Ep 58 | Surprising Money Similarities Between High EarnersAnd The Royals
In this episode, Priya Malani sits down with Rachel Bowie, Royal Correspondent at PureWow, to unpack a surprising truth: the Royal Family’s wealth isn’t unlimited — it’s just exceptionally well structured. Together, they break down how the Royals actually manage money, why diversification and restraint matter more than status, and what high earners can learn from a family that’s built wealth to last for centuries. This conversation reframes what “never running out of money” really looks like — and why systems matter more than income.
Takeaways:
The Royals don’t rely on one source of money — they rely on structure.
Lifestyle restraint is intentional — not accidental.
Inheritance doesn’t guarantee security — structure does.
Looking wealthy isn’t the same as being financially unshakeable.
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Guest Bio:
Rachel Bowie is Senior Director of Special Projects & Royals for PureWow.com, owned by Gallery Media Group. There, she covers royals and money, of course, but also family, wellness, relationships and more. She's also the former co-host of the Royally Obsessed podcast, named one of the best royal podcasts by the New York Times, and co-authored a book about the royal family called, Royal Trivia: Your Guide to the Modern British Royal Family. She lives in Brooklyn with her husband and two kids.
Follow Rachel: @purewow
Transcription
Can the Royals ever actually run out of money?
So I think that that is such a good question. I would say probably no, definitely not in our lifetime, definitely not for centuries to come. Who?
The fuck am I to tell you what to do with your money? My name is Priya Malani, currently managing millions of hard working dollars. Enough for a play. Let's talk. Welcome to the F word smart money, no?
Rachel Bowie, welcome to the show.
Thank you for having me, Priya.
Rachel, I've been so excited to have this conversation with you. You and I have known each other for a long time. We go back to your early, early days at Pure Wow, when you were a young journalist and you were covering the topic of money for the publication. I remember those articles we used to write together. You're still one of the money experts. Yes, absolutely. Any other things? Yeah. But now you've expanded to cover. Actually, in the last couple years, you've expanded to cover the royal family For what? Like five years, now 6.
Years, yeah, 5 or 6 years. It's like, oh, you're just saying time is a blur.
I believe it. You Co hosted a podcast called Royally obsessed Yes yes, it was named one of the best royal podcasts by the New York Times. What an accolade. Yes, and you even got to go to London a couple times actually, Right? Well.
The major event was the coronation of King Charles. That was definitely a thrill to be there on the ground.
Oh my God, that's insane. You know I'm a freak for the Royals.
I love talking about the Royals with you, Priya. Always.
One time I think I showed up for coffee with you and I had like my Princess Diana shirt on.
You did. And I think it was just because it wasn't even like related to me. You were just wearing it. And I was like, this is a true, true fan.
I do. I love them. We should talk Team Kate or Team Megan at the very end. OK, I have thought.
On that, but yeah, sure.
For those who know me, I don't think anyone will be surprised, but I thought, you know, it would actually be interesting to use the Royals on this podcast to dissect the topic of money. It seems that they're a family whose wealth knows no bounds. But I that's actually where I want to start. So is that even accurate?
Public vs. Private Funding: Sovereign Grant & Dutchies
Like, can the Royals ever actually run out of money?
So I think that that is such a good question. I would say probably no, definitely not in our lifetime, definitely not for centuries to come. And I can explain why I actually have your voice in my head when I think about this. Always diversify your assets. And that is the secret to their success because they are benefiting from both public and private funding. So you know about the Sovereign Grant. Should I get into the nitty gritty of you know, I don't?
Know about the Sovereign Grant?
This is like, really, really. I'm going to drill down South. The Sovereign Grant is something that was activated in 2012 as an exchange of sorts. The monarchy is given this grant in exchange for giving profits from some of the Crown Estate, which I will get into. It's very complex. The sovereign grant is funded by the taxpayer and this is what you hear people complaining about a lot. The total amount for 2025 to 2026 is £132 million. And I did the math for this conversation that that is actually the equivalent in American dollars of 178,000,000, but that amount is extra high right now.
It gets adjusted every five years for inflation and other factors. So over the previous value, it was just recently updated was £86 million. It had a huge increase over the last five years. And in case you're curious, I can tell you why that increase.
