The Queen Is Going to Make $58 Million for Being the Queen Next Year

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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.

This article is from the archive of our partner The Wire.