Thursday was a tragic day for the British royal family after Britain’s longest-reigning monarch, Elizabeth II, died at the age of 96.
According to Forbes, she is seen as a rock of stability in Monarchy PLC (also known as “the company”) – a multi-billion dollar institution that injects millions of pounds into the UK economy every year.
The royal family’s source of income is varied and varies by family member. There is no doubt that everyone is financially comfortable and earns some income from tourists who pay to visit the Royal Palace.
But how much money do royals have, and where do they come from?
According to Forbes, Monarchy PLC holds nearly $28 billion in assets through various entities including Crown Estate, Buckingham Palace and Kensington Palace.
Queen Elizabeth II, longest-reigning British monarch, dies at 96
For example, The Crown Estate, which owns the British monarchy’s lands and properties in the UK, manages $19.5 billion in assets. Buckingham Palace, the official London residence of British monarchs since the early 1800s, is estimated to be worth $4.9 billion, according to Forbes.
Kensington Palace, which includes the offices and London residences of the Duke and Duchess of Cambridge, Gloucester and Kent and Prince and Princess Michael of Kent, is reported to be worth an estimated $630 million, according to reports.
Queen Elizabeth II
Before her death, Queen Elizabeth II had an additional personal fortune of $500 million, according to Forbes.
Her son, Prince Charles, is automatically the monarch, although the coronation may not take place for months. According to Marie Claire, he is worth $400 million.
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Prince Philip, Duke of Edinburgh
When Prince Philip died in April 2021, his wife had an estimated £30 million and he spent more than seven years supporting his wife. He was 99 when he died.
Prince William and Kate, Duke and Duchess of Cambridge
The Duchess of Cambridge is worth between $7 million and $10 million, according to 2018 data from Wealth-X, a global wealth-tracking firm, cited by Money.
However, according to Harper’s Bazaar, the Duchess of Cambridge was independently wealthy before marrying into the monarchy. According to the outlet, she has made a considerable fortune from the family business Party Pieces.
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Meanwhile, her husband Prince William is expected to gain financial benefits by becoming eventual heir to the throne. He was the eldest son of Charles and the late Princess Diana. Once his father, Prince Charles, takes the throne, he will inherit the Duchy of Cornwall. With this succession comes property and financial investments totalling £1.2bn, according to multiple reports.
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Prince William and his brother Harry are estimated to be worth between $25 million and $40 million, according to a 2017 Business Insider report. According to Forbes, William and Harry received $10 million from their mother, Princess Diana. According to the outlet, they were allocated $450,000 a year until they turned 30, and then they received the full amount.
Harry and Meghan Markle, Duke and Duchess of Sussex
Harry also earned income through the Duchy of Cornwall before stepping down from the royal title in 2020. Harry and his wife Meghan Markle no longer receive funding from the Sovereign Grant after they severed ties with serving royals and gave up their ‘His Royal Highness’ titles. In addition, they no longer receive public funding for their work under an agreement that saw the couple quit their jobs as royals.
According to their website Sussexroyal.com: “The Sovereign Grant is the monarchy’s annual funding mechanism covering the work of the Royal Family in support of the Queen, including the maintenance of the official residence and workplace.”
The website goes on to say that most of the funding for the Duke and Duchess of Sussex’s office is “derived from income distributed by HRH The Prince of Wales, generated through the Duchy of Cornwall”.
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The website continued: “This rule has been in place since Princes William and Harry first established offices in support of the Queen and is the responsibility of the Prince of Wales. This information will continue to be available on the Duchy of Cornwall website.”
Last year, the pair also revealed that they had partnered with asset manager Ethic, which focuses on investing in the environmental, social and governance space. The couple will be “influential partners” and investors.
Prince Andrew, Duke of York
In 2017, staff at the Luxembourg De Havilland Bank, Prince Andrew’s private bank, estimated his wealth at around £5 million, according to Bloomberg.
The Associated Press contributed to this report.