Britain’s King Charles III is set to receive a significant pay raise of £45 million ($58 million) after profits at The Crown Estate more than doubled, reaching a staggering £1.1 billion ($1.4 billion) in 2023-24. These bumper profits have paved the way for a substantial increase in the taxpayer-funded Sovereign Grant, which supports the official duties of the Royal Family, rising over 50% from £86.3 million to £132 million the following year.
The Crown Estate, a national portfolio of historical and commercial land-holdings, is owned by the British monarch but managed independently. Its revenues are then given to the government in exchange for funding to support the monarchy. The Royal Family currently receives 12% of Crown Estate profits, down from the previous 25%, as agreed upon in anticipation of the profit surge.
The significant increase in profits was primarily derived from the sale of options and leases on offshore wind projects surrounding the British Isles, owned by The Crown Estate. CEO Dan Labbad credited the record results to decades of investment in offshore wind, which aligns with King Charles III’s passion for sustainable energy. Labbad highlighted the estate’s “diverse and resilient” property and land portfolio as contributing factors to the success.
Labbad expressed excitement over forthcoming legislation that will broaden the Crown Estate’s investment powers, enabling them to have an even greater impact on the long-term national interest. This expanded scope will allow the estate to support initiatives ranging from the UK’s decarbonised, energy secure future to nature recovery, regeneration, and economic growth.
Separate accounts released by Buckingham Palace detailed the breakdown of royal finances for the period between April 1, 2023, to March 31, 2024, which coincided with King Charles III’s inaugural year on the throne. The king’s coronation expenses totaled £800 million, while staffing costs for the royal household amounted to £27.9 million. Additional expenses included a significant £47 million for property maintenance, particularly focused on ongoing renovations at Buckingham Palace. Travel expenses for the king and queen’s visit to Kenya reached £4.2 million, with the trip costing £167,000.
The substantial increase in profits at The Crown Estate has not only led to a significant pay raise for King Charles III but also paved the way for continued investments in sustainable energy and other areas of national interest. The record-breaking results showcase the effectiveness of long-term commitment and strategic financial management, positioning the monarchy for a more impactful role in shaping the future of the United Kingdom.
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