Thanks to a new 5-percent raise, Queen Elizabeth II is expected to rake in a little over $58 million in 2014 — more than Kobe Bryant, LeBron James, and Tony Parker combined. The British monarch didn't get a stellar performance review or anything, but the Crown Estate, a portfolio with very profitable real estate accounts owned by the royal family, just announced a record profit of £253 million ($386.4 million) and the Queen, thanks to new rules enacted in 2010, gets to take in 15 percent of the gains, The Guardian's Jennifer Rankin reports. Here's more from CNN:
The good news for the nation is that all the profit from the estate is paid into the public coffers. The queen is then paid a grant each year by the Treasury equal to 15% of the profit from two years before.
"Profits were up 5.2% on last year," Rankin explains. That means that in 2014, the Queen will receive "£37.9million (around $58 million US) ... up from £36.1million ($54 million US) this year," The Daily Mail's Matt Chorley writes, adding that it's "the second year running that funding from the taxpayer has gone up." That money gets paid in a Sovereign Grant, and a third of it actually goes to the Queen's staff. The Guardian reported in April:
Around £10m is spent on the salaries of the Queen's staff, from footmen to chefs in the royal kitchen – but wages have been frozen for a number of years. The figure for official expenditure does not include the cost of providing security and police protection for members of the monarchy.