How Rich Is The Queen? British Family Net Worth About To Increase Thanks To Parliament Vote On Sovereign Grant

The British Royal Family, headed by Her Majesty Queen Elizabeth II, has reportedly inched closer to an increase in its sovereign grant after a favorable vote Thursday by a parliament committee, BBC News reported.

The Seventh Delegated Legislation Committee voted 10-2 in favor of increasing the grant’s percentage, which is based on how much annual profit the crown estate generates, from £ 43 million ($53 million) to £ 76 million ($93 million) in order to help fund much-needed renovations at Buckingham Palace. Last year it was reported that the palace required a 10-year refurbishment at the cost of £ 369 million ($453 million), according to The Guardian.

The bump represented a 10 percent increase, but there were questions over how quickly the committee reached its conclusion — after just 13 minutes of debate.

The funds were expected to go toward the replacement of much older electrical wiring, plumbing and boilers. While there was speculation the queen would move out during the renovations, she does not plan to.

Initially, the request for extra funding towards such a vastly wealthy crown and family was met with resistance from both the Labour and Scottish National party leaders.

“I have always respected the fact that we have a royal family, but I know they also have vast wealth and I don’t know what sort of contributions they will be making towards this project,” Labour’s Alex Cunningham said in November after the plans were announced.

Scottish National member Tommy Sheppard was also quick to vocalize his dissent after Thursday’s vote.

The questions were not baseless. Recent reports have indicated the queen herself was worth $84 billion. The Crown Estate has been estimated to be worth roughly $14.8 billion when adding up all of its considerable properties throughout the U.K.