Royal Family is the British family who has great earning sources. They get support from the UK Parliament for the finance of the house, and the total profit that comes from Crown Estate are used to overcome the expenditure of sovereign cost.
Royal Family, at the time of 1760, manages all the expenses from hereditary income, which contains the earning of Crown Estate. At that time, King George III once decided to give-up his hereditary revenue in exchange for the Civil List, which didn’t affect the Crown Estate and remains in the property of the sovereign. Since 1960, the people of the United Kingdom are paying the Civil List, and this process stopped in 2012.
After the modern age, all the revenue of the Crown Estate always comes higher than the Civil List.
In the Royal Family, Queen gets about £7.9 million every year annually from 2001 to 2012. Since the earning of the Royal Family rises as compared to the past several years. In 2011, the earning which was calculated for the Royal Family is about £30 million per annum. Moreover, the family has provided the total amount of £1 million for celebrating the Diamond Jubilee celebration, which was held in 2012.
At the time of the Sovereign Grant Act 2011, the people of the United States have to fund the money to the Royal Family annually, which was replaced in the year. After 2012, the money which was decided to pay for the Sovereign was interlinked with the total revenue of the Crown Estate of the Government.
In 2012, the revenue which was deposited in the sovereign Grant came about the total of £31 million, which was increases to £36.1 million in the year 2013. After a year, the revenue which was collected in the Crown Estate came about £37.9 million, which can be a great revenue generated for the Royal Family.
In 2016, the National Audit teams of officers are selected to audit the Royal Family revenue every year, which comes under section 6(1) along with subsection 6(4). Later, they decided to increase the sovereign Grant to 25%, which was previously taken for 15%.
The 25% is the huge amount and decided to revert it back to 15%, and the project may take ten years to finish. The British Sovereign also has private estate as Duchy of Lancaster, which contains large revenue in terms of assets and landholding. At the end of every year, the total revenue which was generated by the duchy is presented to the Royal House annually.
The government didn’t take tax from the Royal Family as the act of parliament hasn’t applied a tax on it. The tax may be in any form as capital gains tax, income tax, inheritance tax, or any other.
Net Worth of Royal Family
As of September 2020, The British Royal Family has estimate net earnings of around $90 billion. The earning of the Queen and her near ones didn’t include in it. One of the researchers also reveals about the Family that the monarchy also made its contribution of 1.8 billion euros for the development of the economy of the UK. Other than revenue, their properties, which are named under the Royal family, are near about $33 billion in the account of Cornwall. Their incomes from different fields like fashion, business, and tourism are about $55 billion. It may be a huge collection of the Royal Family.
The Royal Family is considered the richest family in the UK. Their revenue comes from the public funds at the rate of 25%, which will be decline further to 15%. Their assets, lands, and all the properties are tax-free, which are exempted for hundreds of years.