King Charles' major $164m pay day from taxpayers: 'Royal rip-off'

King Charles is set to make $164 million from taxpayers despite his Sovereign Grant rate being slashed in half.

The Treasury recently announced funding of the monarchy is to be cut from 25 per cent to 12 per cent of the Crown Estate's net profits due to an unexpected profit boost from offshore wind farms on Charles' Crown Estate.

Charles and the rest of the royal family receive an annual Sovereign Grant from the Treasury, which is based on a proportion of profits from the crown estate, a large collection of land and property. It includes some of London's most expensive properties with assets worth around $30 billion.

The King will make $164 million thanks to the surging offshore wind farm profits, which have reached over $1.9 billion.

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Charles, who is known as a champion of environmental issues, has asked for the profits to be used for the 'wider public good' instead of going towards his official duties.

"This money will instead be used to fund vital public services, for the benefit of the nation," the Treasury said in a statement.

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Part of the money will also be used to pay for a $700 million refurb of Buckingham Palace over 10 years.

According to The Sun, former Privy Council MP Norman Baker said of Charles' huge pay day, "We still have a right royal rip-off."

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