Yeah, why?
OK so the profits from the Crown Estate influence the sovereign grant value and the monarchy is coming off a like just baller gear like they couple of years. The Crown Estate is a huge collection of property that's managed by the monarch, but only for the duration of their reign. He doesn't like the king doesn't own those assets, it's just while he's on the throne. But the Crown Estate assets had a value of £15 billion for 2023 to 2024. The Crown Estate was hugely profitable and that leads to that huge increase. There's been a record number of visits to Buckingham Palace. Also offshore wind farms are impacting that increase as well. So this.
Part of their.
Assets, part of their assets, part of the Crown Estate. So that's what's generating the huge growth of £45 million from the 20252026 value of £132 million. That is a £45 million increase from five years ago. So it's really, really intricate. There is a benefit for the taxpayer. I'm just going into like the basics of this money arrangement that profits from the Crown Estate did generate £5 billion and that's all used on public spending. The way I understand it is the King with the Sovereign Grant gets about a 25% return on the money that then goes back to the treasury from the Crown Estate.
That's just their public income, meaning the grant that is from created from taxpayer money.
Right.
Becomes income for them rather than them just living off the profits of their assets.
Right, because their assets, the Crown Estate, they just own so much land, like it's so expansive. The Sovereign Grant also, it's worth noting, is only usable on official business. So that's where their private income comes in. And this is where you hear words like the Dutchies thrown around. I'm getting really like really complicated here. So there's the Dutchie of Lancaster, and this is a portion of land in areas like Yorkshire and central London. This is where we talk about the diversification. This generates private income for the King. As of March 2025, the Dutchie of Lancaster was worth £679,000,000 and made 24 and a half $1,000,000 in annual profits.
The King gets that. Prince William, a modern royal I thought we should mention, also has the Dutchie of Cornwall. When the Queen died, Prince William became the Prince of Wales and also the Duke of Cornwall. Stay with me here, but the Dutchie of Cornwall had assets worth $1.1 billion and annual profits of 22.9 million. So this is what's interesting. The profits, the annual profits from these vast portions of land, the Dutchies go straight to the King and William and they can spend them however they want. So this is their private income. Yes, yes, and this is also not.
Why do they even need public income?
Because that's for the official duties, which are very expensive. They do like thousands, you know, over 1000 engagements a year. There's travel, there's all these different things that do uphold tourism. There's a lot. But yeah, so that's the public versus the private.
How Succession Impacts William and Kate's Finances
I will add one more Asterix, which is there is additional private income. The king owns properties like Balmoral and Sandringham personally. There's also royal jewels, not the ones that are owned in like there are ones that get passed on, but there are private purchases and art and fashion, all personally owned. Like for example, Princess Diana, her engagement ring that's personally owned by Kate and that has a half $1,000,000 value. So their income is a combination of the sovereign grant. The monarch's private real estate means basically they're set for life. I'm saying centuries to come.
OK, so when King Charles dies and William becomes King, what happens to their finances?
So that's good question and I had to really research this because he gets the both of the Dutchies.
Oh he does.
Yeah, William would get the Dutchie of Lancaster, which goes to the reigning monarch and would also keep his Dutchie of Cornwall, which should theoretically then pass to his heir, which would be Prince George. But they could decide that it makes sense for it to continue through William. So either way, William is getting a huge bonus. He's collecting both, right? And speaking of what happens when they become King, we have to talk about these inheritance taxes. Priya, are you familiar with the inheritance tax exemption for the monarchy?
No, I don't know anything about this.
So there is basically a special exemption. We're getting into the weeds here, but very rich. So in the UK, inheritance tax is normally, that's a 40% tax on estates valued at over 325,000 pounds. So you can imagine the royal estate, right? So anyone who's like inheriting a castle, you're thinking about these huge tax bills.
Huge.
The throne exemption exists. So this was basically formalized in 1993 under John Major, who was prime minister, and it allows wealth to pass from monarch to monarch tax free. Otherwise the royal collection and I'm talking about Buckingham Palace and all of that, that's also included. All those things would be dismantled, which would of course be bad for tourism and bad for history. So the agreement there is that the royal wealth is used for future Kings and Queens basically, and they cannot sell the Crown Estate. So that prevents the estate from being broken up or commercialized. So this is actually very strategic.
