Prince William and Kate Middleton's wedding is about to showcase a Royal Britain to billions of TV viewers around the world. But the real truth behind Windsor Money is as surprising as any fairytale.
Most of the assets on display during the Royal Wedding do not belong to the queen.
Some 250 years ago, the queen's third great grandfather, George III, gave virtually all royal property to the government, in order to get taxpayers to forever pay to maintain them.
This is a list of royal assets operated by the U.K. government and which it loans to the current royal family. The queen neither owns them — nor could she ever sell them.
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•Buckingham Palace: The queen's primary residence in London where she will host an evening party for 300 family and friends the night of the wedding.
•Windsor Castle: The retreat 20 miles west of Buckingham Palace, near Heathrow Airport, where the queen prefers to stay because she says it's more comfortable.
•Crown Jewels: A collection of scepters, swords, rings and crowns normally secured at the Tower of London. During the Royal Wedding members of the Windsor family will wear them as symbols of their right to rule.
Where to watch wedding on TV?
More accurately, how could you avoid it?
All the major broadcast networks and cable news outlets, plus some less-traditional video venues, are providing coverage of the nuptials live, from London, following the official royal schedule:
• 3:15-4:45 a.m. Arrivals at Westminster Abbey.
• 5-6 a.m. Royal family, royal couple travel from Buckingham Palace to the abbey.
• 6 a.m. Service begins.
• 7:15-7:30 a.m. Carriage procession
back to Buckingham.
• 8:25 a.m. The bride and groom and their families make the traditional appearance on the balcony, give the royal wave.
• 8:30 a.m. Fly-by by the Royal Air Force
and the Battle of Britain Memorial Flight.
And for those viewers who would rather not give up a minute of sleep for this romantic event, networks and cable channels will be reprising the royal doings throughout the day (Oprah Winfrey with live correspondents on the scene) and in prime-time specials.
All the major broadcast networks and cable news outlets, plus some less-traditional video venues, are providing coverage of the nuptials live, from London, following the official royal schedule:
• 3:15-4:45 a.m. Arrivals at Westminster Abbey.
• 5-6 a.m. Royal family, royal couple travel from Buckingham Palace to the abbey.
• 6 a.m. Service begins.
• 7:15-7:30 a.m. Carriage procession
back to Buckingham.
• 8:25 a.m. The bride and groom and their families make the traditional appearance on the balcony, give the royal wave.
• 8:30 a.m. Fly-by by the Royal Air Force
and the Battle of Britain Memorial Flight.
And for those viewers who would rather not give up a minute of sleep for this romantic event, networks and cable channels will be reprising the royal doings throughout the day (Oprah Winfrey with live correspondents on the scene) and in prime-time specials.
•The Royal Collection: 200,000 drawings, prints and paintings — including works by Rembrandt, Michelangelo and Caravaggio — collected over 500 years. It also includes furniture, textiles, armor and one of the finest Faberge collections in the world. Valued at $16 billion.
•The Duchy of Lancaster: A portfolio of property assembled 600 years ago. 72 square miles of farm and city land (an area about three times the size of Manhattan). Valued at $570 million.
•The Crown Estate: An even more impressive portfolio of land, eight times larger, that includes iconic properties in London like Regent Street, Piccadilly and the Park Lane sites of The Four Seasons and Intercontinental hotels. 12,000 tenants are paying rent on 560 square miles of land across England and Wales. The estate even includes all U.K. coastal waters within 12 miles of land, where energy companies are increasingly paying to construct wind farms. Valued at $12 billion.
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Last year the Crown Estate alone generated $342 million. But, as with virtually all these royal assets, that cash went straight to the U.K. government. In return, the taxpayer pays the queen a fixed, annual allowance.
There's one exception. The U.K. government still hands the queen income from the smaller of the two property portfolios. Last year she received $21.8 million from the Duchy of Lancaster.
Taxpayers also give Elizabeth an annual allowance of $23.3 million for performing 360 engagements a year as Head of State. The Palace says she spends 70% of that on servants and entertaining 50,000 guests, mostly feeding them afternoon tea in the garden of Buckingham Palace.
Taxpayers also pay the Queen $25.9 million in expenses to maintain her palaces; $6.4 million toward the Royal Train, helicopters and jets; and an additional $6.4 million toward other costs, like State Visits.
In total, each year the queen gets $83.8 million from government.
It's widely assumed Elizabeth also receives a multimillion dollar income stream from her private portfolio of stocks and bonds.
