King Charles is in line for a substantial £45m pay raise, marking a more than 50% increase in his official annual income, as revealed by official accounts. The profits of £1.1bn from the crown estate will boost the sovereign grant from £86m to £132m in 2025-26.
A portion of the crown estate profits fund the monarchy, covering official duties and the ongoing £369m Buckingham Palace renovation. The increase in the sovereign grant aims to complete the palace reservicing program by 2027.
Prince Charles received £23.6m from the Duchy of Cornwall, maintaining the Prince and Princess of Wales’ finances. Following his father’s tax-paying approach, Charles pays taxes once official costs are deducted.
The sovereign grant will be revisited in 2026-27 to ensure appropriate funding for the royal family. The rise in the grant will aid in finalizing the Buckingham Palace project as planned.
The annual report reveals the high number of official engagements by royal family members, despite health challenges faced by some royals. An emptiness remains at Frogmore Cottage, previously occupied by Prince Harry and Meghan Markle.
Charles’ increased income is tied to the substantial profit surge from the crown estate, largely driven by offshore wind projects. The sovereign grant, funded through taxpayer contributions, reflects a balanced distribution with the royal household.