Thu. Nov 26th, 2020

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Royal Family set to become £500m richer very soon despite coronavirus pandemic

2 min read

The Royal Family are one of the richest in the world, with Queen Elizabeth II said to be personally worth a whopping £350million.

In the past 12 years, the Royal Family has more than doubled its income.

But the Royal Family could be about to become £500million richer in the very near future.

During the last few months, the country has suffered an enormous financial hit.

But unlike most families, the Queen, Prince Charles and the rest of their relatives are well placed to weather the worst of the effects of the pandemic.

This is thanks to a funding system which guarantees their income.

An in-depth investigation into the British monarchy’s finances has predicted that offshore wind farms built on the Crown Estate could become very lucrative.

The Royal Family’s money mainly comes from a number of streams – including the Duchy of Cornwall, Duchy of Lancaster and the Sovereign Grant.

It is the Sovereign Grant that is predicted to see an increase of £500million.

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This is because the British government intends to expand renewable energy operations, and building offshore wind farms on the coastline.

An investigation by Tortoise has found that because the coastline is on Crown Estate Property, those businesses would have to pay rent to the Estate.

Energy & Climate Intelligence Unit’s Dr Jonathan Marshall told Tortoise: "The total cumulative annual revenue from all [windfarm] projects that are currently under construction, or that could be built, is £8.4 billion.

"The Crown Estate would take 2% of this as rent, or £168 million a year."

He estimated that the Crown Estate could make £2.52billion as a result.

The Royals pocket 15% of the annual earnings from the Crown Estate, which would mean they would get £500million.

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