Tourism is routinely cited as their greatest benefit, yet revenue from the five royal palaces open to the public was just £9.4m last year, and only just exceeded £20m pre-COVID, and none are in the top 20 most visited popular attractions in Britain. The Treasury set aside an additional £28m to fund the recent Platinum Jubilee, the majority of which was spent on four-days of pageantry in central London.Įven with a conservative annual bill of £250m, the monarchy's advocates argue they more than pay their way. Nor does the Royal Family pay for its own celebrations. None of these income streams cover the cost of royal security, widely estimated at more than £100m a year and borne by the taxpayer, or the price of royal visits often funded by local authorities. In a profound irony, Harry and Meghan have signed a reported $100m deal with Netflix, which owes much of its dominance in the streaming market to The Crown, a dramatisation that has done for the Windsors what Shakespeare did for the Plantagenets, and costs more to produce per-series than the annual Sovereign Grant. Having decided to leave the working royal stable, the Duke and Duchess of Sussex now rely on trading off their talents and residual titles, with income from various media deals including a £20m book contract. In 2021-22 it was worth £86.3m, of which £52m covered official travel, the cost of employing almost 500 members of the Royal Household, and maintenance of the Occupied Royal Palaces Buckingham Palace, Windsor Castle, Clarence House, St James's Palace, Kensington Palace, Marlborough House Mews and Hampton Court Mews. The principal source of the King's funding is the Sovereign Grant, calculated as 25% of the profits of the Crown Estate, a £15bn portfolio of commercial and residential property, agricultural and marine land owned by the Crown, not the individual monarch. Negotiated by George Osborne, it guaranteed revenue streams for the monarch, their heir and the wider family, while leaving the question of tax largely voluntary. Nearly five-mile queue to see Queen - follow latest updates The Royal Family is funded by a varied collection of assets with roots in the Middle Ages, refined over time in deals with parliament, the most recent in 2012. Her death made her eldest son a hugely rich man as well as King, while his heir secured a guaranteed income of more than £20m a year along with the title Prince of Wales. When the Queen died, fortunes passed down the line of succession along with titles.
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