The reign of the British royal family spans 37 generations and 1209 years.
Buckingham Palace in London served as the official residence of the rulers of Great Britain from 1837, and today is the administrative seat of the ruling monarch.
And each year the royal family is responsible for generating millions of pounds of tourism for Britain.
According to Statista, in the 2019-20 fiscal year, the royal estate’s ticket income in the UK increased compared to the previous year.
Overall, admission income peaked at almost £ 49.9m in 2019-20, rising from around £ 48.4m in 2018-19.
Here’s everything you need to know about Britain’s royal tourism industry.
How much money does the royal family bring to Britain for tourism?
According ForbesThe House of Windsor is estimated to be worth £ 19 billion.
It helps the country earn hundreds of millions for the UK economy each year, with Windsor Castle and Frogmore House having an estimated 426,000 paying visitors from April 2021 to March 2022. An adult ticket costs £ 26.50 Sunday to Friday.
Other royal tourist destinations such as Buckingham Palace, Royal Mews, Clarence House, Frogmore House, Palace of Holyroodhouse, and Queen’s Gallery also generate significant revenues.
In addition to generating income from ticket sales, various palaces also sell souvenirs, knick-knacks, baskets and publications, as well as a Christmas basket.
What are other ways the royal family can earn money?
The royal family also generates tourism income through the royal collection and crown fortune.
The royal collection is known as the most important collection in the world. According to the 2019-20 Annual Report, a record number of 3,285,000 have visited official residences, generating around £ 49,859,000.
From a retail perspective, the royal collection’s sales in the gift shop were £ 19,983,646 in one year, giving it a total revenue of £ 71,526,000 this year.
The Crown Estate, on the other hand, includes a plethora of UK based properties. It includes Regent Street in London, Windsor Great Park and Ascot Racecourse, among others.
The Crown Estate also controls approximately 1,960,000 acres of farmland and forest, and more than half the British coast.
Overall, how much does the royal family contribute to the UK economy?
While the average annual cost for British taxpayers to support the royal family is around £ 500 million a year, Brand Finance estimates the Monarchy Brand will contribute £ 2.5 billion to the British economy at the same time.
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