The Royal Family has opened its books to show how the Queen receives her money. A taxpayer-funded payment, known as the Sovereign Grant, is paid to the Royal Family each year - but it's not the Queen's only source of income.
Australia's Key Results
Around $6 million to support the Queen Elizabeth Diamond Jubilee Trust's efforts over the period 2013-2018 to prevent avoidable blindness and support the next generation of global leaders.
As king, Charles, 74, is responsible for paying other working royals from the private privy purse income he receives from the Duchy of Lancaster. The annual payment from the sovereign grant from the Treasury – currently £86.3m – also pays for other costs of the working royals, such as property maintenance and travel.
Queen Elizabeth is believed to have left an estate worth approximately 782 million dollars solely to her son, King Charles. King Charles' inheritance from his mother will not be taxed due to the fact that money exchanged from "monarch to monarch" is exempt from taxation.
He is also the father of Queen Elizabeth's great-grandchildren: Prince George, Princess Charlotte and Prince Louis. So what will Prince William inherit from Queen Elizabeth? After Queen Elizabeth's death, Prince William inherited the Duchy of Cornwall, a private estate worth around $1.2 billion.
Royal Inheritance
Representatives told Forbes in 2021 that Harry was not a beneficiary of any of the $100 million left to the royal family by his great-grandmother, the Queen Mother.
The youngest of both brothers already had an inheritance from the Queen mother (Queen Elizabeth II's mother) of around $10 million. Plus, he had to share $14 million left by his mother, the late Princess Diana of Wales that was left for him and Prince William.
There are three sources of funding for The Queen, or officials of the Royal Household acting on Her Majesty's behalf, in both a public and private capacity. These are: the Sovereign Grant, the Privy Purse and The Queen's personal wealth and income.
King Charles III is inheriting more than just Queen Elizabeth II's crown. Following the death of Her Majesty on Sept. 8, the King is now in charge of the Crown Jewels, which have been handed down from British monarchs since the 17th century.
How will currency change after Queen Elizabeth's death? King Charles III will be featured on new bills starting in 2024, though money with the Queen's portrait will continue to be valid.
Prince Philip Reportedly Left £30 Million in His Will to “Three Key Staff” Members. Prince Harry is also apparently expected to receive an inheritance. Prince Philip apparently left an extremely generous sum to his closest aides upon his passing in early April.
Sovereign Grant. The Sovereign Grant is paid annually to the monarch by the Treasury to fund the monarch's official duties, replacing the system of funding the Royal Household by a mixture of civil list payments and grants-in-aid.
Following the death of the Queen, the RBA released a statement saying there would be "no immediate change" to Australian banknotes. And you don't need to worry about losing your hard-earned cash. The RBA says all Australian banknotes issued from 1913 retain their legal tender status.
The Death of Queen Elizabeth II
The $5 banknotes featuring the image of Her Majesty The Queen remain legal tender and can continue to be used. They will not be withdrawn and are likely to remain in circulation for years to come.
The mining magnate Gina Rinehart is Australia's biggest landholder, controlling more than 9.2m hectares, or 1.2% of the entire landmass of the country, according to data compiled by Guardian Australia.
The role is not typically paid, and it has been reported that Lady Hussey was not given a salary during her time in the position, instead serving the Queen out of loyalty. The Queen had at least five ladies in waiting during her reign, including Lady Hussey.
Royal expert Katie Nicholl explained that, again, in typical royal fashion, “there is a hierarchy in all of this,” she says. “The Queen Consort, really, gets first choice of the Queen's jewelry. And after that is Princess of Wales, of course, Kate.
If tradition prevails, most of the Queen's personal jewels will be passed on to King Charles III and Queen Camilla. It is speculated that Catherine, Princess of Wales will also receive some of the jewels as she will eventually be Queen.
The sovereign grant was set at £86.3m for 2021-22, according to the royal household's annual financial statement, which it said represented £1.29 per person in the UK. Prior to 2017, the Queen received 15% of the crown estate profits from the two previous years, while the remainder was kept by the government.
It can be hard to tell what the royal family's official duties are. Generally, every royal supports charities, appears at events, and occasionally travels the globe to strengthen diplomatic relationships. But some royals also have day jobs, and others have long military careers.
There are strict rules surrounding the crown jewels, and only three people in the world are allowed to touch them: the current monarch (that's now King Charles III), the Archbishop of Canterbury and the crown jeweler. For more than 800 years, the crown jewels have lived in the Tower of London.
The reason is actually pretty sweet. Prince Harry may be Prince William's younger brother, but he still reportedly got a bigger inheritance from their great-grandmother Elizabeth Bowes-Lyon, commonly known as the Queen Mother, after she passed away in 2002.
Prince William just inherited a $1.2 billion estate thanks to a medieval rule. Prince William will inherit the $1.2 billion Duchy of Cornwall estate following the death of Queen Elizabeth II.
As per the documents she signed on June 1, 1993, her net worth, legally known as her estate, was divided between several different people, including her longtime butler, Paul Burrell, and her many godchildren. Unsurprisingly, though, her primary beneficiaries were her beloved sons, William and Harry.