King Charles reportedly getting a raise thanks to the ‘golden ratchet’ clauseBy Dana Kennedy
July 22, 2023
King Charles III and the rest of the royal family are set to get a raise.
Despite some changes in how the money paid to the the royals by the UK government is calculated, the royals’ take will likely jump “significantly” in the years to come, CNBC reported, citing a review of the annual Sovereign Grant.
For 2022-2023, the grant was worth about $96 million, the same it was for the previous year.
The amount will remain steady for 2024-2025, but is expected to rise after that, the BBC reported.
The eye-popping amounts, which do not account for all of the royals’ income, are determined with a formula based on the percentage of the profits from the Crown Estate.
That’s the name for the vast collection of hereditary assets that belong to the monarch, from Buckingham Palace in London to Balmoral Castle in Scotland, where Queen Elizabeth II died last year, and multiple other estates along with extensive portions of the coastline and seabed of Britain, Wales and Northern Ireland.
All told, the portfolio is worth $20.5 billion.
Six new offshore wind farms, worth about $1.1 billion, generated “substantial additional income” and helped drive up the total value of the estate in recent years.
The profits from the estate, which is only the king’s property during his reign but not considered private property, go to the nation’s treasury, which doles out the funds for the Sovereign Grant.
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Source:
https://nypost.com/2023/07/22/king-charles-royal-family-reportedly-getting-a-raise/