Surprising ways the royals make their money

2019-08-23 15:49
 
The royal family

Cape Town - Most people make money from their day jobs but British royals aren’t most people.

With an estimated net worth of $500 million (R7,5 billion), Queen Elizabeth II and her family have multiple streams of income, both public and private, CNN Money reports.

According to Business Insider, it costs around R5,4 billion a year to run the British monarchy.

SO HERE'S HOW THE ROYALS EARN THEIR KEEP:

Every year the queen receives the Sovereign Grant from the government which is funded by taxpayers. It covers travelling costs, security, staff and the upkeep of royal palaces.

Prince Charles and his wife Camilla rely on both public and private funds. More than 90% of their income comes from a private estate called the Duchy of Cornwall, which owns and operates land in rural and urban areas, a collection of islands and rental cottages.

According to POPSUGAR, the queen receives an undisclosed amount annually from inherited private estates. This includes Balmoral Castle and other properties. The royal family’s website states that this inheritance came from the queen’s father, King George VI.

Another source of royal income is The Privy Purse which comes through The Duchy of Lancaster. The Duchy of Lancaster consists of land and other assets that have been in the royal family for centuries. The Privy Purse is the total income generated from those properties.

ALSO READ: 4 things about the royal finances this year that will totally surprise you

Sources: CNN Money, Business Insider, POPSUGAR

Read more on:    royals  |  royal news

NEXT ON CHANNELX
There are new stories on the homepage. Click here to see them.