You might say it’s good to be the king. King Charles III of England is receiving a substantial bump in income thanks to huge increases in revenue from the Crown Estate, the UK-owned real estate portfolio made up of both historical and commercial properties and the proceeds from which partially fund the British monarchy.
The British royal family, headed by Charles himself, gets 12 percent of the profits from the Crown Estate. With a recent annual financial report showing Crown Estate profits surging from $570 million in the 2022-23 fiscal year to over $1.4 billion the following year, that amounts to a raise for the King of about $58 million, from $113 million to $171 million. More specifically, the money goes to the Sovereign Grant, by which the royal family funds its various operations and official duties.
That figure would have been even higher had the royal family not agreed to decrease its share of the profits from 25 percent to 12 percent, but they recently did so in anticipation of the vast increase in profits. Under the old arrangement, the Sovereign Grant would now be $355 million richer instead of just $171 million.
Yui Mok – WPA Pool/Getty Images
Crown Estate CEO Dan Labbad said in a press statement that much of the increase in revenue came from the sale of various options and leases on offshore wind energy projects, tying into King Charles’s own passion for alternative energy:
“Today’s record results are the product of years of commitment and investment into helping create the UK’s world-leading offshore wind sector, as well as the active management of our diverse and resilient portfolio.”
Other financial disclosures from Buckingham Palace show how the royal family spends the money in the Sovereign Grant. The recent coronation ceremony for King Charles cost a little over $1 million, while tens of millions more were spent on travel expenses and paying household and property maintenance staff. As for upcoming expenses, the royals are said to be eyeing new replacements for their two 15-year-old helicopters and converting its fleet of Bentley automobiles to run on biofuel. Fortunately, they won’t have to take out a mortgage on Buckingham Palace to fund these projects or anything else they might decide to do.