King Charles and Queen Camilla release 2023 Sovereign Grant report.Photo:Chris Jackson/Getty
Chris Jackson/Getty
The latest Sovereign Grant report is pulling back the curtain on an expensive year forKing Charlesand the British royal family.
On Thursday, the Royal Householdpublished its annual statement, covering the financial year from April 2022 to March 2023. The report showed that $136 million was spent, a 5% rise compared to the year before.
The Sovereign Grant, the taxpayer-funded settlement, covered $108.9 million, while the rest was taken from reserve funds.
As the courtiers noted on the royal family’s officialwebsite, “This year’s statement covers a period of significant transition for the Royal Household, reflecting the Platinum Jubilee and State Funeral of Queen Elizabeth II, the Accession of The King, the lead up to Their Majesties’ Coronation, and the coming together of staff from two Households.”
In addition, continued renovations on Buckingham Palace added to the increased costs.
The royal family gathers at Trooping the Colour in June 2022.Chris Jackson/Getty
Queen Elizabeth’sPlatinum Jubilee celebrations— including the four days of festivities in June 2022 includingTrooping the Colour, thePlatinum Party at the Palace concertand thePlatinum Jubilee Pageant— marked her historic 70th year on the throne.
The palace spent about $883,000 on the related events, the Sovereign Grant report showed.
The most expensive event of the year was thefuneral of Queen Elizabethin September, costing about $2 million.
Queen Elizabeth’s funeral in September 2022.OLI SCARFF/AFP via Getty
The Platinum Jubilee, Queen Elizabeth’s death and King Charles' new reign also resulted in the “busiest year on record” for mail being sent to the palace.Buckingham Palace received 183,207 items of correspondence, including 115,244 items received in the seven months after Queen Elizabeth’s death.
In addition, the palace received 50,856 applications to the Anniversaries Office — 34,576 applications related to anniversary cards and 9,060 related tomilestone birthdays.
The royals at Trooping the Colour 2023.Chris Jackson/Getty
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In addition to the Sovereign Grant, King Charles also receives money from the Duchy of Lancaster, private estate of the British monarch that generates about $25 million each year in profits.
Meanwhile, theDuchy of Cornwall— an estate of farmland, property and commercial businesses worth around $1.3 billion — benefits the heir to the throne, currentlyPrince William.
The British royal family also brings in money for the U.K. through tourism, trade, royal warrants, merchandise and more. According to a May press release fromBrand Finance, provide of total benefit of $1.2 billion to the economy.
source: people.com