That's wild. It's. It's like generational wealth at a whole other level. Yeah, and the reason that I wanted to point out this is not so far off from high earners who are navigating their own inheritances is one of the things that we stress to our clients is that the difference between $5 million in investable assets and 10 million investable assets is federal estate taxes kick in. I believe the cut off now is still 13.9 or 13.99 million.
Yes.
So even if, say at 9.99 million, you don't pay an estate tax. All of your inheritance. I mean, once you die, all the assets can pass, uh, without federal estate tax to your beneficiaries. However, once you crack 14 million, we're pretty close to that threshold. We start to see a lot of people who for tax planning reasons want to maybe try to get rid of some of that money or try to find ways to. Shelter that money from taxes in, you know, trusts or things of that nature. And so the parallel here really is that with the right advisors, with the right lawyers on your team, you definitely could make decisions about your wealth that could allow you to really do some cool things and and not have a 40% tax bite, just like William now has the benefit of.
Yeah, which brings me to my next question, who is managing William and Kate's, I guess quote UN quote money, like who are their advisors? Who is helping them navigate all of this?
So I have to assume they have an entire team. The Royal Household, which is like the monarchy's administrative arm handles budgets, logistics, events, the official spending, so it's not coming directly from the King or you know a royal, but I think the household is managing it. I found out in my research for this conversation that William and Kate actually had a private secretary named Sir Clive Alderton at one point, but he was actually just recently appointed to be the King's private secretary.
Private secretaries are such a cool thing that they have. I'm so jealous of it.
I'd love one.
Right, but yeah, I I have to assume that they have personal financial advisors as well as people who are working on their holdings like the Crown Estate, and then there's also property managers just in general terms because it's all wrapped up in the sovereign grant, the government involvement.
It is huge, so much oversight that I think they would need an entire army of financial planners and CPAs and accountants and bookkeepers and all of that. Yeah, the level of bookkeeping. So one thing I find really interesting actually is that William, does he have a budget from Kate? Like, can he just buy whatever he wants?
I don't think he's going to be questioned on the way they're spending, but there is tracking. This is a great question because there is so much control. This is what I learned. Kate's clothing is a business expense because she's a working royal.
Oh, wow.
The breakdown with expenses is that royal wardrobe costs are actually covered by the duchy and they covered those private funds for Charles and Camilla, and also previously it covered William, Kate, Harry and Megan. Yes, Priya, The Dutchie of Cornwall from William and Kate paid for Harry and Megan's expenses before they left because Harry didn't have the Dutchie and they all kind of fall under the same umbrella.
That makes sense.
It's basically that pot is used for their expenses, which include their official business, clothing and travel. So I would say Kate wouldn't have a traditional fashion budget. It's more like she works with designers and her stylist to curate her image, which represents the brand of the Royal family. It's not like she's going to go to Saks and buy things off the rack. There's also gifts and loans. She gets clothing on loan because designers will loan her things and she wears them, and then she gives them back and the brand will return them, and the exposure is so huge that.
That's so.
Interest. The value. And then she also gets gifted things as well. Like I'm curious if there's like, guidelines on, can she keep that? What if I'm Nike and I just like send her a pair of sneakers?
I.
Would be so curious to see what her closet looks like, like what does she actually like own and hold on to and what is she just rotating through regularly? So it's not a typical shopping experience, but she probably has things like, you know, jewelry and her engagement ring that she owns and those are the private assets, but the clothing itself is very much tied to the official work.
OK, so one of the things I'm most curious about is because they have unlimited or essentially unlimited wealth, who advises them on what they should be spending their money on, or in what ways they can actually part with the money? Are there rules against buying real estate personally and things of that nature?
I think as long as it doesn't conflict or compete with the monarchy's interests, they could probably do whatever they want. I think the reason they don't buy things like that is because they don't need to. They already have the apartments at Kensington Palace and then William and Kate got that cottage which they refurbished. I think that, you know, $5 million went into the refurbishment. Adelaide Cottage, it's a beautiful, beautiful property. Kate would never have to work in her life. Neither would William, they're all set. So they don't need to buy a house in like Mexico to go on vacation. They're going, you know, wherever they want to go and they have people facilitating, right?
