Members of the royal family in the United Kingdom do earn money, despite dedicating their lives to public service. The monarch’s main source of income comes from the Sovereign Grant, a taxpayer-funded settlement that was worth over $113 million for the year 2022-2023. This grant is calculated based on the profits earned by the Crown Estate, a commercial business that manages land and property for the British monarchy. The majority of the Sovereign Grant is spent on the upkeep of properties and staff costs, as well as funding events and planned expenses, such as the Buckingham Palace refurbishment plan.
In addition to the Sovereign Grant, the monarch also receives a personal allowance known as the Privy Purse, which comes from the Duchy of Lancaster. This separate portfolio of land, property, and assets generates profits of about $26 million per year, which is given to the current monarch. Prince Charles and Prince William both receive allowances from their respective duchies, the Duchy of Lancaster and the Duchy of Cornwall, and can use the profits as they wish. However, they are not entitled to proceeds from the sale of estate assets, as those must be reinvested. Charles uses funds from the Duchy of Lancaster to pay other senior royals, potentially saving taxpayer funds and reducing his personal financial burden.
The salaries of different members of the royal family vary based on their titles and duties. King Charles III may earn around $25 million a year, while Prince William received $30.4 million last year from the Duchy of Cornwall. Prince Harry and Meghan Markle, after stepping away from royal duties and pursuing financial independence, no longer receive funding from the royal family. Princess Anne, the sister of King Charles III, has earned approximately $21.1 million since 1971 for her royal engagements. Prince Edward and his wife Sophie have made numerous royal appearances, with Edward earning about $8.5 million since 1982 for his work. Prince Andrew, who stepped down from official duties in 2019, previously earned around $327,275 per year but likely lost his royal salary after being stripped of responsibilities.
Overall, the royal family members receive income from various sources, including the Sovereign Grant and the Duchy of Lancaster or Cornwall. These funds are used to cover expenses related to royal duties, events, and property maintenance. The salaries of different royals vary based on their roles and engagements, with some earning substantial amounts over the years. Despite their public service and dedication to the monarchy, members of the royal family have personal allowances and salaries that contribute to their financial well-being, allowing them to fulfill their responsibilities while maintaining their lifestyles.
