Here’s How the British Royal Family Spends Their Money
The epitome of elegance, the British royal family lives a life of opulence a commoner can barely fathom. Whether they were born in the spotlight or married into it — like Princess of Wales Kate Middleton or Duchess of Sussex Meghan Markle — the well-heeled Brits have captivated the world for as long as anyone can remember.
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The Mountbatten-Windsor clan resides in palaces, has personal staffers at their beck and call and regularly jets off to exotic locales. But in many ways, they're just like regular people. They have bills, like to decorate for the holidays and like to dine out every so often. Take a look at how they spend their money, and get a glimpse of the elite family's financial state.
Stylish Fits
Catherine, Princess of Wales— more commonly known as Kate Middleton — is a global fashion icon. She has an enviable wardrobe that's worth hundreds of thousands of dollars.She's been seen in an Alexander McQueen black and green floral gown a few times. Most notably, she wore the piece to the 2017 BAFTA Awards, and the 2019 Portrait Gala. It's no wonder she's reworn the stunning piece, considering it cost $10,605. In 2017, she was spotted wearing a Chanel tweed dress in Paris, which is said to cost $10,891. Harry and Meghan have some luxurious tastes as well. The Duchess of Sussex wore a $75,000 Ralph & Russo gown to pose in the couple's engagement photos. At the wedding, Prince Harry's custom Dege & Skinner uniform cost around $10,246. However, that hardly compares to Meghan's Givenchy wedding dress, which cost around $265,000.Take Our Poll: Do You Think You Will Be Able To Retire at Age 65?
Cars
He put it up for auction in 2016, but Prince Philip previously owned a 1954 Aston Martin Lagonda 3-Liter Drophead Coupe, one of the rarest cars in the world and worth as much as an estimated $640,000, according to Forbes. As a way to blend in with traffic, the late Queen Elizabeth's husband also purchased an eco-friendly London taxi in 1999, which he donated to England's Sandringham Museum in 2017.Also a car enthusiast, King Charles III owns a rare 1969 Aston Martin Volante DB6 MKII, according to People magazine. Driven by Prince William on his 2011 wedding day, the Hagerty Insurance valuation tool estimates a similar car in mint condition at $427,000.
Education
A public education won't cut it for members of the British royal family. Prince George, the 9-year-old son of Prince William and Princess Catherine, started attending Thomas's Battersea School in London in September 2017. Tuition and fees total $7,809 in U.S. dollars per term for students aged 4 to 7, and there are three terms per calendar year. The price decreases in price for each subsequent child enrolled concurrently per family, so Princess Charlotte's and Prince Louis' tuition will not cost as much. Prince George previously attended nursery school at Westacre Montessori School in East Walton, in Norfolk, England, near Anmer Hall, the family's country home. When he started school in January 2016, tuition cost $55 per day, according to People magazine.George and his siblings began attending Lambrook, an independent preparatory school in September 2022. Tuition ranges from $5,300-$8,500 per term depending on the student's year in school.
Official Duties and Charitable Activities
Members of the British royal family maintain busy schedules filled with official duties and charitable activities. In 2016, King Charles and his wife, Queen consort of the United Kingdom, Camilla Parker Bowles — joined Prince William and his wife, and Prince Harry to rack up a combined tab of about $14 million, according to the official website of King Charles.Before the death of Queen Elizabeth II, most expenses related to official and charitable duties were paid for by King Charles' private income from The Duchy of Cornwall. Revenues from the private estate, which was founded in 1337,were passed to Charles.
Gifts for Loved Ones
Prince Harry and Meghan Markle reportedly began dating in May 2016, and he enjoys showering her with lavish gifts. Some of these include a Cartier Love Bracelet — valued at roughly $6,650 — and a gold Maya Brenner necklace not-so-subtly adorned with the letters 'M' and 'H', which retails for roughly $300.Shortly before news of their relationship went public in October 2016, the prince reportedly spent thousands on a piece of art titled "Everybody Needs Somebody to Love," by British artist Van Donna, 'for an important person,' according to People magazine. And in June 2017, the Daily Star reported the royal was planning to buy Markle an approximately $41,000 Mini Cooper for her birthday.
