How much money does the British royal family make?

Thursday was a bleak day for the British royal family after Queen Elizabeth II – the country’s longest reigning monarch – died at the age of 96.

She was seen as a rock of stability within the Monarchy PLC, also known as “the Firm” — a multi-billion dollar institution that funnels millions of pounds into the British economy every year, Forbes reported.

The royal family has several sources of income, which vary depending on the family member. Everyone is undoubtedly financially comfortable and earns some income from tourists who pay to visit royal palaces.

But how much money do the royals have and where does it come from?

The Monarchy PLC owns nearly $28 billion in assets through various entities such as The Crown Estate, Buckingham Palace and Kensington Palace, according to Forbes.

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For example, The Crown Estate, which owns the British monarchy’s lands and assets in the United Kingdom, manages $19.5 billion in assets. Buckingham Palace, the official residence of British monarchs in London since the early 1800s, is worth an estimated $4.9 billion, Forbes reported.

Kensington Palace, which contains the offices and London residences of the Dukes and Duchesses of Cambridge, Gloucester and Kent, as well as the Prince and Princess Michael of Kent, is reportedly valued at $630 million.

Queen Elizabeth II

Before her death, Queen Elizabeth II reached additional personal wealth of $500 million, according to Forbes.

Her son, Prince Charles, automatically becomes monarch, even if the coronation does not take place for months. His $400 million worth, according to Marie Claire.

Queen Elizabeth II will visit the Defense Science and Technology Laboratory near Salisbury, England, on October 15, 2020. (Ben Stansall – WPA Pool/Getty Images/Getty Images)

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Prince Philip, Duke of Edinburgh

Prince Philip, who has supported his wife for more than seven decades, was worth an estimated £30 million at the time of his death in April 2021. He died at the age of 99.

Prince William and Kate, Duke and Duchess of Cambridge

The Duchess of Cambridge is worth $7 million to $10 million, according to Money, citing data from global wealth logging firm Wealth-X in 2018.

However, according to Harper’s Bazaar, the Duchess of Cambridge was independently wealthy before marrying into the monarchy. She has quite a fortune from her family business, Party Pieces, according to the outlet.

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Meanwhile, her husband, Prince William, is about to win financially as the eventual heir to the throne. He was the first son of Charles and the late Princess Diana. Once his father, Prince Charles, ascends the throne, he will inherit the Duchy of Cornwall. With this legacy comes a bevy of property and financial investments with assets totaling £1.2 billion, according to multiple reports.

Great Britain Royal Farewell

Prince William, Kate, Duchess of Cambridge, and the Duchess and Duke of Sussex arrive for Christmas 2018 at St Mary Magdalene Church in Sandringham in Norfolk, England. (AP Photo/Frank Augstein/AP Newsroom)

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Prince William and his brother Harry were estimated to be worth between $25 million and $40 million, according to a Business Insider report in 2017. William and Harry received $10 million from their mother Princess Diana, according to Forbes. They were allocated $450,000 a year until they were 30, and then they received the full amount, the outlet reported.

Harry and Meghan Markle, the Duke and Duchess of Sussex

Harry also earned income through the Duchy of Cornwall before renouncing his royal title in 2020. Harry and his wife, Meghan Markle, have stopped receiving money from the Sovereign Grant because they have cut ties as working royals and dropped their “royal highness” titles. In addition, they will no longer receive public funds for their work under a deal that will allow the couple to step aside as working royals.

british prince harry

Prince Harry and Meghan Markle arrive on March 9, 2020 to attend the annual Commonwealth Day service at Westminster Abbey in London. (AP Photo/Kirsty Wigglesworth/AP Newsroom)

“The Sovereign Grant is the monarchy’s annual funding mechanism that covers the work of the Royal Family in support of HM The Queen, including expenditure on the maintenance of official residences and workspaces,” according to their website, the Sussexroyal.com.

The majority of funding for The Office of The Duke and Duchess of Sussex “has come from revenue allocated by HRH The Prince of Wales generated through the Duchy of Cornwall,” the website continued.

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The website continued: “This provision has been in effect since Prince William and Prince Harry first established their offices in support of The Queen, and is the responsibility of The Prince of Wales. This information remains available on the website of The Duchy of Cornwall .”

Last year, the duo also revealed that they partnered with asset manager Ethic, which focuses on investing in the environmental, social and governance space. The pair will be “impact partners” and investors.

Prince Andrew, the Duke of York

In 2017, the staff of Prince Andrew’s private bank, Luxembourg’s Banque Havilland SA, estimated his net worth at around £5 million, according to Bloomberg.

The Associated Press contributed to this report.