The reign of the British royal family spans 37 generations and 1,209 years.
Buckingham Palace in London has served as the official residence of the sovereigns of the United Kingdom since 1837, and today is the administrative headquarters of the reigning monarch.
And each year the Royal Family is responsible for generating millions of pounds worth of tourism for the UK.
In the 2019-20 fiscal year, the royal estate’s revenue from UK admission tickets increased compared to the previous year, according to Statista.
Overall, admissions income peaked at nearly £49.9 million in 2019-20, up from approximately £48.4 million in 2018-19.
Here’s everything you need to know about the UK’s royal tourism industry.
How much tourism money does the Royal Family bring into the UK?
According to Forbesthe House of Windsor is valued at £19 billion.
This helps the country earn hundreds of millions for the British economy each year, with Windsor Castle and Frogmore House recording an estimated 426,000 paying visitors between April 2021 and March 2022. An adult ticket costs £26.50 Sunday to Friday.
Other royal tourist destinations such as Buckingham Palace, the Royal Mews, Clarence House, Frogmore House, the Palace of Holyroodhouse and the Queen’s Gallery also generate significant revenue.
(AFP via Getty Images)
In addition to generating revenue from ticket sales, the various palaces also sell souvenirs, trinkets, baskets and publications, as well as a Christmas basket.
What are the other ways the royal family makes money?
The Royal Family also generates income from tourism through the Royal Collection and the Crown Estate.
The royal collection is known to be the most important in the world. According to the 2019-20 annual report, a record 3,285,000 people visited the official residences, generating an estimated £49,859,000.
In retail terms, sales of the royal collection in gift shops amounted to £19,983,646 in one year, making her total income for the year £71,526,000.
The Crown estate on the other hand includes tons of properties based in the UK. It includes Regent Street in London, Windsor Great Park and Ascot Racecourse among others.
The Crown Estate also controls about 1,960,000 acres of farmland and woodland and more than half of Britain’s coastline.
Overall, how much does the Royal Family contribute to the UK economy?
While the average annual cost to UK taxpayers of running the kingdom is around £500m a year, Brand Finance estimates that the monarchy brand contributes £2.5b to the UK economy over the same period.
Follow the latest updates since the death of Queen Elizabeth II here