How Much Does the Royal Family Cost Us?
If you have read the news recently, one of the “big stories”, which at last has thrown Brexit and the possibility of War in Iran off the front pages is that Prince Harry and his wife Megan, also known as the Duke and Duchess of Sussex, are “standing down” from their roles as Royals.
As to why they are making such as decision, there is much speculation.
They want a more private life, as Harry has seen what the public life did to his mum, Princess Diana.
They want to make their “own money”, which it appears they could become quite rich, if they are not wealthy already, due to books, TV shows, and branding deals.
Isn’t that a bit ironic…you want to be out of the spotlight, but then use the spotlight to earn money???
But I digress…
Then there is the issue/question of where the couple will reside?
Here in the UK, or it has been tossed about, possibly Canada.
Which brings up the question, will they live at Frogmore Cottage, which just had a £2.4 million renovation, at what we are told was at the taxpayer’s expense.
And what about the cost of their security? Which is estimated to be £750K just for their residence, the estimate of their total security bill could be in the millions. And who foots that bill now?
All this brings up many questions, and one question many people have, if you like the Royals or not is, how much do the Royals cost us as individuals each year? How much does the Queen cost us?
How and Who Funds the Monarchy?
To begin to answer the question of how the Monarchy is funded and by whom, the logical question is, how much does the Queen and the Monarchy cost each of us?
The answer to this, according to different sources, is £1.24 as of last year 2019.
This is an increase of 41% over the previous year, which seems like a large increase.
The fact is the Queen and the Monarchy are funded through a variety of means, in simple terms these are:
* The Sovereign Grant
* The Privy Purse
* The Monarchy’s own Personal Wealth (Yes, the Royals are rich on their own)
The Sovereign Grant: In 2011 Parliament passed the Sovereign Grant Act which replaced the Civil List as an annual payment to the Royals each year.
The Civil List previously was a list of names that the government paid money to.
This Sovereign Grant is a percentage of the Crown Estate, and this means as the estate’s value changes, so does the Sovereign Grant.
The Crown Estate: The Crown Estate is all the property owned by the Crown, and it is a lot!
The Estate is estimated to be worth over £14 billion and 15% of the “net surplus” is passed onto the Sovereign Grant. Profits from this may be in excess of £300 million, possibly currently near £350 million.
This money is in part used to fund repairs and maintenance on their various properties, such as Buckingham Palace.
The Privy Purse: This is the Monarchy or British Sovereign’s private income. This is estimated to be over £20 million, and comes from the Duchy of Lancaster, which is a “portfolio of lands, properties and assets held in trust for the Sovereign and is administered separately from the Crown Estate”.
So in essence, more land, the Crown owns even more land that what is in the Crown Estate which funds the Sovereign Grant.
Are we following along now, we have yet to get where each of us reaches into our pockets to pay the Queen:)
The Queen’s Personal Wealth: The Queen herself is a wealthy woman, worth around £325 million, if estimates are accurate. And as with all very wealthy people, their wealth can change daily.
The Queen’s wealth puts her around the 302nd richest person in the UK. Which when you look and think about it, there are 301 people richer than the Queen, there must be some rich people floating about on our island here.
How Much Money Does The Monarchy Bring Into The Country?
OK, so we know the Queen and the Royals are rich, very rich, and we know how they receive their pay, or are funded, and we know that according to various sources, the Royal cost each of us £1.24 a year, less than a litre of petrol depending where you pump.
So do the Royals and Monarchy bring any money to the country, do they help the UK’s economy?
The answer is yes, and yes in a huge way!
In tourism alone the Royals bring in almost £600 million! This via “tourism, merchandise, and the arts”.
This makes them more profitable than just about any other Royalty in the world.
And let’s not even get into the Netflix, and ITV shows and films over the years that generate income for actors, and other workers, and the companies presenting them.
All-in-all, the Monarchy and Royal Family are cash cows for the UK. Yes, they cost us a bit here and there, but the value for money, or return-on-investment is very high.