In recession-ravaged Britain, Queen Elizabeth II gets a raise - to $56 million a year

Carl Court / AFP - Getty Images

After more than five decades on the throne, view images from the extraordinary life of Queen Elizabeth II.

LONDON - Britain's Queen Elizabeth has another reason to be cheerful in her Diamond Jubilee year - her annual pay is about to jump by 20 percent to 36 million pounds ($56 million).

Her property holdings, known as the Crown Estate, posted a record profit of 240.2 million pounds ($377.4 million), a net rise of 4 percent in the year through March 2012 largely due to strong tenant demand for its shops in the upmarket Regent Street and St James's districts of London.


At a time when Britain is in recession and many families are feeling the pinch of higher household costs and taxes, the Queen's allowance will rise to 36 million pounds from 30 million pounds, the level at which it was frozen in October 2010 under new laws which peg her pay to the estate's profits.

Her Majesty celebrates 60 years on the throne.

"It's a great set of results and I'm sure everyone's going to be happy," Crown Estate Chief Executive Alison Nimmo said.

The 85-year-old queen celebrated her 60th year on the throne this month with a 1,000-vessel flotilla on London's River Thames and nationwide street parties.

Read more news about Britain's royal family on TODAY.com

She has been paid by taxpayers through an allowance set by Parliament and via other government grants since King George III ceded all property profits to the Treasury in 1760.

Queen Elizabeth II is celebrating 60 years on the throne. Watch archival footage from her childhood and ascension to the throne to the present day.

The Crown Estate pays all of its profit to the Treasury, or finance ministry. Under new laws that come into effect in 2013-14, the monarch's pay is calculated as 15 percent of the estate's profits from two years prior.

Prince William turns 30, gets $15.5 million Diana inheritance

The changes were designed to ensure the queen's pay would rise and fall with the health of the British economy, which this year entered its second recession since the start of the global financial crisis.

Used mainly to pay the Royal household's staff as well as for items like laundry, stationery and official functions, her 2013-14 pay will be the highest since 2008 though still less than half of her 1991 pay of 77.3 million pounds ($121.2 million).

The Crown Estate, which owns a mix of wind farms, retail parks and most of Britain's seabed in addition to its central London properties, outperformed the industry's Investment Property Databank (IPD) benchmark index due to strong international interest in the London property market and the country's growing dependency on renewable energy.

While more than a century separates festivities marking Queen Elizabeth II's 60 years on the throne from those honoring her predecessor Queen Victoria, surprising similarities connect the commemorations. NBC News' Jim Maceda reports.

The value of its property portfolio rose 7.4 percent to 7.6 billion pounds from the previous year, while the total return, which includes rental income, was 16.8 percent, outperforming the IPD index by 10.4 percentage points.

Its London projects include the 500 million pound ($784 million) regeneration of the St James's district, where it will redevelop almost 300,000 square feet of new shops, offices and homes.

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More like , in a recession , the royal welfare bum gets a raise . WHY ?

    Reply#104 - Thu Jun 21, 2012 10:56 AM EDT

    She should NOT be getting a cent! Her royal regime oppressed countries around the world for many years, why let it symbolically stand at such great cost? Eliminate the illogical throne and kick her out.

    • 1 vote
    Reply#105 - Thu Jun 21, 2012 11:05 AM EDT

    LOL

    • 1 vote
    Reply#106 - Thu Jun 21, 2012 11:19 AM EDT

    WHY??

    • 1 vote
    Reply#107 - Thu Jun 21, 2012 11:25 AM EDT

    On the 200th anniversary of the war of 1812, I am disgusted that any American is keeping up with a terrorist organization like the Windsor family in England. That family gave the order to burn down our white House and are behind more American deaths than Bin Laden ever was. That family should be paying reparations.

    • 2 votes
    Reply#108 - Thu Jun 21, 2012 11:33 AM EDT

    I think you'll find that it was actually Rear admiral George Cockburn that ordered the burning of towns and districts as Major General Robert Ross saw fit, in retaliation for what he saw as the "wanton destruction of private property along the north shores of Lake Erie" by American forces in may of that year so immediately after the battle of Bladensburg (August 24th, 1814) the White House and other public buildings were set alight, and if it wasn't for the strict discipline of the British, Washington would have been laid waste.

    I find your comment regarding that the British royal family are behind more American deaths than Bin Laden frankly astonishing and ignorant (i am not a royalist by the way) and to be honest i think the Americans are behind more American deaths than Bin Laden ever was.

      #108.1 - Thu Jun 21, 2012 4:56 PM EDT
      Reply

      I think GB can cut a little taxes. Does she really need all that money?????