Yeah, I guess but they never even have to pull out a credit card. Yeah, there's an episode I have on frictionless money and how it's like at a certain level of wealth, you don't see the transaction, right? You're not swiping a credit card or anything. It's all just.
Invisible.
Yeah, where.
Did that come from?
Yeah, I'm sure.
But essentially it's coming out of that Dutchie money.
Exactly, you know, through the administrator. That's so interesting. From the household perspective, they're not gonna be the ones pulling out a credit card.
Do you think there's anything that William or Kate have ever been told? No, you can't spend money on that or that's a bad investment. I'm just curious about the advice that they get.
This is kind of fascinating. So you know how Harry and Megan left right. So and then they had their whole like tell all interview with Oprah and it got so messy, but there was this moment when they revealed that they were cut off financially.
Yes.
After stepping down, which suggests there was like some kind of personal allowance and that their security had to be paid for too. Those expenses with those expenses are controlled and approved of by someone. I don't know if the King was like tightening the purse strings or tightening their budget or exactly what that meant, but it suggests that they do like have some kind of like approval they need and then they need funds to be released.
Yeah, I imagine like with any business, like you have an operating budget and you have to if you are spending beyond your budget, you have to seek approval for other things. So even high earners who have all the money and all the power, those high earners actually have bosses and they're working in sort of like the big corporation that is one of their bosses. The board, right. So if you're the CEO of a company, it's like you you serve the board and the board serves the shareholder. So it's like there is someone who theoretically has a, I don't know, a claim to your money in some way, right. Or influence over what you can do with that.
Right. They're serving the Crown. They're serving the taxpayers in a sense. They're not, they're not going to go and buy whatever they want because it would also just be seen as wasteful and distasteful.
Totally.
Parallels Between High Earners, Royals, and Wealth Management
OK, so I wanted to talk about this for my last question, which is what do you think are the parallels between someone who works at a bank and makes high 6 figures or like low 7 figures a year and royalty?
Oh my gosh, are there parallels? I mean, high earners often need to navigate like complicated financial structures just like the Royals. You might not have a duchy, but you have investment accounts, retirement funds, real estate, maybe stock options, bonuses. They're juggling multiple income streams and that requires planning. If you're making 7 figures, you probably have advisors and lawyers and accountants structuring things to optimize your situation. And high earners who are thinking long term want to make sure things are set up well, like they'll have trusts, estate plans. There's also appearance management. We talked about that with Kate's wardrobe. High earners also have image considerations. You're managing perception at your job, in your industry. What are you wearing? Who are you networking with? How are you positioning your brand?
That kind of thing.
Yeah, and I think too, wealthy people and the Royals have this problem where everyone wants a piece. Charities hit you up, friends expect favors, random people pitch investments. You have to be really strategic about where your money goes and who you trust. I also think pressure and isolation are very similar. There is like loneliness that can come with financial success or royal privilege. Not everyone understands your life. That pressure is immense.
You know, one of the things that brings up for me is this idea that as you make more money, more people want more from you and you feel like you could help more people or more causes, but what that actually does is it requires you to be very selective about who you say yes and who you say no to. And that is a wildly uncomfortable place for most people. We assume that once we have money, we can say yes to everything. The reality is, like you said, you still have to be really thoughtful about where you're going to spend it, how you're going to spend it, who you want to give it to, even though you have the money, it's not about the access to money, it's about being really strategic with the allocation. I have to tell you, I have friends who have come to me and said, listen, I wanna set up a donor advised fund. It's another way to talk about a charitable account. Can you actually help me facilitate that in my financial plan, and I'm like, wait a second. Like, why are you putting $50,000 in a charitable account? You're 32 years old. You're not even on track for retirement. And they're like, well, I have friends who are launching businesses or starting nonprofits and I want to be able to support them in a bigger way. And I keep saying no because I don't have money to give. And if I'm sitting on a $50,000 donor advised fund, I can at least tell them yes, we'll process the donation from the account that's already been allocated.
