The exact dollar amount the British royal family earns has long been discussed. You may remember when Harry and Meghan announced they would be stepping back from being senior members of the royal family in 2020, speculation about how much money the royals make (from the public purse or otherwise) ramped up immediately.
The answer isn’t exactly clear. Per the BBC, Prince William and Harry inherited the bulk of their late mother’s £13 million (AU$24.9 million) personal fortune. It’s this money that Harry used to fund his and Meghan’s move to the US in early 2020, the Prince said in that Oprah interview.
Of course, none of this has stopped the public’s curiosity about how much money active royals actually make each year. Or how they’re allowed to spend it. Overnight, we received some answers, courtesy of the Duchy of Cornwall’s Integrated Annual Report 2024.
The Duchy of Cornwall was created in 1337 by Edward III to provide an income for his son, Prince Edward, according to the Annual Report. In the almost 700 years since, the estate has been passed down through generations of royals.
This is how Charles became the Duke of Cornwall in 1952. And how William took over the title along with his wife, Princess Catherine, in 2022 upon the passing of Queen Elizabeth II and his father’s ascension as King Charles III.
This particular Duchy is considered one of the more lucrative estates, which explains why it is a position generally given to the heir to the throne.
It’s important to note that the Duke and Duchess of Cornwall cannot access the capital value of the Duchy. That said, they do receive and pay tax on the annual revenue surplus, which is quite frankly staggering. According to the report, this distributable surplus in 2023/24 was £23.6 million, or AU$46.3 million.
As for how the royals spend this multi-million-dollar income, it is reportedly used to fund royal duties. This also includes maintaining their many properties and staff.
“The Duchy is a private estate that provides an income to The Duke of Cornwall and his family to fund his official, charitable and private activities,” is the official word in the report.
The royals are also strictly prohibited from receiving gifted items — even clothing to wear to events, though their stylists will sometimes call in loans. Aside from a few loans, they must use their income and allowances to purchase everything they wear and own, so we can assume the income also comes into play here.
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