How Britain’s royal finances actually work, explained

The British royal family draws its income from three main sources: the government-paid Sovereign Grant, two centuries-old duchies, and private estates and investments, according to a report by Global Banking & Finance Review.

The Sovereign Grant, currently set at 12% of Crown Estate profits, funds the family’s official duties, palace upkeep and travel, and stood at £132.1 million in 2025/26. Separately, the Duchy of Lancaster, dating to 1399, provides King Charles III with a net revenue surplus — £25.2 million in 2025/26 — used for his private homes and the incomes of working royals. The Duchy of Cornwall, created in 1337, similarly funds the heir to the throne, currently Prince William, who received £21.55 million in 2025/26.

Beyond these, Charles holds personal undisclosed assets and investments, along with income from his private estates, Balmoral Castle in Scotland and Sandringham in eastern England.

Charles became the first British monarch to reveal his tax payments, disclosing more than £30 million paid since becoming king despite having no legal obligation to pay tax. The British monarchy, tracing back more than 1,150 years, is today the fifth-richest royal family in the world.