British Royals Will Be Rolling in the Dough Next Year

It's a good time to be a British royal. King Charles III's monarchy will get a 53% bump in income next year and find itself on the receiving end of about $170 million. Here's how that number was arrived at:

• The bulk of the royal family's wealth lies in the Crown Estate, a collection of lands and other holdings that now officially belong to Charles.
• NBC News explains that in exchange for surrendering the revenue the Crown Estate generates, the monarchy receives the Sovereign Grant, which is funded by the taxpayer.
• The Sovereign Grant had previously been equal to 25% of the Crown Estate's profits; last year, the figure was slashed to 12%. The grant is reviewed every five years.

• But the Crown Estate had a banner year, revealing in a Wednesday report it saw profits of $1.4 billion "driven by decades of investment in offshore wind, combined with a diverse and resilient property and land portfolio." As the Guardian explains, "The crown estate, as legal owner of the seabed, has responsibility for auctioning offshore wind rights."
• Twelve percent of that is about $170 million, which is what the Sovereign Grant will equal for 2025-2026; the 2024-2025 Sovereign Grant totaled $110 million.
• Some of next year's money will go to the last stages of the decade-long renovation of Buckingham Palace, a project with a $475 million price tag. The royals also intend to purchase two new helicopters next year.
• The news was met with criticism from some. The BBC has this from the head of the anti-monarchy group Republic: "We do not owe the royals a living, we do not owe them palatial homes, private helicopter travel or lives of leisure and luxury."
• The Sovereign Grant is far from the royal family's only source of funds. The king gets income from the Duchy of Lancaster, while the Prince of Wales gets income from the Duchy of Cornwall. William's first full year on the receiving end of that income saw him receive $30 million, reports the Guardian. (Read more on the duchies here.)