Thursday marked a somber day for Britain's royal family after Queen Elizabeth II – the country's longest-reigning monarch – died at 96 years old.
She was seen rock of stability within the Monarchy PLC, also known as "the Firm" – a multibillion-dollar institution that funnels millions of pounds sterling into the British economy each year, Forbes reported.
The royal family has various sources of income, which varies depending upon the family member. Each one, undoubtedly, is comfortable financially, earning some revenue from tourists paying to visit royal palaces.
But, how much money do the royals have, and where does it come from?
The Monarchy PLC holds nearly $28 billion in assets through various entities such as The Crown Estate, Buckingham Palace and Kensington Palace, according to Forbes.
For example, The Crown Estate, which owns the British monarchy's lands and holdings in the United Kingdom, manages $19.5 billion in assets. Buckingham Palace, the official London residence of the United Kingdom's sovereigns since the early 1800s, is worth an estimated $4.9 billion, Forbes reported.
Kensington Palace, which contains the offices and London residences of the Dukes and Duchesses of Cambridge, Gloucester and Kent, as well as the Prince and Princess Michael of Kent, is reportedly estimated to be worth $630 million.
Queen Elizabeth II
Before her passing, Queen Elizabeth II attained additional personal assets of $500 million, according to Forbes.
Her son, Prince Charles, automatically becomes monarch, even though the coronation might not take place for months. His worth of $400 million, according to Marie Claire.
Prince Philip, Duke of Edinburgh
Prince Philip, who spent more than seven decades supporting his wife, had an estimated worth of £30 million at the time of his death in April 2021. He passed away at 99 years old.
Prince William and Kate, Duke and Duchess of Cambridge
The Duchess of Cambridge is worth $7 million to $10 million, according to Money, which cited data from global wealth-tracking firm Wealth-X in 2018.
However, the Duchess of Cambridge was independently wealthy before marrying into the monarchy, according to Harper's Bazaar. She has quite a fortune from her family's business, Party Pieces, according to the outlet.
Meanwhile, her husband, Prince William, is in line to gain financially as the eventual heir to the throne. He was the first son of Charles and the late Princess Diana. Once his father, Prince Charles, ascends the throne, he will inherit the Duchy of Cornwall. With this inheritance comes a bevy of property and financial investments with assets totaling £1.2 billion, according to multiple reports.
Prince William and his brother, Harry, had an estimated worth between $25 million and $40 million, according to a Business Insider report in 2017. William and Harry were given $10 million from their mother Princess Diana, according to Forbes. They were allotted $450,000 per year until they were 30, and then they received the full amount, the outlet reported.
Harry and Meghan Markle, the Duke and Duchess of Sussex
Harry also earned income through the Duchy of Cornwall before stepping down from his royal title in 2020. Harry and his wife, Meghan Markle, no longer receive money from the Sovereign Grant since they cut ties as working royals and dropped their titles "royal highness." Additionally, they no longer get public funds for their work under a deal that lets the couple step aside as working royals.
"The Sovereign Grant is the annual funding mechanism of the monarchy that covers the work of the Royal Family in support of HM The Queen, including expenses to maintain official residences and workspaces," according to their website, the Sussexroyal.com.
Most of the funding for The Office of The Duke and Duchess of Sussex "is derived from income allocated by HRH The Prince of Wales, generated through the Duchy of Cornwall," the website continued.
The website continued: "This provision has been in place since Prince William and Prince Harry first established their offices in support of The Queen, and is the responsibility of The Prince of Wales. This information continues to be available on The Duchy of Cornwall website."
Last year, the duo also revealed that they partnered with the asset manager Ethic, which focuses on investing in the environmental, social and governance space. The couple will be "impact partners" and investors.
Prince Andrew, the Duke of York
In 2017, staff at Prince Andrew's private bank, Luxembourg’s Banque Havilland SA, estimated his wealth to be roughly £5 million, according to Bloomberg.
The Associated Press contributed to this report.