Childbirth
When it comes to childbirth, Kate Middleton spares no expense. Prince William's wife has given birth to all three of their children — Prince George, Princess Charlotte, and Prince Louis — in the exclusive Lindo Wing at St. Mary's Hospital in London's Paddington section.Both Prince William and Prince Harry were also born in the hospital, where suites are said to run $14,0445 a night. After the first stay, mothers reportedly receive a 10 percent discount.
Housing, Utilities and Housekeeping
Maintaining the royal residences isn't cheap. When the fiscal year ended March 31, 2022, Queen Elizabeth had spent nearly $73 million on property maintenance, $3.6 million on utilities, and $1.3 million on housekeeping and hospitality, according to the Sovereign Grant and Sovereign Grant Reserve financial summary published on the British royal family's official website.Established in 2012, the Sovereign Grant is issued to the ruling power annually in exchange for the revenue from the Crown Estate, a real estate portfolio long owned by the reigning monarch. Initially set at 15 percent of the Crown Estate revenue, the grant was increased to 25 percent of profits in 2016 for a 10-year period to cover Buckingham Palace upgrades.
Staff
You can't be queen without a staff. For the fiscal year ended March 31, 2022, Queen Elizabeth's payroll expenses totaled nearly $24 million, on top of other staff costs of $3.8 million, according to the Sovereign Grant and Sovereign Grant Reserve financial summary.Doing one's own grocery shopping, cleaning and laundry is decidedly unroyal, so Prince William and Kate have a little help. It's unknown who's currently assisting the family, but in May 2017, The Sun reported their housekeeper had recently quit her roughly $46,500-per-year job because it was too demanding.
Dining Out
The Princess of Wales has been known to frequent a swanky London pub called Hollywood Arms, which has caviar on its brunch menu. Kate's also been known to dine with friends and family at Bluebird Chelsea in West London, which has a $67 sea bass on the menu. In 2012, both William and Kate treated their staff to a Christmas lunch at Bumpkin, which was an upscale restaurant in London.
Holiday Décor
Prince Harry isn't content to let staff do all the holiday decorating for his Nottingham Cottage home. In December 2016, the royal was spotted buying an approximately $86 Nordmann Fir Christmas tree from Pines and Needles in South London's Battersea Park with Meghan Markle.The Daily Mail reported the prince paid for the tree with a credit card. Markle reportedly happily accepted a bunch of mistletoe with their purchase, while the prince wasn't as keen on it. Seemingly in the holiday spirit, staffers told the publication the happy, low-key couple was friendly and largely slipped under the radar.
Jewelry
The British royal family may be low-key on many accounts, but in one department they tend to gravitate to the finer things: jewelry. Prince William chose a familiar stone — proposing to Kate Middleton with the 12-carat sapphire given to his mother by King Charles in 1981. The ring, surrounded by 14 diamonds, has only increased its value with age — appraisers estimate that it was worth approximately $500,000 in 2014 — about 10 times more than when King Charles first purchased it 40 years ago.Harry decided to design his own ring for Meghan Markle, blending sentiment and his bride-to-be's sensibilities. The ring features three diamonds — a center stone from Botswana, where the couple visited together, as well as two from his mother's personal collection. Set in a yellow gold band and created by Cleave and Company — the preferred jeweler of the Queen — the ring is estimated to be worth "between $300,000 and $350,000 if the ring used perfect diamonds," according to Amanda Winters from Blue Nile.More From GOBankingRatesThe Safest Places To Retire Outside the US
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Sam DiSalvo contributed to the reporting for this article.
This article originally appeared on GOBankingRates.com: Here’s How the British Royal Family Spends Their Money