sYou may wonder: how rich is the British royal family? The answer is far from simple. “One of the problems with net worth is that it is very, very difficult to calculate,” royal commentator Richard Fitzwilliams tells TIME.
The exact net worth of any member of the royal family is unknown and estimates from online sources vary. CelebrityNetWorth estimated the net worth of Prince William, next in line to the throne, at $100 million. However, O Daily Express It is other media reported that his wealth soared to more than $1 billion after he took control of the Duchy of Cornwall, a private estate worth £1 billion ($1.3 billion)of his father, King Charles III, following the death of his grandmother, Queen Elizabeth II, in September 2022.
The Duchy of Cornwall “funds the public, charitable and private activities of the Prince of Wales and his family”, according to their website. The estate was established by Edward III in 1337 to provide independence for his son and heir, Prince Edward.
The portfolio includes land, agricultural leases and commercial properties in at least 20 counties across England and Wales. In 2023, the assets created £24 million ($30 million) in “distributable surplus,” according to the estate’s most recent annual report. Royalty is not required to pay income tax, but they did it voluntarily since 1993, according to Parliament.
In addition to these properties, Prince William, along with his younger brother Prince Harry, received inheritances from his mother, Princess Diana, and paternal great-grandmother, the Queen Mother.
When the Queen Mother died in 2002, she left around 14 million pounds ($17.6 million today) to her great-grandchildren, with most of it going to Prince Harry, as William would benefit financially if he were to one day die. become king, the king. BBC reported.
After their mother’s death in 1997, the brothers inherited $213 million after taxes to divide between them. according to her wishes.
Prince William has also made money independently. From 2006 to 2013, he served in the British military, earning between $68,000 and $74,000 in his last role in 2011. according to Forbes. After that he worked for the East Anglian Air Ambulance charity but donated his $62,000 salary to the charity. Reader Summary reported.
The prince became a full-time working royal in 2017, dedicating himself to public commitments as patron of charities and representative of the country and the Crown. He gets his official living expenses, travel and household expenses paid for by what is called the Sovereign Grant.
Every year, the royal family gives profits from their vast holdings under the Crown Estate to the UK government, but receives a proportion back in the form of a Sovereign Grant. Historically, the proportion was 15%, but this value was increased to 25% in 2017 for 10 years to cover renovations at Buckingham Palace. However, the government announced that it would be cut to 12% from this year due to new profits from offshore wind farms on the Crown Estate.
In the most recent financial year, the royal family received £86 million ($109 million) in Sovereign Grant, according to a report. annual report published in June 2023. This equates to £1.29 ($1.63) per person in the UK, according to the royal website. A core grant of £51.8 million ($65 million) funds official travel, property maintenance and domestic operating costs.
However, the Sovereign Grant does not cover the security costs of Prince William and other royals, which are paid by the taxpayer, with amounts never disclosed, says Fitzwilliams.
Prince William shares finances with his wife, Kate Middleton, Princess of Wales, who has an estimated fortune of US$10 million.
The couple use three homes – Kensington Palace in London, Anmer Hall in Norfolk and Adelaide Cottage on the Windsor Castle estate. O Guardian reported that Anmer Hall was a gift from Queen Elizabeth II, while the couple pay rent on Adelaide Cottage, where they mainly live with their three children.
This story originally appeared on Time.com read the full story
