Is Queen Elizabeth Losing Money Because of COVID-19?

by Jeremy Spirogis
Queen Elizabeth

The coronavirus (COVID-19) pandemic is affecting numerous
individuals around the globe. With social distancing insurance policies in place, people are
seeing unprecedented adjustments to many points of their lives.

Royals have additionally not been spared from the consequences of COVID-19. For instance, a number of royals have examined constructive for the virus to date, together with Prince Charles. While Queen Elizabeth’s bodily well being appears to haven’t been affected a lot, there are causes to imagine her monetary state could also be altering because of the pandemic.

Queen Elizabeth
Queen Elizabeth | Chris Jackson/Getty Images

Queen Elizabeth’s web price and
how she makes cash

Queen Elizabeth is the pinnacle of one of the well-known royal households on this planet. As such, it’s not stunning she has some huge cash at her disposal. The queen is estimated to be price round $520 million.

She makes her cash in varied methods. First, she will get a portion of her cash from the Sovereign Grant, which is paid to her by the British authorities. However, the cash from the Sovereign Grant can solely be used for bills like safety, work journey, and palace maintenance.

The remainder of Queen Elizabeth’s earnings comes from her personal
estates. She has one known as the Duchy of Lancaster, which incorporates personal properties
and belongings belonging to the royal household. Additionally, she additionally has
collections of artworks and stamps in addition to a inventory portfolio.

Queen Elizabeth and the remainder of the royal household profit a
lot from tourism since they personal land and palaces. Last 12 months, it was estimated
that the queen pulled in an estimated $100
million
from tourism alone.

Queen Elizabeth could possibly be dropping
hundreds of thousands of {dollars} due to COVID-19

RELATED: Here’s How the Royal Family’s Wealth Is Unfairly Distributed

It isn’t any secret that each home and worldwide journey
has gone down considerably around the globe due to COVID-19. As such, Queen
Elizabeth is reportedly not making as a lot cash as earlier than.

Back in May, Lord Chamberlain Earl Peel, a senior official
of the Royal Household, instructed The Sun that the earnings the household normally will get from
royal palaces is reducing. Thanks to social distancing insurance policies, the palaces
have been closed to the general public, which stop them from creating wealth. As
reported by the
Telegraph
, the royal household might lose about £18 million (or $22.7
million).

Reports say royal palaces are
shedding workers members

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With royal palaces persevering with to be closed and never making as
a lot cash as earlier than, it’s unlucky that the following step could be to put off
workers members.

The
Sun
reported earlier this month that about 175 and 250 workers members might “provided
voluntary redundancies.”

“These redundancies are just the beginning,” a palace
insider shared with the outlet. “We count on when the total monetary fallout is
revealed later this 12 months there will probably be mass redundancies and a cutting down of
operations.”

While some royal residences, akin to Windsor Castle, are
trying to open again up this summer time with social distancing measures in place,
royal sources don’t imagine issues will probably be “normal” once more till 2021.

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