Queen Elizabeth might be the monarch and the head of state but she is also the head of a business that could see the royal family earning over $600 (£500) million in due time. While the royal family's income for tourism has been hit by the coronavirus pandemic, a new report cites that their investment portfolio consisting of several offshore renewable wind farm could bring huge gains.
According to the Standard, the Crown Estate will soon be receiving rent payments from offshore wind farms that the U.K. government has planned to erect for its renewable energy expansions. Some of these wind farms are now under construction, while plenty are still in the planning stages. But since the Crown estate owns the land these wind farms will be erected, the royal family stands to earn two percent of its stake as rent.
Dr. Jonathan Marshall of Tortoise, Energy & Climate Intelligence Unit, who reviewed the arrangement, said that the Crown Estate might earn billions from the accumulation of this project, despite not actually being involved in the wind farms. As it is, the Crown Estate affords Queen Elizabeth and her heirs a substantial earning.
They derive their income from rent payments in the Duchy of Lancaster and the Duchy of Cornwall, of which Prince Charles is the landlord. The Duchy of Cornwall enables Prince Charles to support the lifestyle of his children, Prince William and Prince Harry, as well as their wives and children.
Meanwhile, the Royal Collection Trust reportedly sent out an email to its staff about job cuts and redundancies that may happen in the next few months. The trust handles the tourist ventures of the royal family.
It's no secret that visitors to the historical sites in the U.K. bring in billions of the dollars for the economy. But since March, royal palaces and other historical sites have been closed due to the pandemic. Some of these sites might not open for the remainder of the year or will operate in a limited capacity.
As a result, the head of the Trust said that they might need to lay off workers soon. With 200 staff members working on these tourist sites, it will be a difficult decision for the Master of the Royal Household.
According to The Sun, Buckingham Palace has no comment on the master's statements while a spokesperson for the Trust refused to speak about the redundancies. Nevertheless, the spokesperson also said that income from the tourist sites dropped massively from nearly $100 million in 2019 to just $16.5 million in the last six months, while in lockdown. The spokesperson said that the Trust could lose more than $40 million in the current financial year.
