Posted: 11:08 a.m. Thursday, April 4, 2013
By Rick Couri
The Royal family lives on a sovereign grant funded by taxpayers in Great Britain and that grant just got bigger.
The grant was set at $47 million in 2012-2-13 but will jump to $54.5 million for the next fiscal year.
The money covers expenses like travel, running of her household and royal palace maintenance.
The sovereign grant is a newer way to fund the family. It replaces a system that was hundreds of years old and thought to be outdated.
The new plan allows her Highness 15% of the Crown Estate's profits from two years prior.
This year's calculations come from the profits in 2011-2012. That came to over $363 million.