And I find that so interesting where you have someone who's earning a million dollars a year on paper and they have no cash to actually spend. They've actually allocated so much to savings, to retirement, to buying a house. All of these things that we help them with are really important. But then they also realize they can't help people. So they will go and put money, a lot of money, $50,000 in a donor advised fund, so they can always make donations when they're being asked to and they don't feel bad about it. And to me, that shows me that, you know, giving a shit about where your money goes and being able to help other people is really important. And once you have money, you're tasked with that problem, which is how can I best spend it? Who should I give it to? And making sure that you're being helpful in the ways that you can.
I'm sure royalty deals with that as well in their patronages. You know, Kate has patronages where she really, really focuses.
Yes.
She does so much for early childhood and that is where she's put her time. When she was working before this whole cancer scare and diagnosis and needing to pull back, that was where so much of her energy went. She can't do that for every cause. But she's dedicated herself to, you know, the ones that are so meaningful to her. And I think that goes a long way for high earners who can't do everything, but what they can do that they know they're really good at, that's where their energy should go. And making that decision is so hard.
But I think that's what you have advisors for, to help you be really thoughtful about how you're allocating your resources, your time and your money, and giving yourself permission to say no to the things that you can't do, even though you desperately want to, is so, so hard. And I've seen these clients feel so much guilt when they have to say no. And I always say, listen, that money is sitting in your retirement account and it's going to compound. And the more you're able to leave it alone, the more you'll be able to help people in the future, whether that's family, whether that's your community, whether that's your favorite philanthropic organizations. But if you spend it all in your thirties trying to help everyone, you're not going to make that happen.
I love that. So even like the Royals, they have all of this wealth on paper, but you can't touch it.
They can't touch it. They can't.
You know, like it's locked in the estate.
They have to steward it for the future.
And we aren't any different. We have 401K that we can't actually touch.
Can't touch it.
And yeah, so it is locked up or it's been allocated or and you just can't have your hands on all of that.
I love that parallel. OK, so I also one more question because I can't help myself. How do the Royals navigate negative public perception when they're so wealthy? Because I think that that is something that I see high earners also having to navigate is how do you not feel bad about having the privilege and the access to wealth and all of the benefits that come with that? How do the Royals navigate that? Because obviously in the UK it's a very touchy subject, people getting so upset that their taxes are funding the Royals lifestyle.
Yeah, I mean, I think it's smart that royalty has pivoted to emphasize their charitable contributions. It's in a lot of people's best interest if they're working on big issues. I mean, again, you know, Kate, I just keep coming back to her, but her, her work in early childhood development is so important and the numbers show the impact of what she's done. That's what they want you to talk about the most. And if that is doing such a massive service, that's something of value.
William and Kate are so hardworking.
Not according to the court circular, but yes, I mean, Kate is definitely like, those bets are off. I mean, she's been sick and navigating all of that, so her numbers can't be accounted for in that same way. But but it is kind of fascinating, you know, the Flack that William gets for not working as hard as Princess Anne. She is the star. She does like, you know, I think it was like 400 and some odd engagements a year. And you think about her vacation days, like, how is she possibly doing that? So she's busy.
All to tease my Team Kate, Team Megan, which we don't. We don't have to be so serious about it.
Kate, Meghan, and the Impact of Instagram on Royal Visibility
I love your stance, which is to give grace all around.
Well, we don't have to put them against each other, I think is the point. But if there is a favorite royal, I do feel like Kate was my entry point. But sorry, not even Kate. Prince William was my entry point to the monarchy when I was in my teens. I just always loved him. And so I feel like Kate was where my original focus went. But I also am fascinated by, you know, the Royals that really stepped out when the king and Kate were sick. Like Sophie, Are you paying attention to Duchess Sophie? Priya, you've.
Really not.
But even like Beatrice and Eugenie, like I, I think that they're doing great things too. You know, Charlotte, I'm excited for all the Charlotte has to come. But yeah, I'm not really answering your question. I'm pleading kids.
