As a state occasion, King Charles's coronation is paid for with public funds. This is different to a royal wedding, which is a personal family moment with some public elements to it, so the cost is split between private funds and public money. King Charles III's coronation takes place on May 6, 2023.
Approximately €113 million (or £100 million)
Unlike weddings, which are paid for by the Royal Family, the coronation is a state function hence taxpayers will mostly be footing the bill.
As the sovereign of our Head of State, the government pay for the event, unlike royal weddings which are paid for by the royal family.
As it is a state event, a coronation is paid for by the UK Government. Organisation involves ministers, the Royal Household, the Church of England and the Commonwealth Realms. A Privy Council “Coronation Committee” is usually formed to oversee the planning, and its Executive Committee is chaired by the Earl Marshal.
So, if estimates are correct, and King Charles's coronation really is costing around the £100 million mark, then this “slimmed-down event” will actually cost four times the record for the most expensive coronation, or twice as much if we go with the New York Times figure.
This ballpark figure of £100m is the one most publications have cited, although The Mirrorgoes further at £250m, with around £150m of that spent on security. “The government contributes funding to national state occasions,” a spokesperson for the government told the Big Issue.
Every year the British state spends about £1 trillion, enough for 10,000 coronations. Distributed equally, a coronation at that cost would work out at about £1.50 per person, about the price of a tin of Heinz baked beans.
Much of the royal family's expenses are covered by an annual taxpayer-funded payment known as the Sovereign Grant, which in the 2021-2022 financial year was set at 86.3 million pounds ($108m) – roughly 1.29 pounds ($1.61) for every person in the UK.
However, all that real estate the monarchy owns—from castles, to off-shore wind farms, to shopping malls—are independently operated with the profits going to the government. In 2021, the businesses under the family's largest holdings, called the Crown Estate, brought in £312.7 million ($360.6 million) in profit.
The official expenditure by the monarchy was £107.5 million – a rise of five per cent from £102.4 million in 2021-2022. The cost per person in the UK of funding the total sovereign grant was £1.29 – which had not changed since last year.
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.
Prince Harry and Meghan no longer receive money from the Royal Family and have a series of commercial arrangements with a number of companies.
The Guardian has calculated the total amount of money that each royal in the Windsor clan has received during their working life carrying out official functions. The payments come from either public money, or private funds derived from royal hereditary estates, or both.
Facts and figures are coming in as to how much Queen Elizabeth II's funeral cost last September, and the U.K.'s Treasury department announced that the state occasion cost an estimated £167.1 million, which equates to roughly $204 million, Us Weekly reports.
Comprising more than 100 objects and over 23,000 gemstones, the Crown Jewels are priceless, being of incalculable cultural, historical, and symbolic value.
By contrast a Queen Consort, although having the same rank and equivalent titles as the King, is solely dependent on him for her position. If he died, she generally became a Queen Dowager. If she had an underage son when her husband died, she could become a Queen Regent until her son came of age.
According to the British monarchy's official site, "funding for the Sovereign Grant comes from a percentage of the profits of the Crown Estate revenue." The Crown Estate, as CNN Money explains, can be roughly defined as "a collection of U.K. properties and farms that generate hundreds of millions of pounds each year."
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.
The various economic benefits to the United Kingdom, include Royal Warrants, Coats of Arms, Unofficial Endorsements, Patronage, Tourism, Trade, Media & Arts, Global Media Coverage, and Merchandise.
According to Forbes, the House of Windsor is estimated to be worth £19bn. It helps earn hundreds of millions for Britain's economy every year, with Windsor Castle and Frogmore House recording roughly 426,000 paying visitors between April 2021 and March 2022. An adult ticket costs £26.50 from Sunday to Friday.
1. The Royal Family of Saudi Arabia. The royal family of Saudi Arabia is the House of Saud and is undoubtedly the wealthiest royal family in the world. The royal family has been ruling the country since 1744 and is worth $1.4 trillion.
Prince Harry and Meghan Markle have an estimated net worth of $60 million, according to Celebrity Net Worth. The couple has signed a series of lucrative deals including documentaries, books, podcasts and more, worth an estimated total of $135 million, according to Forbes.
A recent YouGov poll commissioned by the group Republic found 35% of the people surveyed said that they did not care very much about the coronation. 29% said that they did not care at all. What do you make of those numbers?
Everything suggests that the monarch will opt for an austere reign, as evidenced by the relative discretion with which his official act of appointment is carried out. In any case, a budget of some 98 million dollars a year is envisaged for his salary.
It was attended by the majority of Elizabeth's nobles as well as by many important foreign visitors. Despite facing debts of nearly £250,000 on becoming queen, the coronation cost about £16,000, such was her desire to give an impression of power. The coronation became an act of propaganda, as did her use of portraits.