Taking her many streams of income into account, the Queen earned a generous salary each year until her death According to the Evening Standard, this looked like an estimated $97.2 million in yearly income for Her Majesty in 2020.
The National Audit Office was not entitled to audit the Royal Household. The Queen received an annual £7.9 million a year from the civil list between 2001 and 2012.
There are three sources of funding for The Queen, or officials of the Royal Household acting on Her Majesty's behalf, in both a public and private capacity. These are: the Sovereign Grant, the Privy Purse and The Queen's personal wealth and income.
We do not pay the Queen any money for her upkeep or even for her duties as Queen of Australia. We do pay a salary to the Governor-General and pay for the upkeep for the official residences.
So what will Prince Harry inherit from Queen Elizabeth? Representatives told Forbes in 2021 that Harry was not a beneficiary of any of the $100 million left to the royal family by his great-grandmother, the Queen Mother.
According to Bloomberg, William will now earn $24 million a year from the Duchy of Cornwall.
The Duke and Duchess of Sussex have lived in the US since stepping down as working royals, in 2020. Prince Harry and Meghan no longer receive money from the Royal Family and have a series of commercial arrangements with a number of companies.
King Charles inherits not just the throne after the death of his mother, Queen Elizabeth II, but also her private fortune -- without having to pay inheritance tax.
The Queen receives a yearly sum through what is known as the Sovereign Grant , which is equivalent to £1.29 per person in the UK. In Aussie dollars, that's around $2.23 per person, which last financial year amounted to a whopping $148 million.
The Sovereign Grant, which is funded by taxpayers, pays for official expenses related to the monarch's duties, which include maintaining properties, travel, and employee pay.
The role is not typically paid, and it has been reported that Lady Hussey was not given a salary during her time in the position, instead serving the Queen out of loyalty. The Queen had at least five ladies in waiting during her reign, including Lady Hussey.
"It is very clear that she understood her life would be dedicated to service," Mayhall said. "She took it very, very seriously." But her reign did not come without controversy.
The annual salary on offer will be at least £22,076 ($27,629) before tax, although if the successful candidate chooses to accept an offer of live-in accommodation and meals, that figure would be adjusted downward.
The 73-year-old monarch also accedes the throne with a king's ransom of his own, largely through the lucrative annual income he received from the Duchy of Cornwall, which earned him some $27 million this year and which his eldest son, Prince William, will now inherit.
Representatives told Forbes in 2021 that Harry was not a beneficiary of any of the $100 million left to the royal family by his great-grandmother, the Queen Mother. It's unclear if Harry was left any money from his grandmother the late Queen Elizabeth II, whose will is expected to stay sealed for at least 90 years.
Generally, every royal supports charities, appears at events, and occasionally travels the globe to strengthen diplomatic relationships. But some royals also have day jobs, and others have long military careers.
Australia is the third-largest contributor to the Commonwealth budget. We are represented on the Commonwealth Secretariat's Board of Governors, and its Executive Committee, by the High Commissioner for Australia to the United Kingdom.
What happens now to the Australian $5 banknote and coins featuring the Queen? The 1965 Currency Act stipulates that the face of the monarch must be on all coins. Tradition states that the head of the monarch on coins will now face the other direction, which in our case will now be left.
These include giving Royal Assent to laws passed by the Australian Parliament and starting the process for a federal election. While these powers are exercised by the Governor-General, in reality this is normally done on the advice of the Prime Minister and ministers.
If tradition prevails, most of the Queen's personal jewels will be passed on to King Charles III and Queen Camilla. It is speculated that Catherine, Princess of Wales will also receive some of the jewels as she will eventually be Queen.
All the Notes and Coins Will Be Replaced Over Time
Eventually, King Charles's face will be on British currency, a process that is expected to take two full years at the very least.
A spokesperson for Charles confirmed in June 2021 that while the sovereign set aside “a substantial sum” for his youngest son and his wife at the start of their royal step back, the “funding ceased in the summer of [2020].” The rep told Variety at the time that Harry and Meghan “are now financially independent.”
That means that when they made the decision to step back from their roles as senior working royals, Harry and Meghan were left with a meager sum of $13 million (estimated by Forbes), largely made up of the inheritance from Harry's late mother's estate.
Princess Charlotte has been refered as "the richest kid in the world" due to her status as a member of the British royal family, which is one of the wealthiest and most prominent royal families in the world.