LONDON — Britain's King Charles III is set for a bumper £45 million ($58 million) pay raise after profits at the sovereign's public estate more than doubled, according to official records.
Profits of The Crown Estate — a portion of which funds the monarchy — increased 148% from £443 million in 2022-23 to £1.1 billion ($1.4 billion) in 2023-24, an annual report showed Wednesday.
The Crown Estate, the national portfolio of historical and commercial land-holdings, is owned by the British monarch but managed independently and its revenues are given to the government.
In exchange, the monarchy currently receives 12% of Crown Estate profits — a proportion calculated on funds two years in arrears.
Staffing the royal household cost £27.9 million in the last financial year, while property maintenance was £47 million amid continued renovations of Buckingham Palace.
Persons:
King Charles III, Grant, King Charles, Dan Labbad, Labbad, Sovereign Grant
Organizations:
The, Sovereign
Locations:
British, Buckingham Palace, Kenya