• Video
  • Shop
  • Culture
  • Family
  • Wellness
  • Food
  • Living
  • Style
  • Travel
  • News
  • Book Club
  • GMA3: WYNTK
  • Newsletter
  • Privacy Policy
  • Your US State Privacy Rights
  • Children's Online Privacy Policy
  • Interest-Based Ads
  • Terms of Use
  • Do Not Sell My Info
  • Contact Us
  • © 2025 ABC News
  • Culture

King Charles gets nearly $60M pay raise as Prince William brings in $30M income, royal report reveals

0:51
Our favorite Prince William moments for his birthday
Max Mumby/indigo/Getty Images
ByKatie Kindelan
July 24, 2024, 5:34 PM

Nearly two years after ascending to the British throne, King Charles III is bringing in a major pay raise.

Charles, 75, and fellow members of Britain's royal family are expected to see a nearly $60 million increase in the sovereign grant, the money the royal family receives annually from the U.K. government.

The increase is a result of increased profits from the Crown Estate, a large portfolio of assets that includes more than 191,000 acres of rural land, including the famed Windsor Castle; as well as retail and leisure businesses and high-end London properties.

The Crown Estate's profits rose from £443 million ($572 million) in 2022-23 to £1.1 billion ($1.4 billion) in 2023-24, according to its annual report released Wednesday.

The boost in profits was largely driven by the sale of offshore wind farm leases in the seabeds surrounding the U.K. which are owned by the Crown Estate.

PHOTO: The King Passes Role Of Colonel-In-Chief Of The Army Air Corps To The Prince Of Wales
King Charles III and Prince William, Prince of Wales attend the official handover during which The King passes the role of Colonel-in-Chief of the Army Air Corps to The Prince of Wales and presents him with the blue beret and belt of the Army Air Corps at the Army Aviation Centre, Middle Wallop on May 13, 2024.
Max Mumby/indigo/Getty Images

In the annual report, Dan Labbad, the chief executive officer of the Crown Estate, credited the surging profits over the past year to, "years of commitment and investment into helping create the UK's world-leading offshore wind sector, as well as the active management of our diverse and resilient portfolio."

The Crown Estate is not owned by the royal family and its profits are controlled by the U.K. Treasury, which then allocates a percentage of the profits to the royal family to fund their official duties, including maintaining official residencies, paying staff and funding official trips.

Related Articles

Kate Middleton takes new photo of Prince George for his 11th birthday

This lump sum, which is given every year, is called the sovereign grant.

This year, in anticipation of the Crown Estate's windfall, the U.K. Treasury reduced the percentage of profits it annually allocates to the royal family through the sovereign grant from 25% to 12%.

Even with the reduction, Charles and his family will still have close to $60 million more for the 2025-2026 tax year.

Related Articles

Prince George joins dad Prince William in Berlin at UEFA European Championship

The improved finances for the royal family come both amid a cost-of-living crisis in the U.K. and a difficult year personally for Charles and his family.

The royal family has faced cancer diagnoses for two of its most high-profile members, Charles and his daughter-in-law, Kate, the Princess of Wales.

The types of cancer Kate and Charles face have not been disclosed publicly.

Editor’s Picks

Kate Middleton shares health update amid chemotherapy for cancer

  • Jun 14, 2024

Kate Middleton joined by kids George, Louis and Charlotte at Trooping the Colour

  • Jun 15, 2024

William, Kate mark 13th anniversary with never-before-seen wedding photo

  • Apr 29, 2024

Charles returned to a modified schedule of public duties in late April, while Kate, the wife of Prince William, has continued to stay mostly out of the public eye as she continues treatment.

PHOTO: Britain's King Charles III, Queen Camilla, Prince George, Prince William, Prince Louis, Catherine, Princess of Wales, Princess Charlotte on the balcony of Buckingham Palace after attending the 'Trooping the Colour' in London, June 15, 2024.
Britain's King Charles III, Queen Camilla, Prince George, Prince William, Prince Louis, Catherine, Princess of Wales, Princess Charlotte, Sophie, Duchess of Edinburgh, Prince Edward, Duke of Edinburgh, Lady Louise Windsor and Princess Anne, Princess Royal on the balcony of Buckingham Palace after attending the 'Trooping the Colour' in London, June 15, 2024.
Henry Nicholls/AFP via Getty Images

William and Kate's primary source of income, the Duchy of Cornwall estate, also released its annual report Wednesday, showing William received $30 million from his first full year's income from the estate.

The Duchy of Cornwall estate, established in 1337 and made up of land across Britain, traditionally gets passed down to the heir to the throne upon succession. When Charles became king in 2022, the estate was passed down to William, his eldest son.

ABC News' Max Zahn contributed to this report.

Related Topics

  • Royal Family
  • King Charles

Editor’s Picks

Kate Middleton shares health update amid chemotherapy for cancer

  • Jun 14, 2024

Kate Middleton joined by kids George, Louis and Charlotte at Trooping the Colour

  • Jun 15, 2024

William, Kate mark 13th anniversary with never-before-seen wedding photo

  • Apr 29, 2024

Up Next in Culture—

Ryan Coogler on why 'Ironheart' is the next superhero we need: Everything to know about the new series

June 24, 2025

Hugh Jackman, Deborra-Lee Furness finalize divorce after 27 years of marriage

June 24, 2025

Dermot Mulroney files for divorce after nearly 15 years of marriage

June 24, 2025

Oklahoma City Thunder players, fans celebrate NBA title with parade

June 24, 2025

Shop GMA Favorites

ABC will receive a commission for purchases made through these links.

Sponsored Content by Taboola

The latest lifestyle and entertainment news and inspiration for how to live your best life - all from Good Morning America.
  • Contests
  • Terms of Use
  • Privacy Policy
  • Do Not Sell My Info
  • Children’s Online Privacy Policy
  • Advertise with us
  • Your US State Privacy Rights
  • Interest-Based Ads
  • About Nielsen Measurement
  • Press
  • Feedback
  • Shop FAQs
  • ABC News
  • ABC
  • All Videos
  • All Topics
  • Sitemap

© 2025 ABC News
  • Privacy Policy— 
  • Your US State Privacy Rights— 
  • Children's Online Privacy Policy— 
  • Interest-Based Ads— 
  • Terms of Use— 
  • Do Not Sell My Info— 
  • Contact Us— 

© 2025 ABC News