Aside from inheriting the crown and the throne, the new king of England will also receive the annual Sovereign Grant, which was $116.7 million in 2021.
What is a sovereign grant?
The Act of Parliament of the United Kingdom which introduced the Sovereign Grant is the payment which is paid annually to the monarch by the government in order to fund the monarch’s official duties.
The new king is not expected to work or get paid since he is a royal king.
His lifestyle will be paid for by British taxpayers via the British government.
Last year, the British monarchy, of which the late Queen Elizabeth was head, received a sovereign grant of $116 million from the British government, which came from tax payers in the UK.
The funds were used for travel, living expenses for the Queen and the royal family, paying staff salaries and maintenance of Buckingham Palace, which was in need of repair.
This year, the royals are expected to receive £80 million from the British treasury.
The new king is not expected to pay tax from the sovereign grant as the grant is tax free, but last year, the late Queen and the new king voluntarily decided to pay tax.
Maintaining royal stools everywhere in the world is very expensive.
