King Charles III Set for Significant Pay Raise Amid Crown Estate Profit Surge

LONDON — King Charles III is poised to receive a substantial pay increase of £45 million ($58 million) following a remarkable rise in profits from the Crown Estate, which more than doubled in the last fiscal year. Official records indicate that profits surged by 148%, climbing from £443 million in 2022-23 to £1.1 billion ($1.4 billion) in 2023-24. This increase will elevate the taxpayer-funded Sovereign Grant, which finances the royal family's official duties, by over 50%, from £86.3 million in 2024-25 to £132 million ($171 million) the following year. The Crown Estate, a collection of historical and commercial land holdings owned by the British monarch but managed independently, contributes its revenues to the government. In return, the monarchy currently receives 12% of the profits, a figure that is calculated based on funds from two years prior. Previously, the royal family received 25% of profits, but this was reduced last year in anticipation of the current profit surge. The impressive financial results are largely attributed to the sale of options and leases for offshore wind projects, a sector that aligns with the King’s commitment to sustainable energy. Dan Labbad, CEO of the Crown Estate, emphasized that these results stem from long-term investments in offshore wind and a well-managed property portfolio. He also noted upcoming legislative changes that will enhance the Crown Estate's investment capabilities, further supporting the UK's energy and economic goals. In addition to the financial report, the royal household's expenditures were detailed, including £800,000 for the King’s coronation and £27.9 million for staffing. The report also mentioned plans to acquire two new helicopters and convert the King’s state Bentleys to biofuel within the next year, reflecting a commitment to sustainability.