British royalty met U.S. royalty
at last night’s Brooklyn Nets vs. Cleveland Cavaliers basketball game
in Brooklyn. Music super couple Jay-Z and Beyoncé walked across the
court to introduce themselves to Prince William and Kate, the Duke and
Duchess of Cambridge. Both couples are extremely famous and wealthy
(Beyoncé and Jay-Z have nearly $1 billion in combined assets), but when
it comes to how they earn their money the couples differ. For Beyoncé
and Jay-Z things are pretty straightforward, they go on tour, release
albums and endorse products. When it comes to Will and Kate, however,
it’s complicated.
So how exactly do the Duke and Duchess make their money? Yahoo Finance broke it down for you.
Inheritance from Princess Diana
When Princess Diana passed away she left a trust for both Prince William and Harry amounting to £10 millon, or about $15.6 million each. The brothers each received their share on their 30th
birthday but were allowed to live off of the investment income (which
Forbes estimates at $450,000 per year) until then. On top of the lump
sum of cash they received a cache of dresses, documents (like original
handwritten lyrics to Elton John’s Candle in the Wind) and jewels that
the Princess had owned.
The Duchy of Cornwall
A great amount of the couple’s
money comes from their father, Prince Charles. He generally pays for
their staff and the official costs of being a royal. Last year, Prince Charles made £19.5 million,
or over $30 million, from his portfolio of properties referred to as
“The Duchy of Cornwall.” The Duchy of Cornwall was acquired by Edward
III in 1337 and is always handed down to the eldest son of the reigning
British monarch. The Duchy comes with both an investment portfolio and
about 205 square miles of land and properties. The current value of the
Duchy is £763 million, or about $1.2 billion.
The Prince cannot do whatever he
wishes with the Duchy—it is managed and run on his behalf, but he
receives all net profit from it. Though the Duchy is not taxed, Prince
Charles voluntarily paid income tax on his profits.
While it’s unclear exactly how
much of the Duchy’s profits are handed to Will and Kate—it’s at least
enough to keep a staff of 12 aides and an active travel schedule.
British taxpayersContrary to popular opinion, the vast majority of Will and Kate’s money is not coming from the British people—but some of it is. The Queen is granted £37.9 million, or just under $60 million, each year by Parliament to maintain and perform the duties of her role. With that money the Queen funded a $5.3 million renovation of Kensington Palace’s Apartment 1A, where Will and Kate reside. She also gifted the couple Anmer Hall, a mansion in Norfolk, England which will also undergo a pricey renovation.
Will Works
Prince William is the first
royal in the line of succession to ever hold a civilian contract-- in
August of 2014, the 32-year old joined the East Anglian Air Ambulance as
a helicopter pilot. The job services ill or hurt citizens stuck in
remote parts of England. His current salary is £40,000 pounds before
taxes, or about $62,000 a year. Most of his earnings, however, will go
to an undisclosed charity.
Culled from yahoo Finance
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