Royalty family's net worth in 2022: Everything you need to know about their wealth
Many people do not know how wealthy the British Royalty Family is. While some people think they are prosperous, the Royalty Family's net worth is the worth of the monarchy itself as a business empire. It is different from the net worth of the individual family members, which mostly runs into millions of dollars. For instance, the net worth of the late Queen Elizabeth is estimated to be around $500 million. Forbes ranked her in the list of the UK's wealthiest people.
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The Royalty Family's earnings, salaries, and net worth have not been much publicly discussed except in 2019. This was when Prince Andrew, the late Queen's second-youngest son, was allegedly going to forgo about $300,000 annual payment following a scandal which made him step back from carrying out official duties. This shows that the government pays the family members for performing official duties.
Who is the real Royal Family of England?
The major members of the family include King Charles III, Queen Consort Camilla, Prince and Princess of Wales William and Catherine, and Anne, Princess Royal. Others are Earl of Wessex and Forfar Prince Edward and Countess of Wessex and Forfar Sophie.
While King Charles III heads the family being the monarch, others support Him. Primarily, they assist in undertaking public engagements and pursuing charitable work and interests. Interestingly, they carry out royal duties full-time.
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So, who is the heir of the British royal family? The line of succession has the Prince of Wales in the first spot.
How much money does the Royalty Family have?
According to Forbes, the monarchy and its assets are estimated to be worth about $28 billion. But then, note that the combined Royalty Family firm is known as the Monarchy Plc. This is because it encompasses the family's official most impressive asset, the Crown Estate, which is a portfolio of luxurious London properties worth around $19.2 billion.
The Royalty Family once owned the Crown Estate, but presently they are being controlled by the British government, which pays about 25 per cent to the Royals under Sovereign Grant. Apart from the Crown Estate, there are other assets owned or inherited by the Royals; these properties remit millions of dollars yearly to boost the monarch's net worth.
Where does the Royalty Family get their money?
The Royalty Family gets their money through inherited wealth, assets, investments, and public and private funding. The most pronounced of these sources are spelt out below:
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Properties
The first important source of funding for the Royalty Family, Sovereign Grant, according to CNN Money, is "a collection of UK properties and farms that generate hundreds of millions of pounds each year." These properties are owned by the reigning monarch but not their property.
Therefore, the monarch cannot sell them, and the accruing revenue cannot go directly to the monarch. Instead, the percentage due to the monarch and paid by the government covers the monarch's official duties and the costs involved in maintaining the occupied palaces.
Privy Purse
The second prominent is the Privy Purse comprising the proceeds from the Duchy of Duchy Lancaster. Interestingly, the income of the reigning monarch is directly drawn from the Duchy of Lancaster, a portfolio of properties, land, and assets held in trust by the monarch.
From this purse, the immediate past monarch covered the expenses for the official engagements of her children worldwide.
Duchy of Cornwall
Another income source of the Royalty Family is the Duchy of Cornwall, established in 1337. From here, money for the expenses of the Prince of Wales and his family, including private, charitable, and public activities, is drawn.
The Duchy of Cornwall consists of land and properties in 23 English Counties and a portfolio of investments. In the 2019-2020 fiscal year, about $30 million were received by the Duke of Wales, King Charles, and his wife.
Who is the richest member of the Royalty Family?
The wealthiest member of the Royalty Family expectedly remains the reigning monarch who is the head of the monarchy. However, this may not always be the case if there happens to be an entrepreneur who is worth billions in the family.
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For example, in early 2022, the richest member was the late Queen Elizabeth, worth $500 million. Surprisingly, no one in the family is a billionaire.
What does the Royalty Family do for a living?
Most members of the family live off their inheritances and investments. Other activities of the Royals include royal and state delegation duties and representation for the monarch who cannot carry out such duties.
These official and state functions include diplomatic meetings with other nations worldwide and other ceremonies.
The Royalty Family's net worth, income, and expenses are not readily available to the general public. This means the family does not owe anyone an account of their income and expenditures or a declaration of their assets before becoming Royals. However, their worth is not so much of a secret, even as many searches for the monarchy's true worth.
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Source: Briefly News
