Going Broke? King Charles Required to Dip Into Cash Reserves After Spending $136 Million in the Last Year

Big spender!

The latest Sovereign Grant report has revealed the total expenses of the royal family over the last year from April 2022 to March 2023. The expensive year for King Charles ended up costing 5 percent more than the previous for the British royal family.

On Thursday, June 29, the Royal Household published a statement sharing their spending with the public, which displayed the recently coronated King spent a total of $136 million due to the plethora of events over the year.

The Sovereign Grant, funded by taxpayers, totaled $108.9 million, but the rest of the expenses had to be covered by reserved funds.

The brood's website shared a message regarding the large chunk of spending. "This year's statement covers a period of significant transition for the Royal Household, reflecting the Platinum Jubilee and State Funeral of Queen Elizabeth II, the Accession of The King, the lead up to Their Majesties' Coronation, and the coming together of staff from two Households," the statement read.

On top of the multitude of events, ongoing renovations of the historic Buckingham Palace added to the cost.

Queen Elizabeth's Platinum Jubilee celebrations came out to a total of $883,000, which included four days of festivities — the Trooping the Colour, the Platinum Party at the Palace concert and the Platinum Jubilee Pageant, according to The Sovereign Grant.

The report also indicated that Queen Elizabeth's funeral was the priciest event of the year, costing the institution about $2 million.

"Following the death of Her late Majesty in September 2022 Members of the Royal Family took part in a number of significant events as the world marked Her late Majesty's passing, including hosting a reception for Heads of State and official overseas guests, mounting a vigil at the Lying in State, the Funeral Service at Westminster Abbey and the Committal Service held in St. George’s Chapel, Windsor Castle," the document stated.

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King Charles also received money from the Duchy of Lancaster, a private estate which makes around $25 million a year. Additionally, the family generates extra cash from U.K. tourism, trade, royal warrants and merchandise.