Thursday, April 28, 2011

The Royal Finances: How much is The Queen worth?

I always wondered why the monarchy was still in existence and how they made their money or from where their finances came from. Conveniently all of that information is found on the Official British Monarchy site. But I also have it listed for you below:

Queen Elizabeth II wearing the Sovereign's insignia of the Order of Canada and the Order of Military Merit Pictures, Images and Photos

1. There are four sources of funding of The Queen, and those working in support of The Queen as Head of State. These are: - the Civil List, to meet official expenditure relating to The Queen's duties as Head of State and Head of the Commonwealth; - the Grant-in-Aid for the upkeep of Occupied Royal Palaces; - the Grant-in-Aid for Royal travel, for air and rail journeys associated with official engagements; - the Privy Purse for The Queen's public and personal use.

2. Head of State expenditure is the official expenditure relating to The Queen's duties as Head of the Commonwealth.

3. Head of State expenditure is met from public funds, in exchange for the surrender of revenue from the Crown Estate. This amounted to £211 million in the financial year to 31 March 2008.

4. The Queen does not receive any money from the Crown Estate. The annual revenue surplus from the Crown Estate is received by the Treasury.

5. Head of State expenditure does not include the costs of security, which is the responsibility of the Home Office and the police.

6. Only The Duke of Edinburgh receives funding from the Civil List. This amounts to £359,000 per annum.

7. Parliamentary annuities for The Duke of York (£249,000 per annum); The Earl of Wessex (£141,000 per annum); The Princess Royal (£228,000 per annum); and The Duke and Duchess of Gloucester (£175,000 per annum), The Duke and Duchess of Kent (£236,000 per annum) and Princess Alexandra (£225,000 per annum) are repaid by The Queen from her private funds.

8. These repaid Parliamentary Annuities are spent on office costs.

9. The Queen has always been subject to Value Added Tax and other indirect taxes and rates on a voluntary basis.

10. In 1992, The Queen offered to pay capital gains tax on a voluntary basis.

11. As from 1993, The Queen's personal income has been taxable as for any taxpayer and the Privy Purse is fully taxable.

12. The inhabitants of the Occupied Royal Palaces and private Royal residences are subject to Council Tax, as set by the relevant local council.

13. Although The Queen's estate will be subject to Inheritance Tax, bequests from Sovereign to Sovereign are exempt. This is because the Sovereign is unable to generate significant new wealth through earnings or business activities, and to recognise the requirement for the Monarchy to have a degree of financial independence.

14. The Queen does not own the Royal Palaces, works of art from the Royal Collection or the Crown Jewels. These are held by Her Majesty as Sovereign and must be passed to her successor in due course.

Queen Elizabeth II Pictures, Images and Photos

And with all of that, The Queen is worth an estimated $420 that to Oprah Winfrey's $2.4 billion. What she doesn't have in monetary worth, she makes up for in properties, stocks and bonds:
Via Forbes: Balmoral Estate in Scotland, which has a castle and 50,000 acres of woodlands, moors and lochs; and Sandringham Estate, with dozens of houses, 60 acres of gardens and 20,000 acres of forest. The real estate is valued together at approximately $150 million. She also has her own private collections of art, furniture, jewels and horses, worth some $110 million. The rest of the fortune comes from conservative investments in blue chip stocks and bonds.

The Unemployed Entrepreneur

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