How does the royal family make its money?

What you didn't know about Meghan Markle

Most people make money by their day jobs. British royals are not most people.

Queen Elizabeth II in addition to the British royal family have multiple sources of income, nevertheless they’re still not as rich as you might expect.

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Media reports have estimated the Queen’s personal fortune can be worth up to £360 million ($470 million). which’s a nice chunk of change, nevertheless over 320 Brits are richer, according to the Sunday Times.

The Queen in addition to the heir to her throne, Prince Charles, receive most of their income by the government in addition to their private estates. Millions trickle down to the rest of the family, including Prince William in addition to his wife Catherine, the Duchess of Cambridge. Prince Harry, who will wed American actress Meghan Markle on May 19, also receives royal funds.

Here’s how the royal finances work:

Queen Elizabeth II

The Queen’s three main sources of income are the Sovereign Grant, the Duchy of Lancaster estate in addition to her personal property in addition to investments.

The Sovereign Grant — an annual lump sum by the government — can be essentially an expense account, covering the costs of travel, security, staff in addition to the upkeep of royal palaces.

The Queen received £42.8 million ($58 million) free of tax by the Sovereign Grant inside the 2016-2017 fiscal year. The payment was projected to balloon by 78% to £76.1 million ($103 million) inside the latest fiscal year to help finance an extensive renovation of Buckingham Palace.

The Sovereign Grant can be generated by the Crown Estate, a collection of UK properties in addition to farms which generate hundreds of millions of pounds each year. The vast majority of earnings by the Crown Estate go into government coffers, nevertheless a portion of the profits — between 15% to 25% — are given to the Queen inside the form of the Sovereign Grant.

Related: How much does a royal wedding cost?

royal family money
Queen Elizabeth II receives an annual income by public in addition to private sources.

Another important source of income for the monarch can be the Duchy of Lancaster, a private estate of commercial, agricultural in addition to residential properties which dates back to 1265. which produced £19.2 million ($26 million) in income for the Queen during the most recent fiscal year. The Queen uses which money to pay for official in addition to private expenses, including some costs incurred by various other members of the royal family who undertake official engagements on her behalf.

Related: Everything you need to know about the royal wedding

The Queen also has her own personal assets, including Balmoral Castle in Scotland, in addition to the Sandringham Estate inside the east of England. Both were inherited by her father in addition to are beloved family retreats.

nevertheless her wealth extends far beyond real estate. The Queen also owns a valuable stamp collection, numerous works of art in addition to a stock portfolio.

various other assets closely associated with the Queen, including the Crown Jewels in addition to many works of fine art, are actually owned by the Royal Collection Trust, a charity.

The Queen’ husband — Prince Philip, the Duke of Edinburgh — also receives an annual payment worth £359,000 ($488,000) to finance his official duties. He retired last year after more than six decades of public service.

Related: Kate in addition to William can afford 3 kids. Many Brits cannot

Prince Charles in addition to his clan

Prince Charles in addition to his wife Camilla, known formally as The Prince of Wales in addition to The Duchess of Cornwall, rely on a a mix of public in addition to private money.

Over 0% of their income comes by a private estate, the Duchy of Cornwall, which was established in 1337 to provide an income to the heir to the throne. The Duchy of Cornwall owns in addition to operates land in rural in addition to urban areas, a collection of islands in addition to rental cottages in places like Wales in addition to Cornwall.

inside the most recent financial year, the couple made £20.7 million ($28 million) by the estate.

The couple also received £1.3 million ($1.8 million) by the Queen’s Sovereign Grant in addition to another £461,000 ($627,000) by various UK government departments.

The Sovereign Grant can be used to pay the couple’s official travel in addition to property expenses. The government cash goes toward some official overseas trips in addition to the salaries of members of the military who protect the family.

Roughly half of their annual income can be spent on official duties in addition to travel, while a quarter goes to the tax man. The remaining £6.6 million ($8.9 million) goes to Charles’ children, “non-official” purchases in addition to a royal savings account.

uk flag royal wedding economy 4
Meghan Markle can be set to wed Prince Harry on May 19.

When Markle officially joins the clan, Prince Charles has the discretion to give the couple more money.

Prince William, Kate in addition to Prince Harry are also reimbursed for costs when they perform official duties on behalf of the Queen.

Prince William in addition to Prince Harry have private, inherited wealth by their mother, Princess Diana.

First glimpse of newborn Prince Louis

The rest of the family

There can be limited public information about how the rest of the royal family make their money. The Queen has three various other children aside by Prince Charles, in addition to they too have children, spouses in addition to grandchildren.

The Queen’s two youngest children, Andrew, the Duke of York, in addition to Edward, the Earl of Wessex, work full-time to support the monarchy, which involves appearing at public engagements on behalf of their mother.

The Queen pays her children for these duties through her income by the Sovereign Grant in addition to Duchy of Lancaster.

The next generation of royals can be required to forge their own careers in addition to required to be more independent. For example, Andrew’s daughters — Princess Beatrice in addition to Princess Eugenie — have full time jobs inside the business in addition to art worlds, respectively. nevertheless they also receive some financial support by their father.

sy88pgw (London) First published May 9, 2018: 7:22 AM ET

How does the royal family make its money?

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