Each year, the royal family releases an annual summary of Head of State expenditure, together with a full report on Royal public finances, which gives more insight and clarity into the earning power of the royals.
So, how much money does the royal family have, and how (and where) does it generate income?
HM Queen Elizabeth II
The queen has these main sources of income:
The Sovereign Grant – This is an annual allowance provided to support the official duties and upkeep of the queen, a few key members of the royal family and maintain the Occupied Royal Palaces. This also includes a 10-year reservicing of Buckingham Palace. According to The Royal Family's official website, the total Sovereign Grant for 2018-2019 is $107.3 million. The grant for 2019-2020 is $107,573,200 -- Core $64,491,700 and Reservicing $43,081,500.
The Royal Collection – This consists of works of art and is held in trust by the queen for her successors (Charles, William and George) and for the British nation. The costs of all maintenance of the Royal Collection is funded by The Royal Collection Trust, a registered charity. Revenue for this is generated by visitor admission fees to royal places such as Buckingham Palace, Windsor Castle, the Tower of London, Balmoral and others.
Duchy of Lancaster – The Duchy of Lancaster forms part of the queen’s Privy Purse. This historical term describes the queen’s private income and is mostly used to fund official expenditure incurred by her and other royal family members that do not meet the Sovereign Grant and is taxed as such that the income isn’t used for official purposes.
Estimated total annual income: $64,491,700
Estimated net worth: $500 million, according to Forbes
Prince Philip, Duke of Edinburgh
As the husband of Queen Elizabeth II, Prince Philip also receives money from the Sovereign Grant. Through this, he earns an estimated $500,000 per year, according to Money.com, for his duties and services to the public. Since his retirement from official public engagements, it’s not known if the Duke of Edinburgh still gains this source of income.
Estimated total annual income: $500,000
Net worth: $30 million, according to Celebrity Net Worth
Prince Charles, The Prince of Wales
Prince Charles receives a source of income from the Duchy of Cornwall, which he applies toward charitable work and official activities. This financial arrangement also goes toward covering the official costs of members of his immediate family, Camilla, Duchess of Cornwall (who according to Good Housekeeping has a net worth of $5 million), Prince William and Kate, Prince Harry and Meghan. In 2019, the Prince of Wales website stated that he received $28.7 million from the Duchy of Cornwall, $2.6 million in Sovereign Grant and $784.1million in Government Departments.
Estimated total annual income: $31.6 million
Net worth: $100 million
Prince William and Kate, Duke and Duchess of Cambridge
According to Prince Charles’ official website, Prince William and Kate receive $6.6 million a year from the Duchy of Cornwall via Prince Charles. The same is stated for Prince Harry and Meghan. Presumably, this sum is split equally between the two couples, giving the Cambridges and Sussexes $3.3 million each.
Estimated total annual income: $3.3 million
Prince William: Between $25 million-$40 million, according to Town & Country; Kate Middleton: $7 million-$10 million
Prince Harry and Meghan, Duke and Duchess of Sussex
As with Prince William and Kate, Harry and Meghan are likely to receive $3.3 million, from the Duchy of Cornwall. It's not yet clear if the Duke and Duchess of Sussex will continue to receive a subsidy from Prince Charles' Duchy of Cornwall after they make moves to lessen their royal duties.
Estimated total annual income: $3.3 million
In the case of Prince Harry and Meghan, It’s important to remember that she came into the royal family with her own wealth.
Prince Andrew, The Duke of York
The third child and second son of the queen and Prince Philip, Prince Andrew is also a recipient of the Sovereign Grant, and annually receives $320,000 from this. His net worth estimates vary from $41 million right up to a hefty $82 million, but most estimates place him between the $41 million-$45 million mark, according to Celebrity Net Worth.
Estimated total annual income: $320,000, according to Metro
Net worth: $41 million-$45 million
As of 2017, the British royal family is worth an estimated $88 billion, according to Forbes.