King Charles
After the Queen’s death, King Charles inherited the Sovereign Grant, a taxpayer fund each year to the British royal family. The Sovereign Grant originated from an agreement made by King George III in 1760, who agreed to surrender his income from Parliament to receive a set annual payment for himself and future generations of the British royal family. The agreement was originally known as the Civil List before it was reworked as the Sovereign Grant in 2012.
King Charles III is the eldest child of Queen Elizabeth II and Prince Philip, who died less than two years before the Queen on April 9, 2021. King Charles is the older brother of Queen Elizabeth and Prince Philip’s three other children: Prince Andrew, Duke of York; Anne, Princess Royal; and Prince Edward, Earl of Wessex. He’s also the father of Queen Elizabeth’s grandchildren, Prince William and Prince Harry, whom he shared with his late wife, Diana, Princess of Wales, who died in 1997. King Charles is married to Queen Consort Camilla, whom he married in 2005.
Under the agreement, the British royal family receives a grant in exchange for surrendering their profits from the Crown Estate, the family’s collection of lands and holdings worth $19 billion, to the government, according to BBC. Each year, the reigning monarch receives 25 percent of the Crown Estate’s profits. The amount pays for property upkeep and utilities, the British royal family’s travel and the royal employee payroll.
The Crown Estate includes properties across England, Wales and Northern Ireland and operates as a corporation, with a chief executive and commissioners appointed by the monarch on the recommendation of the prime minister. In 2021, the Crown Estate generated a net profit of $361 million, according to CNN. The United Kingdom Treasury paid the Queen a sovereign grant of $100 million, which is the equivalent of $1.50 from each person in the United Kingdom.