthiest families in the world, but how do they make their millions?
The net worth of the British royal family has consistently been a subject of great intrigue and fascination, so we’ve answered all your burning questions here.
WHAT IS THE ROYAL FAMILY’S YEARLY SALARY?
It has been revealed that in 2025, the royal family’s annual income will increase substantially. This money comes from the U.K. Treasury and is tax-payer funded by the British public.
In April, the Sovereign Grant fund will increase by AU$90 million (£45 million), bringing their income to AU$265 million (£132 million).
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The Sovereign Grant does not directly contribute to the private wealth of the royal family as its primary purpose is funding the day-to-day expenses required for the royal family to fulfil their duties, such as staff salaries, travel expenses, and property maintenance.
According to the palace, much of this money will be put towards the AU$740 million (£369 million) ongoing renovations of Buckingham Palace, which are expected to be completed in 2027.
Buckingham Palace has been undergoing renovations since 2017, with the renovation plan set to be completed in 2027. (Image: Getty)
HOW DOES THE BRITISH ROYAL FAMILY MAKE MONEY?
The total private wealth of the royal family is generated primarily through inheritance and both the Duchy of Lancaster and the Duchy of Cornwall.
The Duchy of Lancaster is reserved for the reigning monarch, with King Charles taking ownership of the portfolio after the death of his mother, Queen Elizabeth II, in September 2022.
The Duchy of Lancaster comprises 45,550 acres of land and commercial real estate that is valued at $1.3 billion AUD (£652 million GBP), with the late Queen receiving a private income of AU$42 million AUD (£21 million) from the Duchy of Lancaster last year.
The Duchy of Cornwall is managed by the heir to the throne, with Prince William currently in charge of ensuring that the revenue from the Duchies $2.08 billion AUD (£1.04 billion GBP) commercial and private real estate portfolio is reinvested in a way that is sustainable and financially viable for the surrounding communities.
Prior to stepping back as senior working royals, Prince Harry and Meghan Markle received 95 per cent of their total income from the Duchy of Cornwall, with the other 5 per cent stemming from the Sovereign Grant according to Sussex Royal.
The method through which the royal family make their millions has become the subject of great scrutiny in recent years, with both the Duchy of Lancaster and the Duchy of Cornwall being exempt from paying capital gains tax.
The Imperial State Crown alongside the King has an estimated value of up to $9 billion AUD. (Image: Getty)
WHAT IS KING CHARLES’ NET WORTH?
The Times has reported that the King has a net worth of approximately AU$1.2 billion (£600 million).
This figure is almost double Charles’ late mother’s estimated net worth of AU$684 million (£370 million).
King Charles’ exponential net worth can largely be attributed to the income he received in the 53 years he spent managing the Duchy of Cornwall, with its income totalling over AU$1.22 billion (£612 million) from 1952 to 2022 according to The Guardian.
Prior to taking the throne, King Charles received a salary of AU$25.6 million (£12.8 million) from the Duchy of Cornwall for the 2022-23 financial year.
King Charles’ income continues to stem from several different streams however, as monarch, he primarily receives his income from the Duchy of Lancaster.
Part of the Duchy of Cornwall’s income stems from the commercial sale of food products grown on land within the Duchy. (Image: Getty)
WHAT IS PRINCE WILLIAM’S SALARY?
The 2024 Duchy of Cornwall Integrated Annual Report listed Prince William’s private income as AU$47.3 million (£23.6 million).
Following the passing of his grandmother, Queen Elizabeth II, the Prince of Wales inherited the Duchy of Cornwall as heir to the throne.
The Duchy encompasses over 52,000 hectares of land across southern England, including a variety of valuable private and commercial property assets, protected woodland, coastlines, and commercial farms.
The Duchy of Cornwall recorded a net profit of AU$47.3 million (£23.6 million) for the 2023-24 financial year.
Prince William is granted access to the revenue of the Duchy, with the Prince of Wales then using this income to fund the private, public, and charitable events for both him and his immediate family.
Prince William earned an income of over $11 million when he became the Prince of Wales. (Image: Getty)
HOW MUCH IS THE ROYAL FAMILY WORTH?
According to Forbes, the overall total net worth of the royal family is approximately AU$44 billion (£22 billion).
This wealth is held primarily in the royal family’s property assets, with AU$31.3 billion (£15.6 billion) being managed by the royal’s statutory corporation known as the Crown Estate.
Both Prince Harry’s and Prince William’s net worth is largely comprised of a AU$15 million (£7.5 million) lump sum payment they each received as an inheritance from their late mother, Princess Diana, with Forbes reporting that both Prince’s received AU$727,000 (£363,000) annually in dividends once they turned 25.
The new Queen is reported to have a comparatively modest net worth, with Express reporting Camilla’s net worth to be approximately AU$7.2 million (£3.6 million).
The net worth of the two Prince’s is largely comprised of inheritance from their late mother – seen here at Highgrove Estate purchased through the Duchy of Cornwall. (Image: Getty)
