King Charles III in Camberley, England.
Dan Kitwood | Getty Images Entertainment | Getty Images
LONDON – Britain's King Charles III is set to receive a £45 million ($58 million) pay rise after profits from the monarch's public estate doubled, according to official records.
An annual report released on Wednesday showed that profits from the Crown Estate – part of which funds the monarchy – increased by 148% from £443 million in 2022-23 to £1.1 billion ($1.4 billion) in 2023-24.
The huge profits mean the taxpayer-funded Sovereign Grant, which supports the official duties of the royal family headed by King Charles, will rise by more than 50% from £86.3 million in 2024-25 to £132 million ($171 million) the following year.
The Royal Lands Trust, the national portfolio of historic and commercial land, is owned by the Queen but is independently managed and its revenues are given to the government. In return, the Trust currently receives 12% of the profits from the Royal Lands Trust – a percentage calculated on money that has been overdue for two years.
The royal family used to receive 25% of profits to fund duties and renovations, but agreed to adjust the figure last year in anticipation of higher profits. Had the cut not been made, the royal family would have received £275 million ($355 million).
These impressive results were primarily the result of the sale of options and leases on offshore wind projects on the seabed surrounding the British Isles, owned by the Crown Estate.
The record results are due to decades of investment in offshore wind – sustainable energy is one of King's passion projects – as well as a diverse and resilient portfolio of real estate and land, said CEO Dan Lapad.
“The record results we have achieved today are the result of years of commitment and investment in helping to create the UK’s world-leading offshore wind sector, as well as the active management of our diverse and resilient portfolio,” Lapp said in a statement.
Lapad also welcomed the upcoming change in legislation, announced in the Queen’s Speech last week, which would expand the powers of investment in Crown Estates. He said this would allow the estate to “have a greater impact on the long-term national interest, from supporting the UK’s decarbonised and energy-secure future to nature restoration, regeneration and economic growth”.
Buckingham Palace on Wednesday published separate accounts detailing the royal family's finances from April 1, 2023, to March 31, 2024 – the first full year of the monarch's reign.
The king's coronation, which took place on May 6 last year, cost £800,000 ($1.03 million) in sovereign grants.
The cost of employing royal staff was £27.9 million in the last financial year, while property maintenance costs were £47 million amid ongoing renovation work at Buckingham Palace.
Meanwhile, travel costs have reached £4.2 million, with the King and Queen's four-day visit to Kenya last year costing £167,000.
The report also revealed that the royal family will receive two new helicopters in 2024 and 2025 to replace the current 15-year-old helicopters, while the king's Bentley cars are set to be converted to run on biofuel next year.
Correction: This article previously misstated how much the Sovereign Grant cost to crown a king.
