The British royal family is set for a major pay rise next year
Despite experiencing a difficult year with King Charles III and the Catherine, Princess of Wales limiting their royal duties to focus on cancer treatment, the royal family is expected to receive a major pay rise.
The royal family has released the Sovereign Grant Report which is the annual report into it's finances.
Findings reveal that profits from the Crown Estate have risen by 53 per cent in the past financial year meaning that the monarchy is expected to receive a boost of more than £45 million (approximately $87m AUD).
READ MORE: Diana wanted world to know about love letters from Charles
A recent report into the royal family's funds reveals that the royal family is expected to receive a major pay rise. Chris Jackson - WPA Pool/Getty Images
Profits from the Crown Estate are paid directly to the Treasury, which hands a proportion of the money, known as the Sovereign Grant and currently set at 12 per cent, back to fund the official duties of the royal family.
Across 2023-24, profits rose to £1.1 billion mainly due to offshore wind farms, meaning the grant will increase from £86.3 million (approximately $167m AUD) in 2024-25 to £132 million (approximately $257m AUD) in 2025-26.
While the royal family are not directly funded from the Crown Estate, a fraction of the profits from the estate are pooled into the Sovereign Grant which funds the royal family's expenses – including travel, property maintenance and the operating costs of royal households.
READ MORE: Prince Harry reveals 'central piece' in 'rift' with family
Due to a deal with offshore wind farms, the family's estate profits rose significantly. AP
As for where this extra money will go, it is expected to go straight into financing the final stages of the 10-year, £369 million renovation of Buckingham Palace.
The extra money will be used to finance the final stages of the 10-year, £369 million renovation of Buckingham Palace.
Speaking to the royal family's cash boost, English journalist and ITV News royal correspondent Chris Ship unpacked exactly what the royal family spend their money on.
READ MORE: International airfares continue to fall for Australian travellers
According to Ship, the family's "single biggest travel expense last year was a state visit to Kenya, which cost £167,000." Thomas Mukoya/Pool Photo via AP
"Now, travel is always a very interesting place of where the royals spend their money. We learn from this report that the Royals spent 2 million pounds last year on helicopter flights, even the short ones. That works out at roughly 6,500 pounds per trip," he explained.
He continued to share that while it was only used just once last financial year. "it cost £52,000 pounds to go from Windsor to North Yorkshire and back down to London". The royal family also spent £1.1 million on chartering planes".
According to Ship, the family's "single biggest travel expense last year was a state visit to Kenya, which cost £167,000."
FOLLOW US ON WHATSAPP HERE: Stay across all the latest in celebrity, lifestyle and opinion via our WhatsApp channel. No comments, no algorithm and nobody can see your private details.
Most viewed in Royals
Prince George is as tall as his parents as they drop him off for his first day at Eton College
Harry hasn’t spoken to king since return, takes issue with ‘private citizens’ wording
Prince Harry and Meghan reportedly ‘a little surprised’ by King Charles’ letter
Fresh blow for Prince Harry days after King’s letter clarifying his and Meghan’s royal status
