Cost Analysis of a Monarchy: Detailing the Financial Expenses of a Royal Clan
In the year 2021, as Prince of Wales, King Charles III received an estimated USD 28 million from the Duchy of Cornwall, according to The New York Times. This substantial income was in addition to his official salary of over USD 1.1 million for the same period. The Duchy of Cornwall generates "tens of millions of dollars" annually, although it does not pay corporation tax. However, Charles voluntarily paid income tax at the highest rate (45%) on the Duchy's surplus income during the 2021-22 fiscal year.
Upon his accession to the throne in 2022, revenues from the Duchy of Cornwall passed to the heir to the throne, thereby ceasing Charles's income from the Duchy.
Prince William, who inherited the Duchy of Cornwall from his father King Charles III, reportedly received approximately £23.6 million in his first full year as Duke of Cornwall. This income supports William's official, charitable, and private activities, along with his family.
It should be noted that the royal family received approximately 100 million euros from public funds in the financial year 2024/25. The funds cover official expenses, including King Charles III's representative travels abroad, the maintenance of palaces, and other related costs. The "Sovereign Grant," which finances these expenses, is calculated as a percentage of the profit from the "Crown Estate," a portfolio of properties, land, and rights that includes London's Regent Street and the Ascot racecourse, among other properties.
The "Crown Estate" formally belongs to the monarch, but the profits go to the public purse, not the royal family. An additional 107 million euros is expected to flow in by 2027, primarily due to the complex offset financing of the "Sovereign Grant."
In the last financial year, the royal family's travels cost around 5.5 million euros, with around 550,000 euros spent on 141 helicopter flights. Approximately 35 million euros were paid to staff around the royal family. The most expensive trip was King Charles and Queen Camilla's visit to Samoa, which cost 466,000 euros.
Prince William received around 27 million euros as private income last year from the Duchy of Cornwall, continuing the significant financial support the Duchy provides to the royal family.
In the transition of power from King Charles III to Prince William, the Duchy of Cornwall's revenues became a source of income for Prince William, supporting his official, charitable, and private activities, as well as his family.
The royal family, including Prince William, also receive additional funds from public sources, such as the Sovereign Grant, which finances official expenses, including business-related travel, palace maintenance, and other costs from the Crown Estate.
