According to the The Telegraph it costs around £300,000,000 (roughly $368 million USD) to keep the British Monarchy going each year – that’s roughly 2 pennies for every UK tax payer.
So where does The Queen and her fam get their money from? Well, it’s a huge mix, and both public and private sources are used. Here’s the lowdown:
Every year Her Maj gets something called the Sovereign Grant…
According to the BBC, this money comes from the treasury and is funded by British tax payers.
The Queen gets all this cash because she surrenders all the profits from the Crown Estate, the Royal Family’s ginormous portfolio of lovely stately homes and properties up and down the country. All the cash goes directly to the Government, and the Queen is given roughly 15% of the cut.
To get an idea of much cash we’re talking, in 2013 the Crown Estate generated a mouthwatering £267.1 million profit (about $325.8 million). When you do the math, 15% roughly equates to about £40.1 million (or $48.9 million).
Named the Sovereign Grant, the money is used to pay for the family’s travel expenses, palace upkeep and staff, as well as the employee payroll, according to the official Royal Family financial docs. The money however does not cover any security costs incurred by the family.
The privy purse…
Yes, the Queen does have a purse. Sort of. The Duchy of Lancaster, is a portfolio of land that’s been in the Royal Family for yonks. The fancy portfolio includes 18,433 hectares of land, made up of oodles of commercial, residential and farmland. This money is not directly reserved for the Queen; most of it goes to the other members of the family.
The Queen does have her own dough. Her personal fortune is estimated to be around £340 million (about $414.7 million). Aside from that, she also owns Balmoral and Sandringham Estates, which is inherited from Crown to Crown, and also has a valuable artwork collection.
The Duchy of Cornwall…
Another impressive portfolio, this money goes directly to the Prince of Wales and his heirs: the heir apparent, his son William, his wife, the Duchess of Cambridge, their children Prince George and Princess Charlotte, as well as Prince Harry and Camilla, Duchess of Cornwall.
And if you round all the cash up, for each and every tax payer, her Maj costs as little as 62p.
Want more royal news? This is what happens when the Queen dies!