Repairs to several royal residences will have to wait a few more years since the money Queen Elizabeth receives from British taxpayers has been capped at $50 million a year until 2015.
Under a new arrangement, reports the U.K.’s Telegraph, the Queen’s income will now be directly related to profits from the Crown Estate (think of it as the Windsor family’s own private mutual fund, comprised of investments and various properties like Scotland’s Balmoral Estate.)
The cost of providing a staff for Prince William and his headline-grabbing new wife, the Duchess of Cambridge (aka Kate Middleton), will be paid by his father, Prince Charles. But, according to the Telegraph, the royal family will likely cut back on public appearances while trying to redouble efforts to raise money from commercial sources.
In 2001, Forbes pegged the Queen’s fortune at $420 million — far short of the cabbage she’d need to make the magazine’s billionaires list. Technically, the crown jewels and even Buckingham Palace belong to the British state.
According to NPR, before the economic downturn the queen received more than $100 million a year in taxpayer funds.