King Charles III in Camberley, England.
Dan Kitwood | Getty Images Entertainment | Getty Images
LONDON — Britain's King Charles III can look forward to a hefty pay rise of 45 million pounds ($58 million) after profits on the ruler's state-owned estate more than doubled, according to official records.
Profits of the Crown Estate – part of which funds the monarchy – rose 148% from £443 million in 2022-23 to £1.1 billion ($1.4 billion) in 2023-24, according to an annual report released on Wednesday.
These record profits mean that the taxpayer-funded Sovereign Grant, which supports the official duties of the royal family led by King Charles, will rise by more than 50%, from £86.3 million in 2024-25 to £132 million the following 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 paid to the government. In return, the monarchy currently receives 12% of the Crown Estate's profits – a share calculated on two years' arrears.
The royal family received 25 percent of profits to fund their duties and renovations, but last year the budget agreed with the government to revise the amount downwards in anticipation of the increase in profits. If the percentage had not been reduced, the royal household would have received £275 million.
The record results were mainly due to the sale of options and leases for offshore wind power projects on the seabed around the British Isles, which are owned by The Crown Estate.
CEO Dan Labbad said the record results were due to decades of investment in offshore wind energy – sustainable energy is one of the King's passion projects – as well as a “diverse and resilient” real estate and land portfolio.
“Today’s record results are the result of years of commitment and investment in building the UK’s world-leading offshore wind sector and actively managing our diverse and resilient portfolio,” Labbad said in a statement.
Labbad also welcomed a forthcoming change in the law, announced in the King's Speech last week, that would expand the Crown Estate's investment powers. He said it would give the estate “even more influence in the long-term national interest, from supporting the UK's decarbonised, energy secure future to nature restoration, regeneration and economic growth.”
On Wednesday, Buckingham Palace released separate reports showing the evolution of royal finances from April 1, 2023, to March 31, 2024 – the king's first full year of reign.
The King's coronation, which took place on 6 May last year, cost the Sovereign Grant £800 million.
Staff costs for the Royal Household amounted to £27.9 million in the last financial year, while property maintenance costs for the ongoing renovation work at Buckingham Palace amounted to £47 million.
The travel costs amounted to £4.2 million; the royal couple's four-day visit to Kenya last year cost £167,000.
The report also revealed that the royal household will receive two new helicopters in 2024-25 to replace the 15-year-old ones. The king's state Bentleys are set to be converted to run on biofuel next year.
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