Highlights
- Queen Elizabeth II's passing has had a significant impact on the Royal Family's financial stability, income, and public support.
- The British royal family contributes significantly to the UK's tourism industry.
- The cost of viewing Queen Elizabeth II's final resting place at Windsor Castle has sparked criticism.
When Queen Elizabeth II passed away, she left a huge inheritance and a massive net worth. In the wake of her passing due to her several health issues, there are ongoing challenges posed by a cost of living crisis and intense debates erupted regarding the monarchy's financial burden.
Every year, the royal family plays a significant role in bolstering the United Kingdom's tourism industry, contributing significantly to generating millions of pounds in revenue. However, several factors contributed to the Royal Family's financial fortunes, and the Queen's passing had a significant impact on the Royal Family's financial stability, income, and public support.
How Does The British Royal Family Make Money?
According to Forbes, the House of Windsor boasts an estimated net worth of £19 billion. This prestigious institution significantly bolsters the British economy.
Popular attractions such as Windsor Castle and Frogmore House collectively welcomed approximately 426,000 paying visitors from April 2021 to March 2022, where adult tickets on Sundays to Fridays are priced at £26.50.
In addition to these iconic destinations, other royal tourist attractions including Buckingham Palace, the Royal Mews, Clarence House, the Palace of Holyroodhouse, and the Queen's Gallery also play a pivotal role in generating substantial revenue.
The royal family further enhances its contributions to tourism income through the royal collection and the crown's estate.
The royal collection stands as one of the most significant in the world, and its 2019-2020 annual report indicates that a staggering 3,285,000 visitors graced the official residences, resulting in approximately £49,859,000 in revenue.
Aside from King Charles III's inheritance from the late Queen's private wealth, the Crown Estate, which he is now the head, exercises control over approximately 1,960,000 acres of agricultural land and forests, as well as more than half of Britain's foreshore.
While the annual cost for maintaining the monarchy, funded by UK taxpayers, averages around £500 million, Brand Finance estimates that the monarchy's brand alone contributes a substantial £2.5 billion to the British economy within the same timeframe.
This intricate financial interplay underscores the significant economic impact of the British royal family on the United Kingdom.
How Did Queen Elizabeth II's Death Affect The Royal Merchandise And Souvenir Sales?
Britain's longest-reigning monarch may have passed, but her memory endures through different memorabilia. According to Buckingham Palace, the tradition of royal souvenirs is as old as the British monarchy. Even Queen Elizabeth II's Platinum Jubilee in June 2022, witnessed a flurry of celebratory collectibles.
The Center of Retail Research reports a staggering £282 million spent by the British public on memorabilia for the 2022 Platinum Jubilee.
An analysis of Google search trends by Middletons.co.uk from May 2018 to March 2022 revealed that the top merchandise categories included plates, china, mugs, biscuit tins, tea towels, and glassware.
The most rapidly selling Platinum Jubilee merchandise this summer featured a limited set of champagne glasses adorned with the queen's monogram (EIIR) from the Royal Collection Trust. Only 70 sets were crafted, fetching £120 per set.
However, the conclusion of the longest-reigning British monarch's era presents fresh opportunities for both retailers and collectors, according to experts. At the time of this writing, a year had passed since the Queen's passing, and it marked the beginning of an anticipated increase in the value of rare collectibles amassed over the years.
Experts like Antony Charman, co-founder of Vintage Trading Solutions, emphasized that collecting is a long-term endeavor, "It's going to be a number of years before they actually do become worth money. They haven't become worth more money because the queen has died and overnight they’ve gone up in price."
Martin Cribbs, Vice President for Brand Management at Beanstalk, also anticipated a substantial surge in interest in royal merchandise, driven by Queen Elizabeth's historic reign.
How Did Queen Elizabeth II's Death Impact The Cost Of Viewing The Royal Grave And Her Final Resting Place?
Passionate royal enthusiasts voiced their concerns regarding the eye-watering price associated with visiting Queen Elizabeth II’s final resting place, as Windsor Castle now requires mourners to pay general admission to pay their respects at Her Majesty's grave. The Queen's resting place is situated within the King George VI Memorial Chapel at Windsor Castle, where she lies alongside her late husband, Prince Philip, and her parents.
The Trust, one of the royal household's five departments responsible for managing the public openings of official royal residences, has set the admission fee at £26.50 ($29.50) for adults on Sundays through Thursdays and £28.50 ($31.75) on Saturdays.
Prices are more affordable for individuals under 18, yet this hasn't prevented some from criticizing the royal family for what they consider an exorbitant charge.
Buckingham Palace shared an image of the ledger stone marking the burial site of the royal family.
It bears the inscriptions: "George VI 1895-1952," "Elizabeth 1900-2002," followed by a metal Garter Star, and then "Elizabeth II 1926-2022" and "Philip 1921-2021." The ledger stone, crafted from Belgian marble and adorned with inscriptions, was surrounded by wreaths of white roses and lilies when it was opened to the public.
Admission tickets grant access to the castle premises and entry to the memorial chapel, where the ledger stone marks the Queen's grave. Furious fans have taken to Twitter to express their discontent with the cost, with some labeling the Royal Family as grifters.
One user commented, "It might not be her final resting place, the attraction could become so lucrative they will take her on tour." At the time of this writing, it’s a year since Her Majesty passed, and the weekend price for visiting the King George VI Memorial Chapel where the Queen's grave lies is £28.50. However, visitors seeking to save on costs can opt for a weekday visit, priced at £26.50.
Some individuals questioned why they had to pay for access, with one Twitter user expressing that the cost felt like adding insult to injury amid the ongoing cost of living crisis. They emphasized that in a country where many are struggling due to rising living expenses, this fee appears burdensome.
According to the Royal Collection Trust, revenue from these tickets plays a vital role in preserving and conserving the Royal Collection while promoting access and enjoyment through exhibitions, publications, loans, and educational initiatives.
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