The epitome of elegance, the British Royal Family live a life of opulence a commoner can hardly understand. Whether they were born in the spotlight or married into it – like Princess of Wales Kate Middleton or Duchess of Sussex Meghan Markle – well-heeled Britons have captivated the world for as long as we know. remember it.
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The Mountbatten-Windsor clan reside in palaces, have personal employees at their disposal, and regularly fly to exotic locations. But in many ways they are like ordinary people. They have bills, like to decorate for the holidays, and enjoy dining out once in a while. Take a look at how they spend their money and get insight into the financial situation of the elite family.
Elegant cuts
Catherine, Princess of Wales, better known as Kate Middleton, is a global fashion icon. She has an enviable wardrobe worth hundreds of thousands of dollars.
She has been seen several times in a black and green floral Alexander McQueen dress. Most notably, she wore the piece to the 2017 BAFTA Awards and the 2019 Portrait Gala. It’s no wonder she wore the stunning piece again, considering it cost $10,605. In 2017, she was spotted wearing a Chanel tweed dress in Paris, which reportedly cost $10,891.
Harry and Meghan also have luxurious tastes. The Duchess of Sussex wore a $75,000 Ralph & Russo dress to pose in the couple’s engagement photos. At the wedding, Prince Harry’s custom Dege & Skinner uniform cost around $10,246. However, that barely compares to Meghan’s Givenchy wedding dress, which cost around $265,000.
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Cars
He put it up for auction in 2016, but Prince Philip previously owned a 1954 Aston Martin Lagonda 3-litre Drophead Coupe, one of the rarest cars in the world and worth an estimated $640,000, according to Forbes . In order to blend in with traffic, the late Queen Elizabeth’s husband also bought an eco-friendly London taxi in 1999, which he donated to the Sandringham Museum in England in 2017.
Also a car enthusiast, King Charles III owns a rare 1969 Aston Martin Volante DB6 MKII, according to People magazine. Driven by Prince William on his wedding day in 2011, Hagerty Insurance’s valuation tool values a similar car in new condition at $427,000.
Education
A public education is not enough for members of the British royal family. Prince George, the 9-year-old son of Prince William and Princess Catherine, began attending Thomas’s Battersea School in London in September 2017. Tuition and fees total US$7,809 per term for students aged 4 to 7 years, and there are three trimesters. per calendar year. The price decreases for each subsequent child enrolled simultaneously per family, so the tuition fees for Princess Charlotte and Prince Louis will not cost as much.
Prince George previously attended nursery school at Westacre Montessori School in East Walton, Norfolk, England, near Anmer Hall, the family’s country home. When he started school in January 2016, tuition was $55 a day, according to People magazine.
George and his siblings began attending Lambrook, an independent preparatory school in September 2022. Tuition fees range from $5,300 to $8,500 per term depending on the student’s school year.
Official functions and charitable activities
Members of the British royal family have busy schedules filled with official duties and charitable activities. In 2016, King Charles and his wife, Queen Consort of the United Kingdom, Camilla Parker Bowles – joined Prince William and his wife, and Prince Harry in racking up a combined tab of around $14 million, according to the King Charles official website.
Prior to the death of Queen Elizabeth II, most expenses related to official and charitable functions were paid for from the private income of King Charles of the Duchy of Cornwall. Revenue from the private estate, founded in 1337, passed to Charles.
Gifts for loved ones
Prince Harry and Meghan Markle reportedly started dating in May 2016, and he likes showering her with lavish gifts. Some of them include a Cartier Love bracelet – worth around $6,650 – and a Maya Brenner gold necklace not so subtly adorned with the letters “M” and “H”, which sells for around $300.
Shortly before news of their relationship became public in October 2016, the prince reportedly spent thousands of dollars on an artwork titled “Everybody Needs Somebody to Love”, by British artist Van Donna, ” for a significant person,” according to People magazine. And in June 2017, the Daily Star reported that the royal planned to buy Markle a Mini Cooper for around $41,000 for her birthday.
Childbirth
When it comes to childbirth, Kate Middleton spares no expense. Prince William’s wife gave birth to their three children – Prince George, Princess Charlotte and Prince Louis – in the exclusive Lindo Wing of St. Mary’s Hospital in the Paddington section of London.
Prince William and Prince Harry were also born in the hospital, where suites are said to cost $14,0445 per night. After the first stay, mothers would receive a 10% discount.
Housing, utilities and housekeeping
Upkeep of royal residences is not cheap. By the end of the financial year ended March 31, 2022, Queen Elizabeth had spent nearly $73 million on property maintenance, $3.6 million on utilities and $1.3 million for housekeeping and hospitality, according to the financial summary of Sovereign Grant and Sovereign Grant Reserve published on the British Royal. official family website.
Established in 2012, the Sovereign Grant is issued annually to the incumbent in exchange for income from the Crown Estate, a real estate portfolio long held by the reigning monarch. Originally set at 15% of Crown Estate revenue, the grant was increased to 25% of profits in 2016 for a period of 10 years to cover improvements to Buckingham Palace.
Personal
You can’t be queen without a staff. For the year ending March 31, 2022, Queen Elizabeth’s salary expenses totaled nearly $24 million, in addition to other personnel expenses of $3.8 million, according to the Sovereign Grant’s financial summary. and the sovereign grant reserve.
Doing your own shopping, cleaning and laundry is decidedly unroyal, so Prince William and Kate have a little help. It’s unclear who is currently helping the family, but in May 2017, The Sun reported that their housekeeper had recently quit her job of around $46,500 a year because it was too demanding.
Dine out
The Princess of Wales is known to frequent a posh London pub called Hollywood Arms, which features caviar on its brunch menu. Kate has also been known to dine with friends and family at Bluebird Chelsea in west London, which has a $67 bar on the menu. In 2012, William and Kate treated their staff to a Christmas lunch at Bumpkin, which was an upmarket restaurant in London.
holiday decoration
Prince Harry isn’t content to let the staff do all the holiday decorating for his Nottingham Cottage home. In December 2016, the royal was spotted buying an around $86 Nordmann Christmas tree at Pines and Needles in South London’s Battersea Park with Meghan Markle.
The Daily Mail reported that the prince paid for the tree with a credit card. Markle reportedly happily accepted a bunch of mistletoe with their purchase, though the prince wasn’t so keen on it. Seemingly in the holiday spirit, staff members told the publication that the happy, low-key couple were friendly and largely under the radar.
Jewelry
The British royal family can be low-key in many ways, but in one department they tend to focus on the finer things: jewelry. Prince William chose a familiar stone – offering Kate Middleton the 12-carat sapphire given to her mother by King Charles in 1981. The ring, surrounded by 14 diamonds, only increased in value with age – appraisers estimate it was worth around $500,000 in 2014, about 10 times more than when King Charles first bought it 40 years ago.
Harry decided to design his own ring for Meghan Markle, mixing sentiment and sensibility of his bride-to-be. The ring features three diamonds – a center stone from Botswana, where the couple traveled together, as well as two from her mother’s personal collection. Set with a yellow gold band and created by Cleave and Company – the Queen’s favorite jeweler – the ring is estimated at “between $300,000 and $350,000 if the ring used perfect diamonds”, according to Amanda Winters of Blue Nile .
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Sam DiSalvo contributed to the writing of this article.
This article originally appeared on GOBankingRates.com: Here’s how the British royal family spends its money
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