The British Monarchy's Money, Explained



Prince Harry and Meghan Markle have said that they will work to become financially independent from the royal family, as they step back from their roles in the British monarchy.

That has raised a potentially awkward question.

How does the royal family fund itself in the 21st century?

It's not something the royal family like to publicize, but here's what we know about their main sources of income.

There's something called the Duchy of Lancaster, almost 45,000 acres of commercial, agricultural, and residential properties in England and Wales, owned on behalf of the queen.

The Duchy comprises around $710 million in net assets, which is mostly held in trusts.

The profit made by these sites, castles, historical land, and property at the heart of the capital goes directly to the queen, and no other member of the royal family.

Last year, it netted her 20.7 million pounds or $26.7 million.

Next up, there's the Duchy of Cornwall.

Like the Duchy of Lancaster, the Duchy of Cornwall is a private estate, except this one is owned on behalf of Prince Charles.