Who is the wealthiest Royal?

As David Remnick, editor of the New Yorker recently remarked in a podcast exploring King Charles’ forthcoming coronation, the idea of a constitutional monarchy in 2023 seems somewhat out of step with modern thinking. At a time when distrust in traditional seats of power is growing, installing a guy in fancy robes on a throne may seem a bit odd – no matter how much we may enjoy watching The Crown.

In fact, Britain is one of just twelve European nations to continue to employ a monarch as head of state. Denmark, Norway, Sweden, the United Kingdom, Spain, the Netherlands, and Belgium are kingdoms. Andorra, Liechtenstein, and Monaco are principalities, and Luxembourg is a Grand Duchy.

But, the fact remains: this weekend Britain will see a new king – its first since 1952 – which is certainly an occasion of note.

A key argument of those against the monarchy is the taxpayer covering everything from footmen and security guards to a new lick of paint for the palace. Of course, each royal family’s income and revenue streams differ, but which family has the most wonga? Is there any one monarch who is far and away richest of the lot? Let’s take a look.

How much individual members of the Windsor clan earn for their duties is unknown, although we do know that Queen Elizabeth II once used a loophole in the law to prevent her “embarrassing” private wealth from being made public knowledge.

A lot of the family’s wealth comes from the annual Sovereign Grant which is on the up, with £86.3m being forked out by the British public last year to keep Charles et al. in single malts and pheasant pie. They also received another £34.5m (on top of general operating costs in the tens of millions) as part of a ten year plan to refurbish their gaff, possibly part of a plan to flip it and relocate to Spain (or possibly not). All in all, estimated annual public spending on the Windsors is £86m-£127m.

Charles also inherited his fortune from his late mother without having to pay any inheritance tax, while he and Prince William receive income of over £40m a year from two hereditary estates, on which they pay no tax, and which Buckingham Palace says is “private income”.

All in all, a report by the Guardian reckons the king’s personal wealth at a staggering £1.815bn, thanks to land (including Balmoral estate and Sandringham estate in Norfolk which he owns outright), jewellery (around £533m worth), vehicles and art – he’s also earned £2.3m from selling his mother’s racehorses at auction since her death.

The Netherlands’ van Orange-Nassau royal family are estimated to receive £44.2m in public funding annually, placing them second behind the Windsors. They’re exempt from paying income tax, and earlier this year their prime minister voted to keep it that way, offering up a royal budget of £44.2m for 2023 (a little over what Charles and William earn between them from their hereditary estates alone).

Of this cash, the head honcho King Willem-Alexander will bag just £911,162, although his wife Máxima will receive £361,823. Their daughter, heir to the throne 19-year-old Princess Amalia will claim £1.51m in salary and expenses – all without having to do a single unpaid internship. Despite being a royal, however, the princess is still a Gen Zer, and has refused the allowance, saying it will make her feel “uncomfortable” until she’s at the stage where her role incurs high costs.

At 56, King Willem-Alexander has Charles beat though, with an estimated personal fortune of over £10bn, thanks to the royal family being the largest shareholders in Royal Dutch Shell Oil Company (estimated at a 25 percent stake).

King Harald V sits at the head of the Norwegian Glücksburgs, which receives £24m from the Norwegian public annually. Very little is known about the distribution of wealth among the family, other than that public money goes to manage and maintain private properties, as well as on private expenses and official attire – which must mean a hefty tailor’s bill.

In 2021, security at the Royal Palace and other residences was overhauled to the tune of £58.7m.

Estimates put King Harald V’s private wealth at £24m.

The Grand Ducal Family of Luxembourg receives about £16.9m in public funding per annum. In 2023, £13.9m was said to go towards day-to-day expenses, (like a quick Pret lunch), while £2.9m went on capital projects, including renovations.

The Grand Duke also receives a personal endowment, totalling £460,381 in 2022. Public anger at the lack of distinction between public and private budgets has led to the prime minister drafting new legislation to provide more transparency in how the royals are funded.

But, at 68, Grand Duke Henri is estimated to be worth a stonking £3bn, thanks to various personal investments, including in gold and real estate.

Head of the Danish Glücksburgs, Queen Margrethe II is Europe’s longest serving monarch, receiving £10.7m a year from the public for her troubles out of around £14m paid to the royal family as a whole. Famously, the Queen has stripped four of her grandchildren of their royal titles in an attempt to slimline the monarchy. With an estimated personal net worth of around £32m, she’ll save a few quid in the process, too.

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