King Charles III's monarchy is set to receive a pay rise of more than 45 million pounds ($60 million), with a 53% jump in its official annual income.

The Sovereign Grant, funded by the taxpayer, will rise from over 86 million pounds ($110 million) in 2024-25 to around 132 million pounds ($170 million) in 2025-26 due to a surge in profits from the Crown Estate.

The Crown Estate generated profits of 1.1 billion pounds ($1.4 billion), which contributes to the funding of the Sovereign Grant.

Part of the funding increase will help finance the final stages of a 10-year, 369 million pound ($475 million) 'reservicing' of Buckingham Palace.

The king receives additional income via the Privy Purse from the Duchy of Lancaster and the Prince of Wales from the Duchy of Cornwall, both of which are independently audited.