Newsmax TV & Webwww.newsmax.comFREE - In Google Play
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
Skip to main content
Tags: queen elizabeth | get | 5% | raise

Queen Elizabeth To Get 5 Percent Raise as Crown Estate Makes Profit

By    |   Friday, 28 June 2013 07:50 AM EDT

Queen Elizabeth will receive a 5 percent raise next year, boosting her salary to 38 million British pounds (nearly $58 million).

Thanks to record real estate revenues, the Crown Estate — a public body that manages property for the monarch — reported a 5.2 percent increase in the last financial year for a total profit of 252.6 million pounds.

Special: Should Gay Marriage Be Legal? Vote in Urgent Poll.

The queen then receives a cut of that sum, generally 15 percent of the profit from the last two years, in the form of a Treasury grant, according to CNN.

The Crown Estate's properties include everything from stores in London to rural farms to housing complexes. These assets technically belong to Queen Elizabeth but are not her private units.

According to the estate's annual report released Thursday, the queen spent 2.3 million pounds more than her allotted grant last year, CNN reported. The royal attributed the overspending to her busy schedule of public appearances and the Diamond Jubilee, which marked the 60th anniversary of her coronation last year.

The report also detailed the taxpayers' burden.

The cost to the taxpayer of supporting the monarchy rose by just under 1 million pounds to 33.3 million during the Diamond Jubilee year, Buckingham Palace accounts show. The taxpayer funds used to pay for official air and rail travel at home and abroad for members of the Royal Family fell by 500,000 pounds from 5 million in 2011-12 to 4.5 million in 2012-13, the Daily Mail reported.

Some Brits are outraged at the queen's multi-million "salary" and what her monarchy is ultimately costing the taxpayers.

"The Crown Estate is not — and never has been — the personal property of the royals," Graham Smith, chief executive of the anti-monarchist group Republic, told the Daily Mail. "The Windsors have no more right to its revenue than I do. To claim that it should fund their lavish lifestyle is deceitful and dishonest."

Editor's Note: Get the Navy SEALs Cap – Celebrate Our Heroes

Related stories:

Queen Elizabeth's Portrait for New Stamp Prompts Snide Comments

Commonwealth Day: Queen Elizabeth Supports Gender Equality, Gay Rights?

Queen Elizabeth Hospitalized over Stomach Illness

© 2023 Newsmax. All rights reserved.

Queen Elizabeth will get a 5% raise next year, boosting her income to 38 million British pounds (nearly $58 million).
queen elizabeth,get,5%,raise
Friday, 28 June 2013 07:50 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
America's News Page
© Newsmax Media, Inc.
All Rights Reserved