King Charles III in Camberley, England.
Dan Kitwood | Getty Images Entertainment | Getty Images
LONDON – Britain's King Charles III will get a massive 45 million pound ($58 million) pay rise after profits from the sovereign's public estate more than doubled, according to official records.
Profits from the royal 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, annual report shown on Wednesday.
These huge profits mean the taxpayer-funded Sovereign Grant – used to support the official duties of the Royal Family headed by King Charles – will increase from £86.3m in 2024-25 to £132m the following year, an increase of more than 50% .
The Crown Estate is a portfolio of the nation's historic and commercial land, owned by the British monarch but managed independently, with its income going to the government. In exchange, the current monarchy Received 12% Crown Estate Profit – calculated as a percentage of funds two years in arrears.
The royal family has always received 25% of profits to fund their duties and renovations, but the royal family agreed with the government to lower this figure last year in anticipation of a surge in profits. If this ratio is not reduced, the royal family will receive £275 million.
The substantial performance was mainly driven by the sale and lease of options for Crown Estate's subsea offshore wind projects around the British Isles.
Chief executive Dan Labbad said the record performance was down to decades of investment in offshore wind – sustainable energy is one of King's top interests – and being “diversified and resilient” of real estate and land investment portfolios.
Labard said in a statement: “Today's record results are the result of many years of commitment and investment in helping to create the UK's world-leading offshore wind industry, and the active management of our diverse and resilient portfolio. result.
Labade also welcomed upcoming legislative changes announced in last week's King's Speech that will expand investment powers for Crown estates. He said it would allow the estate to have “a greater impact on long-term national interests, from supporting Britain's decarbonised, energy secure future to nature recovery, regeneration and economic growth.”
Buckingham Palace published separate accounts on Wednesday showing the royal family's finances from April 1, 2023, to March 31, 2024, the first full year of the King's reign.
The king's coronation ceremony on May 6 last year cost 800 million pounds.
The royal family spent £27.9m on staffing during the last financial year, while £47m was spent on maintaining the property during Buckingham Palace's ongoing renovations.
Meanwhile, travel costs were £4.2 million, including £167,000 for the king and queen's four-day visit to Kenya last year.
The report also revealed that the royal family will receive two new helicopters in 2024-25 to replace existing 15-year-old helicopters, while the king's Bentley sedan will be converted to run on biofuel within the next year.