What you might not know about the American author
A luxurious lifestyle, superb palaces, a dedicated army, and collections of precious antiques, the Windsors are the heirs to a heritage hundreds of years old. Their fortune includes properties, jewelry, art, investments, and even land. All this you may have known, but did you also know that the monarchy is a reporting institution and its members benefit, in part, from income flowing through their "brand"?
Has all this got you intrigued? Then click on to discover more.
According to the latest estimates from Brand Finance, in 2017 the British monarchy was worth £67.5 billion (US$89.5 billion). This astronomical amount is based on the physical heritage of the Crown, as well as the value of the monarchy's brand.
The "Sovereign Grant" tax, paid by the British taxpayer, also makes it possible to maintain their lifestyle, at least in part.
For the year 2019-2020, the Sovereign Grant amounts to £82.4 million (around US$107 million). For comparison, in 2018-2019 the sum amounted to £82.2 million , or £1.24 per British inhabitant, according to a financial report from the Royal Household.
The Sovereign Grant is used to cover the official travel of the direct heirs to the Crown, the salary of their staff, the maintenance of the palaces and their respective charges (those related to Buckingham Palace representing the most significant share of expenses). However, neither security nor royal ceremonies are covered by the Sovereign Grant, as Insider reports.
Still according to Insider, Queen Elizabeth II benefits from the revenues generated by the Duchy of Lancaster, an estate valued at £548.6 million (about US$715 million). In 2019, the Duchy of Lancaster would have brought in £20.7 million (around US$27 million), used to support expenses generated by other members of the royal family.
The Queen also owns the estates of Balmoral and Sandringham. These two properties, sources of additional income, make it difficult to estimate the precise worth of HRM.
On the other hand, sources from 2016 indicated that the Queen was worth £340 million (around US$443 million). However, that seems doubtful, as according to information from Forbes in 2017, the Balmoral and Sandringham properties alone are worth £153.8 million (about US$200 million).
As for Prince Philip, when he assumed the functions of the Duke of Edinburgh, he began earning an annual salary of £359,000 (about US$468,000). According to the latest estimates, his current net worth would be £23 million (around US$30 million).
In 2016, Prince Philip even joked that he was inaugurating the most expensive plaques and statues in the world.
In 2019, Prince Charles' net worth was estimated at £100 million (about US$130 million), according to information from Express.
Prince Charles' income comes from various sources, starting with the Duchy of Cornwall, which is a portfolio of properties found not only in England but also in several other countries, and which is used to cover his expenses and also that of his heirs. The Duchy of Cornwall is valued at a whopping £1 billion (around US$1.3 billion), with some figures even higher than that.
In 2019, the Prince of Wales granted £6.5 million (around US$8.5 million) to his heirs, according to information from Insider.
As for Charles, that same year he received £28.1 million (about US$36 million) from the Duchy of Cornwall.
The totality of the wealth of the British Crown is managed by Queen Elizabeth II and Prince Charles, who review the expenses and decide how much to grant members of the royal family.
As Insider also points out, members of the royal family who work full time for the Crown are prohibited from undertaking other activities that would allow them to increase their income. However, what about Harry and Meghan?
To begin with, Meghan Markle and Prince Harry's net worth is about £34 million (around US$44 million) between them, according to the Evening Standard. Prince Harry is worth £30 million (US$39 million), while Meghan Markle is worth £3.8 million (US$4.9 million).
Meghan Markle received an annual salary of £333,000 (about US$434,000) while she was on the series 'Suits.' In addition, she also received income generated by her blog, her two ready-to-wear collections in collaboration with the Canadian brand Reitmans, and through sponsored publications when she still had an Instagram account (before having to delete it as royal protocol dictates).
When Harry served in the Army Air Corps, he received an annual salary of £45,000 (about US$58,000). We also know that he received £7 million (around US$9 million) from his late mother Diana when he turned 30, in accordance with her last wishes.
In addition, in 1994 the Queen Mother invested £70 million (about US$91 million) in a trust for her great-grandchildren, resulting in Harry and his brother William sharing the tidy sum of £14 million (around US$18 million) in 2002. Prince Harry is also the owner of a collection of jewelry belonging to his mother that is of an unknown value, which helps add up to his total fortune of £30 million (US$39 million).
However, there is a good chance this amount will be altered, as Meghan and Harry have decided to leave their royal functions to be financially independent.
Now, let's move on to the Duke and Duchess of Cambridge. Between them, their wealth is estimated at £35-37 million (US$45-48 million).
Prince William is on par with his brother regarding his personal fortune: £30 million (US$39 million). The Duke of Cambridge also inherited £7 million (around US$9 million) from Diana when he turned 30, and shared, as mentioned earlier, the £14 million (around US$18 million) sum made available to them by their great-grandmother. We should mention that he too enjoys a large jewelry collection that belonged to Diana.
Kate's engagement ring (worth £300,000 or US$390,000) is that of Lady Di's, who wrote in a letter that she would like to allocate all her jewels to her sons, so that their wives could, when the moment arrived, own and use them.
Speaking of Kate, the Duchess of Cambridge also enjoyed her own personal fortune before joining the royal family. As Express reports, Kate Middleton is said to hold a fortune of at least £5 million (around US$6.5 million). Some have even reported that the real amount is actually closer to £7.3 million (about US$9.5 million).
Indeed, Kate's family has a successful business, Party Pieces, the value of which is said to be around £30 million (around US$39 million). Besides her portion of the family wealth, Kate's fortune was also earned through her part-time position as an accessory buyer for fashion chain Jigsaw.
According to data from Brand Finance, the royal family contributed circa £1.7 billion (about US$2.3 billion) to the British economy. This figure is justified by profits generated by various assets of the British Crown, and also by the function of their palaces as tourist attractions.
For the 2018-2019 fiscal year, the cost of travel by members of the royal family amounted to £4.6 million (about US$6 million). The most expensive trip was made by Prince Charles, during his official visit to several Caribbean nations in March 2019. Amount invoiced? £416,576 (around US$543,000).
For the same fiscal period, the payroll for employees of the British Monarchy stood at £23.2 million (about US$30.2 million).
The most significant expense on this balance sheet was the maintenance of Crown property, which cost £37.8 million (about US$49.2 million)
See also: Royal extravagance—the controversial Sultan of Brunei.
How much is the British royal family worth?
Queen Elizabeth II and her heirs enjoy invaluable riches
CELEBRITY Royals
A luxurious lifestyle, superb palaces, a dedicated army, and collections of precious antiques, the Windsors are the heirs to a heritage hundreds of years old. Their fortune includes properties, jewelry, art, investments, and even land. All this you may have known, but did you also know that the monarchy is a reporting institution and its members benefit, in part, from income flowing through their "brand"?
Has all this got you intrigued? Then click on to discover more.