No, no, no, it's, it's all good. Put it out there. If I could die and come back as anyone, it would be Kate. I'm so obsessed with her. I I really AM. And I think what's interesting is that, like, given how obsessed as a teen I was with William, I never was, like, jealous of Kate. I was more inspired by her. And I admire how she carries herself. Yeah, I probably just haven't spent as much time paying attention to Megan, but Kate has been my.
Your guiding star in the royal family. I'll give I'll end with this fun fact. Did you know that the launch of Instagram coincided with the year that Kate and William got engaged? So that almost happened in lockstep. So think about the lens that we got into the royal world right at that critical moment when William who we all had been watching. If we're millennials, it's it's interesting that we got that view into that world right at that time through Instagram. Were they?
On social so so early.
I don't think they were on Instagram right away, but I think that we were able to start getting those like glimpses and outfit IDs and all of that stuff, yeah.
Because the paparazzi and all of that was coming.
Because before Instagram, I feel like Instagram was the social media app that gave us images, right? Versus Twitter. So, right. Formerly known as Twitter, Yeah.
Rachel's Recommendation, Final Thoughts, and Legal Information
That was awesome. I want to talk to you for hours. I wish that we could just go on and on. I love talking about the Royals and Royals with money is such an interesting topic. I.
Hope I did it just this.
Thanks for all the research. And I mean, I know a lot of this is at your fingertips, but I really felt like you came through with some really interesting facts and takeaways. And at the end of the day, wealth at any level is not easy. I'm actually, I have a podcast coming out in a couple weeks that's about how at higher levels of wealth, it becomes more invisible and the less transactional. I doubt Kate pulls out a credit card very often. You know what I'm saying? Right. OK, so before I let you go, Rachel, we always end the show with the segment that we call Best Bite. I'm a big foodie. We've eaten at some good places, some good dessert places, and I would love to know what is something that you've had recently that just kind of blew you away?
You live in New York as well, Brooklyn. Is there anything you can recommend to me? Where should I go and what should I order? What's the best thing you've had recently so.
This is not a new restaurant by any means, but I was looking to book a reservation there this week and the reason was that it was inspired by the singular dish. So Palma in the West Village, have you been? Oh, yeah, they're caccioli puppy Ravioli is like, Oh my gosh. Like, it is you go to another place with each bite. So that is kind of what I was thinking about this week. That popped immediately to mind.
I love that recommendation. I love that restaurant. It is absolutely stunning and I've never eaten their Caccio Pepe, so I have to go there and get that. That restaurant is basically not bang opposite but kind of like just on the same block as where Taylor Swift's old.
Oh, I didn't know that.
Yeah, yeah, yeah. If you, if you're on, I think it's Cornelia. And if you're on Cornelia and you see sort of there's a big arched garage door and she lived above that, I think. I think I thought it was in a song. I I'm not a huge Taylor, so I don't know all the lyrics, but yeah, Palma's right next to Taylor Swift's old place, so that's so.
Cool. What a fun fact I did not know.
That yeah, yeah. OK. And finally, where can people find you, follow you, give us your handles and how we can stay.
In touch, I am regularly covering the Royals for Pure Wow. You can also follow me on Instagram at RKB NYC. That is where I live.
Beautiful. Thank you so much. You do amazing, amazing work for Pure Wow. Again, I've been following you for over a decade now at this point and I love reading your writing. It is, it is real journalism. It is real writing. And in this world, in this day and age, like my God, fewer and farther between. So thank you for all.
That we try. We try very hard up here. Well, we love it. Thank.
You for joining me today, Rachel.
Priya, thank you for having me.
Yeah, it was a fun conversation and a really fantastic way to look through a lens that most people don't get access to, and you have such great access, so thank you for giving us a little bit of that. Yeah, whether you're a royal or just a high earner, money is never just about the number. So many things at play, power, pressure, all the things. But at the end of the day, the one thing that we all have is choice, and I think that's a really empowering thing to remember for everyone listening. Thank you so much for being here. If you have a second to help us out and reach more people, we'd love for you to share, like subscribe, leave a rating or review. All of that helps our show go further and reach more people. And if you're have anybody in your life that's navigating their own version of success or coming into wealth, maybe this episode will ring a bell with them and you want to share it with them. That would be amazing. OK, that's it for today. We'll see you next time.
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