- The coronation of Charles III will be extremely expensive
- The costs are not paid by the royal house
- The event has economic advantages and disadvantages
The accession of King Charles III (74) will be a huge spectacle. How much Charles' coronation costs in total can only be estimated right now. Without a doubt, however, it is already certain that it will be by far the most expensive coronation of all time for the British monarchy.
This is how expensive Charles' coronation will be
According to 'Time Magazine', a current estimate of the expense is at least $124 million, which is equivalent to £98 million.
The coronation of Charles' mother, Queen Elizabeth II (†96), cost less than half as much 70 years earlier. Among other things, one reason for this is that at that time, there was not as much money to be spent on security.
Who will pay for Charles' coronation?
There has been much debate in the run-up to the event in Great Britain about who should bear the costs for the big event. After all, Charles could also pay for his coronation out of his own pocket. His private fortune is estimated at at least £600 million, or $755 million!
But since a coronation is a state event, the British government, and ultimately the taxpayer, is asked to foot the bill. This has been met with a lot of criticism in crisis-ridden Great Britain. Some say the event is superfluous because Charles is already officially King.
However, apparently the costs are to be covered solely by the TV rights sold to broadcasters around the world, a royal insider tells 'The Sun'. "In addition, the coronation will give a massive boost to tourism. Hotels are already fully booked for the coronation weekend," says the source.
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What's The Reason?
The damage to the British economy
However, the holiday, which the British can enjoy on the Monday after the Coronation weekend, brings great economic damage. According to the 'Mirror', each extra public holiday costs the country £2.3 billion, or $4 billion.
This compares with an estimated £1 billion, or $1.2 billion, for the coronation to drive into the economy. Ultimately, it is probably up to each individual Briton's view of the Royals whether the event is perceived as an asset or a burden to the UK.
