King Charles is set to receive a substantial pay rise, with his annual sovereign grant increasing by over 50%, from £86 million in 2024-25 to £132 million in 2025-26. This boost is due to a record £1.1 billion profit from the Crown Estate, a portion of which funds the monarchy and Buckingham Palace’s renovation.
The significant grant increase will help complete the £369 million Buckingham Palace restoration by 2027. The grant will be reviewed in 2026-27 to ensure it's appropriately adjusted.
The Prince of Wales, meanwhile, earned £23.6 million from the Duchy of Cornwall in his first full year, covering official and personal expenses. The Duchy’s surplus is taxed at a standard rate after official costs.
Buckingham Palace’s accounts reveal that £800,000 was spent on the coronation and related events. Despite structural challenges and cost increases, the 10-year palace renovation project remains on budget and is nearing completion.
The Crown Estate’s record profits were driven by offshore wind project leases. The sovereign grant, previously 25% of the Crown Estate’s profits, was reduced to 12% to reflect these increased revenues. If the 25% formula had continued, the monarchy would have received £275 million in 2025-26.
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