With a new royal baby on the way, we’ve looked at how much it will cost to raise the new prince or princess. We’ve based this on what was spent on Prince George and some unadulterated speculation!
Dummies And Piggy Bank
Raising a child is expensive these days; raising an heir to the throne surely even more so.
Although the royal family won’t be sweating over every little bill, we’ve taken a look at some of the costs the might expect to face.
If you’re expecting too, don’t worry too much – it’s unlikely to cost quite as much as this! We have a guide on How Much Will My Baby’s First Year Cost? for comparison!
The Duchess of Cambridge’s decision to have Prince George in the private Lindo Wing of St Mary’s Hospital was criticised by some. Its luxuries, including satellite TV and a wine list, sound a little over the top.
However, the privacy it offered was probably necessary for someone the media is so obsessed with, and its reputation for medical excellence will have made it attractive too.
The cost has been estimated at £12,000. Although that’s pretty steep, it’s less than childbirth costs in the USA; according to the Washington Post’s website, that can cost between $30,000 and $50,000!
Commemorating the birth
Most births are celebrated with a quick pint to “wet the baby’s head” and maybe a few words in the announcements section of the local paper.
The Royal Mint went a few steps further by issuing 2,013 “lucky pennies”, which they gave to families who gave birth on the same day as the duchess. It’s thought that this gesture cost more than £50,000.
Maria Teresa Turrion has been hired as a live-in housekeeper and nanny. A top of the range nanny can command a salary of up to £80,000, although other estimates of her wages put the figure at more like £38,000.
Royal babies don’t get sent to the local comprehensive, and private education is expensive. It could cost £20,000 a year to send a royal child to prep school until the age of thirteen.
Fees at a school like Eton are then likely to cost about £30,000 per year until age 18.
Keeping the royal family safe doesn’t come cheap – reports put the costs at about £128 million per year! Security for the duke and duchess’ Anglesey home cost about £1 million.
Somewhere to live
The duke and duchess live with Prince George in an apartment in Kensington Palace, which was refurbished and renovated before they moved in. Estimates on how much this cost range from £1 million to £4 million.
What’s the cost to the taxpayer?
Who pays for the royal baby is a complex question. The Duke and Duchess of Cornwall’s income comes from a range of places, including:
-The duke’s pilot income of about £37,000
-Income from the Duchy of Cornwall, property owned by Prince Charles – this can be up to £19 million per year
-Prince Charles contributed £1 million towards their expenses and may also fund their private lives
-The duke is thought to have a personal fortune of £12 million
-The Queen may contribute some of the £36 million that the royal family receive from the taxpayer
-The Sovereign Grant also provides taxpayers’ funds for the younger royals
How to offset the cost
When you add up the cost of having a second baby it could be enough to make even the Royals blush, but thankfully there are some ways they could offset the cost!
Selling some tasteful photos of the baby’s first steps to Hello or OK magazine could rake in enough extra cash to pay for a term or two at Eton.
Alternatively, there’s always marrying the baby off for a dowry – although they may have to wait for another couple of decades to cash in on this!
Written by Dan Base. Research contributed by Juliette Foster.
This article was first published in www.money.co.uk