        Reply#109 - Thu Jun 21, 2012 11:41 AM EDT

        Where is a good definition of Capitalism when you need one? Americans believe in the Trickledown Economics Theory, however most having failed science, do not recognize the Evaporation Economics that occurs emanating from your wallet.

        The word capital refers to the head of state, or the head of corporation, as the game of equity capital leveraged buyouts is played there can be only one winner. Even the fixed nature of the board game monopoly illustrates in simplest fashion the essence of the problem.

        If you have or need only the lowest level of understanding, then the game board is cardboard covered with paper having printed positions on it, the plastic pieces are put into play, and the paper money is dispensed, and turns are taken. Most of the time, the players get tired of the game, quit, although occasionally the winner takes it all, hence the name Monopoly, the game gets put into the closet and wait the next yard sale.

        Monarchy has the same root word as Monopoly, or Money, but the idea money and power corrupts absolutely, is easily just as boring as an abandon cardboard Monopoly board. But suppose that we live beyond the board game level of understanding, and without anyone noticing put into the Banker figure of the game, a person who under the pressure of losing, caves in and become corrupt, and keeps putting fresh money on the table even as another player is becoming the dominant holder of all the assets. Were this to happen and the game finished the results is the same one player wins a Monopoly.

        This not really any economic science, or anything intrinsically useful, except to point out that if you at absorbed in the game, hoping to win, by the rules, then you are less likely to be watching the Banker. Just as in real life we are wary of power, and attempt to play by the rules to get out own share of power and in so doing cannot see the larger picture, refuse to look, quit the game and dispose of the unused game board at the next yard sale.

        The good capitalist see the merit in owning property, collecting rent, and attracting business. We tolerate this by assuming that different good capitalist sees the same merit, but uses different property, charging different rents and attracting business. Both good capitalists want the same customer base, and their competition provided the lowest economic cost using the available resources. The odd thing about this example is that it works when the "attracted business" is not growing the overall economy or increasing wealth. If we extent this two party Monopoly to hundreds of proprietors and business not only might not be growing, but could be contracting business, bit unless you look at the big picture, you cannot see either the two party Monopoly nor the case where the proprietors are abundant. You have to look to see if the Monopoly is expanding wealth or merely dividing up the existing business base, or if the outlying proprietors hold deteriorating properties.

        In either case, something outside the sand box has to change, rearranging the sand from side to side, taking it out of the box slowly does nothing, but waste times, the sand box has to grow bigger.

        Capitalists wanting growth have to break into the monopoly system and hide that distant goal of becoming a monopoly.

        If the English Queen, and Monarchy does not have enough examples of Capitalism, rules, limits, excesses, abuses that are similar to corporations and modern business then we have put into the closet the greatest board game of all and are waiting the apocalyptic yard sale.

        While the Trickledown Economics Theory continues to put more capital into the hands of bankers, financers, corporations and the wealthy class, the remainder of the billions of the World wallets then Evaporation Economics will feed those Trickledowners. If approximately the current top 1% own 39% of the world's wealth, and the top 10% own 79%, then how much is to gained by transferring (79-39) 40% from the top 10% to the top 1%, or transferring the bottom 90% owning (100-79) 21% and eliminating the wealth of the poor altogether.

        The time to the "apocalyptic yard sale" is solely determined by how fast the "Evaporation Economy" vanishes against the possibility that "Trickledown Economics Theory" would start working, but can we (wee) hold it back that long… "Depends®".

        If I invented a manmade system that did not work, would I continue to sell it on the promise that it might work someday? Yes just keep advertising it.

          Reply#110 - Thu Jun 21, 2012 11:59 AM EDT

          Damn Rich, your reply was longer than the article.

          You do realize your not here to educate anyone, but simply offer your opinion.

          If you are unable to stated your opinion on the article in less than about 150 words; may I suggest less coffee.

            #110.1 - Thu Jun 21, 2012 2:37 PM EDT
            Reply

            Turning a profit has always been a good way to ensure job security. Of course she had her Jubille, and the coming of the Olympics this year bosting tourism, and paying visitors to Royal property.

            But in the end this is a psychology problem the British need to answer for themselves. Why do they still need a royal family. Mind you they are not alone. Spain, Sweden, Norway, Holland, Denmark, and Belgium still maintain their respective Royal Families. People cling to their traditions the way fat old men cling to their high school sports trophys. It reminds them of better times.

              Reply#111 - Thu Jun 21, 2012 2:29 PM EDT

              Hillary says "Give me that money, I'm the Queen"

              Did you know the Crown owns land in the U.S.A.?

