To the bank

Queen of England being given huge pay raise from government

Queen Elizabeth II is seen in the Parade Ring as she attends Royal Ascot 2017 at Ascot Racecourse on June 22, 2017 in Ascot, England. (Photo by Chris Jackson/Getty Images)

Queen Elizabeth II is getting a massive 78 percent pay raise from the British government, according to CNN. In U.S. dollars, the queen’s 2016 income, which is completely tax-free, topped out at $54.6 million in 2016. This year, her pay will soar to $97 million.

Her compensation is known as a “sovereign grant” and the reason for this year’s pay spike is to cover the costs of a number of renovations the government says Buckingham Palace needs. In addition to the annual grant, the queen is given what’s known as a “privy purse,” something that is more like an annual salary, which can amount to tens of millions more.

All told last year, it cost the individual U.K. taxpayer about 83 cents to cover the queen’s compensation. Some experts say the payments are a great business deal for the U.K. because the queen generates about $1.5 billion in revenue for the nation, largely from tourism.

Queen Elizabeth also earns income from another source, helping to pad her net worth, which is estimated to be about $490 million. She has a substantial secondary stream of revenue from a portfolio of commercial, agricultural and residential properties called the Duchy of Lancaster, which dates all the way back to 1265. Now, if you think the queen is going to run right out and buy a new fleet of green jaguars for her drives to church, well, think again. She actually has little for discretionary spending and has a hard time saving money.

Read the full story at CNN.


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