King Charles III at Camberley, England.
Dan Kitwood | Getty Images Entertainment | Getty Images
LONDON — Britain’s King Charles III is set to receive a 45 million pound ($58 million) pay rise after profits on the sovereign’s public estate more than doubled, according to official records.
Crown Estate profits – part of which funds the monarchy – rose 148% from £443m in 2022-23 to £1.1bn ($1.4bn) in 2023-24. annual report he showed on Wednesday.
These big gains mean the taxpayer-funded Sovereign Grant, which supports the royal family’s official duties led by King Charles, will rise by more than 50% from £86.3m in 2024-25 to £132m ($171 million) over the next year.
The Crown Estate, the national portfolio of historic and commercial land holdings, is owned by the British monarch but is independently managed and its income is given to the government. In return, the monarchy at this time receives 12% of the profits of the Crown Estate — a percentage calculated on funds in arrears of two years.
The royal family used to receive 25% of profits to fund their duties and renovations, but the household agreed with the government to revise the figure downwards last year in anticipation of an increase in profits. Had the rate not been reduced, the royal household would have received 275 million pounds ($355 million).
Bumper results came mainly from the sale of options and leases on offshore wind projects on the seabed surrounding the British Isles, which is owned by the Crown Estate.
Dan Labbad, chief executive of the Crown Estate, said the record results were due to decades of investment in offshore wind – sustainable energy is one of the king’s passion projects – as well as a “diverse and resilient” property and land portfolio .
“Today’s record results are the product of years of commitment and investment in building the UK’s leading offshore wind sector, as well as actively managing our diverse and resilient portfolio,” said Labbad.
Labbad also welcomed an impending change to the law, announced in last week’s King’s Speech, which would expand the Crown Estate’s investment powers. He said it would enable the estate to have “an even greater impact for the long-term national interest, from supporting the UK’s decarbonised, energy-secure future to nature recovery, regeneration and economic growth”.
Separate accounts were published on Wednesday by Buckingham Palace showing the decline in royal finances from April 1, 2023 to March 31, 2024 — the first full year of the king’s reign.
The king’s coronation, which took place on May 6 last year, cost the Sovereign Grant a total of £800,000 ($1.03 million).
Staffing the royal household cost £27.9 million in the last financial year, while property maintenance was £47 million amid ongoing renovations at Buckingham Palace.
Travel expenses, meanwhile, totaled £4.2 million, with the king and queen’s four-day visit to Kenya last year costing £167,000.
The report also revealed that the royal house is to take delivery of two new helicopters in 2024-25 to replace the existing 15-year-old ones, while the king’s Bentleys will be converted to run on biofuel within the next year.
Correction: This article previously misstated how much it cost to crown the king in Sovereign Grant.
