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It seems the annual salaries and incomes for members of the British royal family have been released, so let's break down what each royal earns and where their money comes from.
King Charles III's main source of income comes from the Sovereign Grant, which is a taxpayer-funded annual settlement paid to the monarch. For the 2022-23 fiscal year, the Sovereign Grant was set at £86.3 million. This grant is calculated as a percentage of profits made by the Crown Estate, a large portfolio of land and properties owned by the British monarchy. So even though the royals don't personally own the Crown Estate, they do receive a substantial publicly-funded sum each year based on its profits.
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In addition to the Sovereign Grant, King Charles also receives an income from the Duchy of Lancaster, a separate portfolio of land and assets worth over £500 million. The profits from the Duchy of Lancaster have traditionally been paid to the reigning monarch as a kind of "privately funded" allowance. It's estimated that in 2021, King Charles earned around £20 million from the Duchy. Between the Sovereign Grant and Duchy of Lancaster income, it's reported that King Charles takes home around £25 million per year in his role as monarch.
Meanwhile, King Charles is estimated to have a net worth of around £750 million together with Queen Consort Camilla. So between their annual salaries and personal wealth accumulated over decades, they are undeniably some of the richest members of the royal family. However, some argue that as senior working royals, their high incomes are justified given the duties and responsibilities of their positions. Critics counter that it's difficult to quantify the value of things like royal walkabouts and handshake lines.
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As the heir to the throne, Prince William receives an annual income from the Duchy of Cornwall, which is a portfolio of lands established in 1337 to provide financial support to the monarch's eldest son. In the last financial year, it's reported that the Duchy paid out around £30 million to Prince William. Meanwhile, as Duchess of Cambridge, Kate Middleton does not earn her own salary but does receive some public funding for royal events and duties through her husband.
Harry and Meghan Markle stepped back from full-time royal roles in early 2020. As non-working royals, they receive no public money and are considered financially independent through things like Netflix and Spotify deals. However, some criticisms remain about whether their royal status still indirectly benefits their commercial ventures.
Continuing down the line of succession, Princess Anne earns around £20 million per year in her role promoting over 500 royal organizations and charities. Given her extensive public engagements each year, the royal family argues she provides value for her salary paid through public funds. Younger brother Prince Edward earns around £6.5 million for his royal duties since taking on a working role in 1982.
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Until he stepped away from duties in 2019 amid controversy over his friendship with Jeffrey Epstein, Prince Andrew had received around £250,000 annually from the Queen's private funds to support his public work. However, without an official role today, he no longer takes a public salary. It's unclear if he still receives any private support from the royal family coffers.
There is certainly no shortage of vast wealth within the royal family. However, supporters argue that asfigureheads of state and nation who regularly conduct hundredsof publicengagements each year,the seniorworking royals earn their salarieswhich ultimatelycome from publicorprivatedomain lands and funds. Critics counterthat it is difficultto quantifywhat these members directly "do"to earn such highincomes,particularly when not all working royals maintain the same intense schedules.The ongoing debate around royal fundingraiseslarger questionsover the modern purposeand value of ceremonialmonarchiesin democratic societies.
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Overall, annual reports provide some transparencyinto where publicmoney for theroyalfamilyis allocated each yearand howmuch individualmembers receive.But the total wealth accumulatedover generationsis almost impossible to calculateaccurately.There will likely always be disagreementsover whether such largesumsare truly justifiedor could be better spentelsewhere.As long astheBritishmonarchyexists though, robust discussionsaroundits purposeandpublicfundingseemset to continue.
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