Margaret Minnicks is an online writer who writes about the royal family.
We know children get a weekly allowance from their parents. You might be surprised to know that Prince Charles manages the Duchy of Cornwall and gives himself, his wife, Prince William, his wife Kate Middleton, Prince Harry and Meghan Markle a yearly allowance.
All of them receive a big allowance to help them cover the expenses for their official royal duties. This includes money for their clothes, travels, and official events.
Allowance for the Royals
The royal brothers receive a hefty allowance from their father, Prince Charles. Kate Middleton, the Duchess of Cambridge, doesn't work because she is a mother of three 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.
Now that Meghan Markle is a daughter-in-law, she also gets an allowance to finance her 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 usually receives about $31.239 million a year. This is his private income that covers most of his expenses as well as expenses for his wife Camilla Parker Bowles, William, Kate, Harry, and Meghan'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 for the upkeep of their 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. In previous years, 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.
How Much the Royals Get in Allowances
Prince Harry and Meghan Markle
Prince Harry and former US actress Meghan Markle announced their engagement on November 27, 2017. They got married on May 19, 2018. Then Prince Charles added 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.
Meghan does not purchase with her own money thousands of dollars worth of clothes she wears. Neither do taxpayers pay for the clothes. She gets enough allowance from Prince Charles to fund her clothing budget.
Another Thing To Consider
Even though the allowance is available, it doesn't mean the recipients have to spend it all. It is available if they need it.
Prince Charles has made sure funds are available when he and his children are on royal duties.
Margaret Minnicks (author) from Richmond, VA on July 29, 2016:
Susan, thanks for reading the article and for your comment.
Susan Deppner from Arkansas USA on July 29, 2016:
Interesting figures. I like the idea of allowances, especially if the royals must actually budget all those trips and clothes. Some would quickly use up even that much money. I hope they invest some of it wisely.