After it was announced that Prince Andrew is taking another step back from the royal family, many have been wondering how he makes money – and how that might change going forward.
Andrew – who is the third child of Queen Elizabeth II and Prince Philip – has agreed to relinquish his titles, such as the Duke of York, following his association with Jeffrey Epstein and Ghislaine Maxwell.
While the 65-year-old ‘vigorously denies’ Virginia Giuffre’s claim that she’d been sex trafficked to him, reported leaked emails allege that Andrew attempted to launch a smear campaign against her.
“We are aware of media reporting and are actively looking into the claims made,” a spokesperson for the Metropolitan Police told LADbible.
It comes after the sexual abuse campaigner, who died at the age of 41 by suicide in April, said in her posthumous memoir Nobody’s Girl: “Now that my settlement from Prince Andrew has come through, I have begun the slow process of turning my fledgling foundation, Soar, into a professionally run organisation.
Prince Andrew’s friendship with Jeffrey Epstein remains an issue for the former Duke of York (Christopher Furlong – WPA Pool/Getty Images)
“My goal is for Soar to combat human trafficking by supporting organisations that focus on prosecution, protection, and prevention.”
How does Prince Andrew make money?
So, the decision to hand back his royal titles could mark another financial setback for Andrew.
King Charles is said to have cut off Andrew’s financial support last year, raising questions over how the former Duke can sustain his lifestyle and remain at his lavish Windsor home, Royal Lodge.
It used to home Queen Elizabeth The Queen Mother until her death in 2002.
When Andrew was a working royal, part of his income came from the Sovereign Grant, the public fund that supports the monarchy’s official duties.
Prince Andrew has discontinued the use of his royal titles (Max Mumby/Indigo/Getty Images)
However, his financial arrangement was never made public, and any additional income from private royal sources – such as personal allowances from the late Queen or from King Charles – is now thought to have ceased.
And Andrew’s royal funding was said to have ended in 2019 after his BBC Newsnight interview.
Today, Prince Andrew’s net worth is estimated at around $5 million (£4.1 million). Despite losing formal royal income, he has reportedly maintained a level of wealth through international investments and private business ventures, many formed during his years as a trade envoy.
Despite losing various privileges, his residence at Royal Lodge, a 30-room Grade II listed mansion in Windsor Great Park, remains a source of stability.
He is said to be protected by a long-term lease agreement with the Crown Estate that runs until 2078.
It means that the property cannot be sold or reassigned without his consent, limiting the King’s ability to force him out, if he wanted to do so.
LADbible Group contacted Prince Andrew’s representatives for comment.