This year has been an exciting time for the royal family as they welcomed new family members into their lives. Earlier this spring, Prince William and Kate had their third child, Prince Louis. A few weeks later, Prince Harry and American actress Meghan Markle tied the knot!
Now, the Royal Household revealed some other news that took place during the hustle and bustle of this spring season- Queen Elizabeth II got a massive raise! On Wednesday, the Household published their annual financial statement, the Sovereign Grant Report.
According to CNBC, the report showed that Queen Elizabeth II received almost a 78% increase from the U.K. government from what she had received the year before.
The report showed income from April 1, 2017 to March 31, 2018. The Queen’s money comes from several places, though the majority is from the Sovereign Grant provided by taxpayers. That money is to be used for official duties.
According to the report, the Queen received 76.1 million euros ($100M) in the fiscal year. The Grant is expected to increase in the 2018-2019 year to around. $108M USD. Last year, the Grant was only around $58M USD.
The report indicated that the increase of almost $40 million was specifically for the long-awaited renovation of the Buckingham Palace. CNBC noted that the project will take around a decade to complete and will include electrical wiring, pipework, boilers, and generators.
Beyond the Sovereign Grant increasing significantly, the public funds increased by 13% as well. It went from $55M USD to around $62.2M USD. Most of those finances went toward palace maintenance as well.
According to Forbes, the Queen’s net worth was $530 million in 2016. It has only increased since then. The report also noted that the Queen uses most of her private estates and portfolio to pay for private expenses.
What do you think about Queen Elizabeth’s hefty raise? Let us know your thoughts! In other recent news, Eric Trump was deemed a hero after saving a woman's life. What do you think about the story?