Nation & World News

No, Queen Elizabeth Is Not Down To Her ‘Last Million’

By Mark Memmott on January 28th, 2014

Did you hear about Queen Elizabeth II? That times are tough for Britain’s monarch?

Or as an inspired headline writer at Australia’s Canberra Times put it:

Royal no longer flush — Queen ‘down to her last million’

Well, don’t schedule a telethon for her just yet.

The queen herself is not running out of money.

The report that such stories are based on, from the House of Commons’ Committee of Public Accounts, says the royal “household” had just 1 million pounds (about $1.7 million) in its reserve fund as of March 31 last year.

Basically, what happened was this:

– The household spent 44.9 million pounds in 2012-13. That’s $74.4 million at the current exchange rate.

– It paid its bills thanks mostly to a taxpayer-funded grant of 31 million pounds from the British government and the 11.6 million pounds in income that the royals generated from visitors to palaces and other revenue sources.

– If you’ve been doing your math, you’ve figured out that 31+11.6=42.6. That means the royals needed another 2.3 million pounds to cover their spending. That money came from the reserve fund. “The household drew down £2.3 million from its £3.3 million Reserve Fund, leaving a balance of only £1.0 million at 31 March 2013,” says the House of Commons report.

This is all a problem, the report says, because the queen should have more socked away “to cover unforeseen demands.” What’s more, some such demands may not be so unforeseen. As NBC News says:

“The report also criticized the royals’ ‘complacency’ in allowing some 39 percent of royal buildings and land to slip into a state of disrepair. It said the 60-year-old heating system in Buckingham Palace alone will cost between £500,000 and £1 million to replace.”

That’s $828,000 to $1.7 million.

But let’s get back to our original point about misleading headlines and what the queen is or is not worth. According to Forbes, “her personal net worth [is] around $500 million.” It adds that the half billion:

“Comes from property holdings including Balmoral Castle in the Scottish Highlands, stud farms, a fruit farm and marine land throughout the U.K.; extensive art and fine jewelry; and one of the world’s largest stamp collections built by her grandfather.

“Not included are those assets belonging to the Crown Estate, which she gets to enjoy as queen, such as $10 billion worth of real estate, Buckingham Palace (estimated to be worth another $5 billion), the Royal Art collection, and unmarked swans on stretches of the Thames.”

We expect some may wish to discuss in the comments thread whether a family with that much money needs as much help as it is getting from Britain’s taxpayers.

The Atlantic has looked at the costs vs. the benefits. It notes that critics of the monarchy claim it really costs about $307 million a year to keep the royal family housed, fed and protected. Other officials, though, claim that royal-related tourism generates about $767 million in annual revenue for Britain.

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

This entry was posted in News from NPR. Bookmark the permalink.

Comments are closed.

 

More Stories in News from NPR

The second atomic bomb test at Bikini Atoll on July 25, 1946. The Marshall Islands, where Bikini is located, is suing the U.S. for what it calls a violation of the Nuclear Non-Proliferation Treaty.

Pacific Island Nation Sues U.S., Others For Violating Nuclear Treaty

The Marshall Islands, the site of 66 U.S. nuclear weapons tests between 1946 and 1958, says the Non-Proliferation Treaty requires nuclear states to disarm.


Former Supreme Court Associate Justice John Paul Stevens likens making pot illegal to Prohibition. In his new book, Six Amendments, he proposes constitutional changes including a curb on an individual's right to bear arms.

Retired Justice John Paul Stevens: Marijuana Should Be Legal

In an interview with NPR’s Scott Simon, Stevens compares making pot illegal to the attempt to prohibit alcohol. Like alcohol, he said, there will soon be a consensus that it is not worth the cost.


Pope Francis as he celebrated communion last July in Brazil.

Pope OKs Communion For The Divorced? Not So Fast, Vatican Says

Word about what the pope reportedly said when he called a woman in Argentina set off speculation that he wants to reverse church teachings. His spokesman says that’s reading too much into the story.


U.S. journalist Simon Ostrovsky in Moscow in 2004. He was reportedly released on Thursday after being held briefly by pro-Russian separatists in eastern Ukraine.

American Journalist Freed By Kidnappers In Eastern Ukraine

Simon Ostrovsky, a reporter for Vice News, was seized at gunpoint by masked men in the city of Slovyansk earlier this week. Vice says he is now safe and in good health.


The steamship "City of Chester" in a photograph from the San Francisco Maritime National Historic Park.

Long-Lost Wreck Off San Francisco Recalls Anti-Chinese History

The City of Chester, which sank in 1888 after colliding with the liner Oceanic, has been found. At the time, false reports that the other ship’s Chinese crew failed to assist stoked racial hatred.


Thank you for your support

WUFT depends on the support of our community — people like you — to help us continue to provide quality programming to North Central Florida.
Become a Sustainer
I want to support FM 89.1/NPR
I want to support Florida's 5/PBS
Donate a Vehicle
Underwriting Payments