Queen Elizabeth II Is About to Receive a Huge Payday

June 27, 2017, 4:12 PM UTC

Britain’s Queen Elizabeth II is set to receive £82.2 million ($105 million) in two year’s time, an 8.1% increase from 2016, royal accounts published Tuesday and analysis by the United Kingdom’s Financial Times shows.

The 91-year-old Queen, the world’s longest-reigning monarch, received £42.8 million ($54.6 million) last year, meaning she will receive nearly double her previous income come 2019.

The Crown Estate, an independent trust which runs the U.K. monarchy’s estate, including Buckingham Palace and property in London’s West End, revealed that it made £328.8 million ($418.6 million) in profit in the year ending in March 2017.

The Royal Family will receive 25% (up from 15%) of the profit, known as the sovereign grant. The grant, which is based on the profits of two years before, was increased in order to pay for extensive renovations to Buckingham Palace as part of a refurbishment program that will last 10 years. The work is expected to cost £369 million, or $471 million.

The Queen’s treasurer — known as Keeper of the Privy Purse — told reporters Thursday that the British monarchy is “value for money” and last year equated to less than one pound per person per year in the U.K. “That’s the price of a first class stamp,” he said, CNBC reported.

In its recent report, the Crown Estate said it saw a 5.5% year-on-year increase in the total value of the property it manages, as well as an 8.1% year-on-year increase in net revenue profit.

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