"Another 160 Billion Won in Taxpayer Support This Year"... British Royal Family Releases Financial Report on Tens of Trillions in Assets

British Royal Family Releases Annual Financial Report
Sovereign Grant Maintained at Approximately 160 Billion Won
Ongoing Controversy Over Royal Finances
"Subsidy System Is Irrational... Costs Should Be Reduced"

The British royal family has announced in its 2024 fiscal year financial report that the annual subsidy known as the "Sovereign Grant," funded by taxpayers, will remain unchanged from last year at 86.3 million pounds (approximately 160 billion 224 million won).

On July 1 (local time), U.S. broadcaster CNN cited the report, stating, "Last year, the royal family carried out more than 1,900 official engagements both domestically and internationally," and "the eight official royal residences hosted approximately 93,000 guests through 828 official events."

King Charles III. Photo by Getty Images

The Sovereign Grant covers the expenses incurred by the royal family in carrying out official duties and maintaining royal palaces. It is funded entirely by British taxpayers. In return, the British monarch transfers all profits generated from the Crown Estate to the government. The Crown Estate includes large-scale real estate in central London, Ascot Racecourse, and assets such as the seabed around England, Wales, and Northern Ireland. This arrangement has been in place since 1760, when King George III ascended the throne.

The Sovereign Grant serves as a type of "expense account" to cover costs related to the public duties performed by the monarch and their representatives. This includes overseas and domestic travel by the royal family, staff salaries, and maintenance of royal buildings. However, security costs for royal family members during various events are handled through a separate budget.

The total budget of 86.3 million pounds consists of 51.8 million pounds (about 96 billion 134 million won) for basic operating expenses and 34.5 million pounds (about 64 billion won) for the renovation of Buckingham Palace. Buckingham Palace is currently undergoing major refurbishment to modernize key facilities such as electrical wiring, plumbing, elevators, and accessible restrooms.

This year's report also includes the decision to retire the royal train, which had been in use for over 180 years. The report stated, "Following a thorough review of usage and cost efficiency, it has been decided to officially retire the royal train." The royal train had been in continuous use since Queen Victoria first traveled to London Paddington Station on it in 1842.

Meanwhile, as part of its environmental policy, the royal family plans to expand the use of sustainable aviation fuel (SAF) and continue the transition to electric vehicles. Last year, the royal family announced its intention to convert most vehicles to electric, though it did not specify a timeline for the transition. According to the UK’s PA news agency, two of King Charles III's Bentley vehicles are scheduled to be converted to run on biofuel.

The main sources of royal income, in addition to the Sovereign Grant, include profits from the Duchy of Lancaster, the Duchy of Cornwall, and income from private royal assets and investments.

However, controversy over royal finances continues. It is reported that King Charles III's personal wealth is at least 3 trillion won, and the total wealth of the British royal family approaches 40 trillion won. The anti-monarchy group Republic has called for the abolition of the Sovereign Grant and has argued that all profits from the Crown Estate should be returned to the British people.

Republic activist Graham Smith stated earlier this year, "The current subsidy system, which is linked to government revenue, is irrational," and criticized, "The budget doubled ten years ago under the pretext of Buckingham Palace renovations, and the same logic is being repeated." He added, "The tens of billions of won spent on royal operations should be used for public purposes, and the total cost should be reduced to just a few million pounds."

In response, James Chalmers, Keeper of the Privy Purse, stated, "While the value of soft power is difficult to quantify, its importance under the current monarch's reign is being increasingly recognized both domestically and internationally," adding, "The royal family remains committed to serving the people of the United Kingdom and the Commonwealth."