King Charles is set to receive an official annual income of £132 million next year, thanks to his portfolio of land and property, which generated over £1 billion in profits due to a boom in the offshore wind sector via The Guardian.
Profits at the Crown Estate, which partially funds the monarchy, remained stable at £1.1 billion for the financial year ending in March, but this figure is more than double what it was two years ago, at £442.6 million.
The Crown Estate, as the legal owner of the seabed around England, Wales, and Northern Ireland, is responsible for auctioning offshore wind rights. It has profited from significant growth in the industry, charging substantial option fees to renewable energy developers who want to secure areas of the seabed for their wind farms.
The monarchy receives 12% of Crown Estate profits to support its operations, including the ongoing £369 million renovation of Buckingham Palace. This fee was reduced from 25% in 2023 to account for the increased profits from offshore wind projects.
As per the new calculation, King Charles is poised to receive official income of £132m from the estate, at the same level as last year. The grant had remained flat at £86.3m for the four years prior.
Dan Labbad, the chief executive of the crown estate, said the increase in profits in the past two years was a “short-term” phenomenon. “We expect this year to be the high point of these returns … before profits normalise,” he said.
Michael Stevens, the king’s Keeper of the Privy Purse, said last year the expected significant increase in the sovereign grant would be used to fund the final stages of the renovation of Buckingham Palace.
Once this is accomplished, he said “a reduction in the absolute amount of the sovereign grant will be sought as part of the royal trustees review in 2026-27, through primary legislation”, to ensure that the work of the royal family “continues to be funded at an appropriate level”.
The Crown Estate, which includes a portfolio of properties in London and rural real estate, is currently valued at £15 billion, down from £15.5 billion last year. This year, the valuation of its marine assets decreased by £1 billion, bringing it to £3.4 billion.
The property assets in London are valued at £7.1 billion, an increase from £6.9 billion the previous year. Much of the portfolio in the capital is concentrated around Regent Street and St James’s, and it includes Victory House, which is home to London’s oldest Indian restaurant, Veeraswamy.
Additionally, the Crown Estate announced that it is redeveloping approximately 93,000 square meters (1 million square feet) of commercial space in London as part of a £490 million project. This redevelopment is in partnership with Westminster City Council and aims to transform areas such as Regent Street, Haymarket, and Piccadilly Circus.
