With news of Kate Middleton’s pregnancy come none of the worries that most soon-to-be parents face. Namely, how to prepare for loss of income, maternity leave and childcare costs. While not as wealthy as Bill Gates, the heir a’parents will have no trouble financing the increasingly pricey cost of childrearing. But how exactly do the royals derive their income? Here’s a quick primer:
• Prince William receives a salary, and a fairly humble one, of approximately $37,000 pounds for being Helicopter Pilot of Search and Rescue of Royal Air Force. But he will soon decide whether to forsake his beloved Air Force job for full time royal duties.
• In June Prince William received half of an estate that his late mother Diana left to him and his brother. His share is estimated to be around $15 million pounds, which means he can buy the most expensive diaper genie on the market.
• The cost of the Prince’s official duties are paid for by the Duchy of Cornwall, a property trust managed by the eldest son of the reigning monarch, Prince Charles. The duchy manages a huge portfolio of properties worth hundreds of millions of pounds. Income derived from the duchy pays for the prince’s office and official duties, after which income tax is paid on these properties.
• Prince Charles foots the bill for many of the couple’s living expenses, including $620,000 for their wedding and $55,000 for designer clothes for Kate. Though the couple gets lots of swag sent their way, they are not allowed to accept freebies.
• The couple will move into Kensington Palace in 2013. Their apartment, which formerly belonged to Princess Margaret, is being renovated to the cost of about $1 million pounds, to be paid for by public grants and private family money.