Prince William, Kate Middleton and Prince Harry Receive Royal Allowance from Prince Charles
We know children get a weekly allowance from their parents. You might be surprised to know that Prince William, his wife Kate Middleton, and Prince Harry receive a yearly allowance from Prince Charles.
You might think they don't need money. However, they recently received a big allowance to help them cover the costs for their official royal duties.
Allowance For the Royals
The royal brothers have jobs so they make their own money, but they still receive a hefty allowance from their father, Prince Charles. Kate Middleton, the Duchess of Cambridge, doesn't work because she is a mother of two young children. Her father-in-law also gives her an allowance to help her with her royal duties.
Prince Charles and Duchess Camilla's annual report shows that they gave a total of about $47 million to Prince William, Prince Harry, and Duchess Kate. There was no itemized list or stipulation about how the allowance should be spent. However, funds are often used for travel expenses, clothes, and other things related to official duties.
Source of Royal Funding
Prince Charles doesn't work, so where does he get so much money that he was able to give an allowance totaling about $47 million?
Prince Charles gets most of his money from his estate, the Duchy of Cornwall. He received $31.239 million last year. This is his private income that covers most of his expenses as well as expenses for Camilla, William, Kate and Harry's public and charitable work.
Prince Charles gets another $2.73 million from the Sovereign Grant, which covers property services and travel. Another $784,486 comes from money taxpayers pay to the government.
No matter where Prince Charles gets his money, it is interesting to know that he pays income taxes on all of it
Sources of Prince Charles' Money
Duchy of Cornwall
Prince William and Duchess Kate's Expenses
Prince William and Kate don't have to use their allowance for living expenses. Queen Elizabeth gave them Anmer Hall to live in. Therefore, they don't have to pay a mortgage or upkeep of the property.
They also do not have to pay for their personal staff, including a housekeeper and nanny.
Most of the allowance is spent on travel. Last year, the couple took flights to Japan and China and a trip to New York. When Kate travels, she takes a different ensemble for every day she is away.
Prince Harry and Meghan Markle
Prince Harry and former US actress Meghan Markle announced their engagement on November 27, 2017. They are set to get married on May 19, 2018. Then Prince Charles will add her to the list to receive an allowance as well.
Prince Harry has an estimated net worth of $54 million and the former actress has a net worth of $7.2 million.
The money they get from Prince Charles will be used to help them carry out their royal duties.
Another Thing To Consider
Even though the allowance is available, it doesn't mean that the recipients have to spend it all. It is available if they need it.
Prince Charles has made it possible that money is not an object when his children are on royal duties. He has certainly made sure of that.