                Reply#112 - Thu Jun 21, 2012 3:02 PM EDT

                LOL..the English people are fools!! The so called royal family is not even British..they are members of a minor German royal family that uses the name of Windsor castle as they were to ashamed of their German name during WWI..unfortunately the American upper class are all Anglophiles..that is why we are subjected to updates on the "Royal" Family and why hundreds of thousands of American lives and trillions of our dollars have been wasted since 1917 enforcing the will of the British Empire!! Scotland will soon vote on the question of secession..and hopefully they will choose independence rather then supporting London and the millions of Muslims who have taken advantage of "Commonwealth" citizenship to move to England and leach off the poor English working class!!

                NO FREE TRADE WITHOUT FULL EMPLOYMENT!!

                  Reply#113 - Thu Jun 21, 2012 4:17 PM EDT

                  I am Welsh, and i do not support the monarchy in any shape or form, her and her family are Britain's biggest benefit scroungers.

                  It is truly obscene that whilst people in Britain are struggling with increasing Tax rises, pay decreases and higher prices for everything, this parasite family are sat in the lap of luxury seemingly oblivious to the plight of the ordinary person on the street. And we are paying for it!!!!

                  It is simply a myth that they bring a lot of revenue to the country, that may be the case if you live in london but i can assure you that no money is brought to Wales or Scotland on account of her, i do not speak for the whole of Wales but i can speak for most when i say out with the Monarchy and this pathetic bag of @!$%# coalition government who simply do not give a @!$%# about ordinary working people.

                  Long Live the Republic!!

                  • 1 vote
                  Reply#114 - Thu Jun 21, 2012 4:27 PM EDT

                  Well said!! May ALL the Gaelic & Celtic people find freedom!!!

                    #114.1 - Thu Jun 21, 2012 5:14 PM EDT
                    Reply

                    People living day to day & hand to mouth and then there is this:

                    Greed is the inordinate desire to possess wealth, goods, or objects of abstract value with the intention to keep it for one's self, far beyond the dictates of basic ...

                    what do you do with that much money ?

                    What a bunch of pompous asses!

                      Reply#115 - Thu Jun 21, 2012 5:11 PM EDT

                      The Queen is a Joke, wake up!

                      So is the entire royal family.

                      • 1 vote
                      Reply#116 - Thu Jun 21, 2012 9:49 PM EDT

                      thy royal staff comforts her at nite every nite.......god save the king ,,,,he came down with a pee pee infection in his royal staff..............there goes the royal jewels.

                        Reply#117 - Thu Jun 21, 2012 10:45 PM EDT

                        Hopefully that's enough for her to buy a couple of decent looking hats.

                          Reply#118 - Thu Jun 21, 2012 11:03 PM EDT

                          The people of the West must come to their senses and realize that these elites whether the Royal Family of England or the American Billionaires have declared CLASS WARFARE on the working classes 30 years ago and are winning in spades. They are systematically squeezing every dollar, pound, peso etc. out of the hands of the workers and into their own greedy pockets, using so called democratic governments as their personal weapons.

                          The reality is that none of the Western nations including the United States is any longer a peoples democracy. They have morphed into plutocracies and oligarchies with imperialist overtones.

                          The working classes have no alternative but to fight or risk becoming wage slaves, working for subsistence wages only. Every major institution whether governmental or private has been corrupted and twisted into a rigged game that only the elite can win at. The bad news is, it is getting worse by the year. The good news is, the people have the power to stop and reverse this disaster at any time. The question is do the people today have the same fortitude as the founders of our country to stand up to tyranny!

                            Reply#119 - Thu Jun 21, 2012 11:54 PM EDT

                            lmao those britt wankers actually let this woman give herself a raise , wow 56 million a year,blimmy ,why thats perposturous!she must be a real royal pain in there arse,they should fire her for bilking&stealing from the people of england.where the heck is robin hood? thank GOD we are americans and thank GOD for george washingtons victory over the royal brittish blundders.

                              Reply#120 - Sat Jun 23, 2012 12:23 PM EDT

                              This would be a perfect time for the Queen to show love to her people, go out and share her money with those who really need it. May God speak to her heart!

                                Reply#121 - Sat Jun 23, 2012 2:16 PM EDT
                                Comment author avatarNatalya Ramirezvia Facebook

                                "Ssimmons117 All of you people defending a monarchy... please educate yourselves and go read history! Remember why our country started a thing called the American Revolution? Because of the tyranny of a monarchy."

                                So what do you call the US's Invasions or attempts at undermining the governments of Grenada, Nicaruga, Chile, Vietnam, Cambodia, Iran, etc etc. To me it is far worse to claim to stand for democracy and deny it to others than to say I'm a monarch and I love my people. If anyone thinks that Queen Elizabeth does not have the best interest of her people at heart, then you really know nothing about her.

                                  Reply#122 - Fri Apr 19, 2013 5:21 AM EDT
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