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King Charles’s pay to be reduced by more than $60 million
King Charles could face pay cuts of up to $60 million per year in the coming years as the monarch’s financial woes worsen, according to a royal expert.
Writing for News AU, royal expert Daniela Elser laid bare the monarch’s money troubles, noting how ‘even monarchs are not immune to fretting about their finances’.
Elser stated that King Charles “will face a pay cut of approximately $60 million annually in the coming years.”
She then explained how this would work, pointing out that one of the monarch’s primary sources of income is the Sovereign Grant, which is currently set at 25% of total Crown Estate revenue, giving Charles $149 million.
However, it was only set at 25% to allow for the 10-year, $640 million renovations at Buckingham Palace, and with the renovations expected to be completed in 2027, King Charles’ Sovereign Grant will be reduced to 15% of Crown revenue.
This means that in the coming years, King Charles could lose more than $60 million per year.
According to Elser, his second source of income is the Duchy of Lancaster, which brings him $38.5 million in profits per year, on which he also pays taxes.
“Now, yes, it’s a stonkingly large sum of money, far more than even the most dedicated royal writers earn,” Elser explained, “but you have to keep in mind that that money has to keep an untold number of members of the royal family afloat,” noting that the late Queen used to support all of her children.
“Like countless other families who can trace their lineage back to the Norman Conquest and have more Canalettos than they know what to do with, the royal family is stonkingly wealthy on paper but seemingly less than flush in terms of actual ready money,” Elser also stated.
The expert went on to add: “Now that Charles has the top job, things are likely even more complicated for him on the money front, an added stress and strain that he probably needs about as much as another translation of Jung or a pocket square.
“Not only does His Majesty now have an entire nation to brood and fuss about… but it very likely falls to him to keep much of the family afloat. Seems, at the end of the day, cash is indeed king … even for the actual King,” Elser concluded.
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