From jetting around the globe to spending millions that he didn't have, the source of Prince Andrew's
wealth has long been a point of speculation. So where'd the money really come from?
There have always been questions surrounding the source of Prince Andrew's money, as he has lived
lavishly for decades. As any royal watcher can tell you, the finances surrounding the family
are not easily understood, so we're going to break it down. When Andrew was still a senior
member of the royal family working on behalf of the crown, he was reportedly receiving a
salary to the tune of about $300,000 — not too bad for showing up at fundraising events and
cutting ribbons. Given that he was also a member of the armed forces, Andrew most likely receives
a pension of about $24,000. A total of $324,000 should be more than enough to live comfortably,
but the prince has a penchant for luxury that this income likely could not afford.
Of course, when Andrew's BBC interview aired and he was later forced to step down from royal life,
it was suggested that his working salary was halted. There, of course,
had been rumors that Queen Elizabeth II was giving Andrew money from her private income,
but that was never confirmed. Meanwhile, Andrew's source of income has been connected
to personal loans. Bloomberg News claimed that he paid off a personal loan taken out for $1.8
million in December 2017, suggesting that he was borrowing money to support his lifestyle.
Given that Prince Andrew seemingly made just over $300,000 a year when he was a working royal,
you'd think that his monthly spending would reflect such an income — which
would certainly be enough for just about anyone to enjoy life's finer things. But,
Andrew reportedly spends about $300,000 per month, dishing out an entire year's worth of
income in just a matter of weeks. So how does he do it? And to what extent, why?
Andrew's lifestyle has often caused people to raise their eyebrows, as he has enjoyed splendors
that the rest of the royal family tend to avoid. Lavish vacations, private jets, the finest things
money can offer — Andrew has spared no expense. Queen Elizabeth II, as aforementioned, was rumored
to give Andrew money from her private account to the tune of about $474,000. It was reported
that in addition to the money from the queen, Andrew has been known to borrow about $237,000
every few months from Banque Havilland. These alleged loans from the bank located in Luxembourg,
known for its discretion, went on for a number of years. It was additionally
discovered in 2017 that Andrew borrowed an additional $474,000 shortly thereafter.
"Prince Andrew was acting as an unofficial door opener to a private bank for a number of years."
One of the biggest signs of personal financial success
is property, and Prince Andrew has owned and sold quite a lot over the years — some of the dealings,
you may not be surprised, weren't seen as particularly above board. For example,
Andrew sold his Sunninghill Park estate in 2007 for about $18 million.
After that sale, Andrew and Sarah Ferguson bought an enormous chalet in the Swiss resort
of Verbier for somewhere between $9 and $16 million. Though they were divorced,
the exes shared the mortgage, and the purchase was categorized as a joint investment.
The ex-couple listed the chalet in 2020 with approximately a $22 million price tag. The
property had reportedly become a point of legal contention between Andrew and a French socialite.
According to the Daily Mail, this was due to the dispute, and the prince parted ways with the home.
So where does Prince Andrew live now? He and Sarah Ferguson call the Royal Lodge,
in Windsor Park home. They have lived there for about two decades, moving into the property in
2004. The royal lodge is located about three miles away from Windsor Castle,
where Queen Elizabeth II spent much of her time leading up to her passing. It was originally a
part of the Crown Estate and where Queen Elizabeth The Queen Mother lived until 2002. Built all the
way back in the 1600s, the Royal Lodge has been home to a number of royal family members as well
as household staff but has since been used by Andrew and his family since the early 2000s.
So how can he go about affording such a lifestyle as a non-working member of the royal family,
who no longer can rely on his mother for additional money? As it happens,
Andrew might be relying on his ex-wife, Sarah Ferguson, to cover his expenses. It
has been suggested that given Andrew's lack of royal work — and the optics alone aren't
great — King Charles III might put an end to his yearly allowance. The debate over Andrew's
lifestyle has gotten so significant that Charles might kick Andrew out of his living arrangement,
and in an uncharacteristic moment of clarity, Fergie offered some insight into the situation.
During an interview with Hello! Magazine in March 2023, Fergie said that Andrew doesn't
take taxpayer money. Adding that she would step in financially, Fergie said that she
can support Andrew and the rest of her family through her work. Fergie continues to be a
popular figure on the royal circuit and has released a number of books over the years.
"I feel liberated."
Prince Andrew's lifestyle could also
be possible thanks to some questionable business dealings. His relationship with David Rowland,
a British property developer, has consistently come under fire given that the two appear to
engage in tax-evasive measures. The Daily Mail conducted a thorough investigation
into the relationship and just what business benefits Andrew was on the receiving end of.
Looking into the relationship thoroughly in 2019, the Mail claimed that Andrew and Rowland
were engaging in a tax-evasive scheme based in the Caribbean, a region known for avoiding steep
tax rates. The report claimed that the prince and Rowland had frequently visited the region while
Andrew was working as a special representative on behalf of the crown as it related to trade
and investment. After stepping down from that role in 2011, Andrew's lifestyle — and his
travel expenses to the Caribbean — still seemed to be funded by taxpayer money.
When push came to shove and the palace responded to the investigation, it stated, in part,
"The duke is entitled to a degree of privacy in conducting his
entirely legitimate personal financial affairs,
on which all appropriate accounting measures are undertaken and all taxes duly paid."
Any royal watcher will
tell you that King Charles III has actively pushed for a more slimmed-down version of the monarchy,
casting aside some members of the family in order to spare taxpayer expenses. Security, of course,
has been a big issue that has played out in real-time. Prince Andrew and his daughters,
Princess Beatrice and Princess Eugenie are such royals who also don't enjoy
the security detail offered to more senior members. As such, Andrew reportedly pays
for his daughters' bodyguards from his own finances in order to keep them safe. It was
reported that after a review conducted by the Metropolitan Police, that Beatrice and
Eugenie lost their protection officers, and their father stepped in to cover the bill.
As for his daughters' weddings, Andrew reportedly spared no expense when it came to their big days,
specifically Eugenie. When Eugenie and Jack Brooksbank got married in 2018,
their ceremony reportedly cost millions, and Andrew was said to have helped pay
for it. A source told The Telegraph, however, that his well of money was drying up rapidly.
While his older brother, then-Prince Charles, was preparing for life as the reigning monarch
and working alongside the late Queen Elizabeth II, Prince Andrew wasn't taking his royal role so
seriously. In the early 2000s, Andrew was known for being away for days at a time on incredible
vacations, joining the likes of notorious trafficker Jeffrey Epstein and Ghislaine Maxwell,
who was recently convicted of child sex trafficking and other offenses. It was
reported that during a trip to Phuket, Thailand, in 2000, Andrew, who himself has been accused of
sexual misconduct, spent about $4,800 a night on an incredibly exclusive resort.
During that trip, Andrew was photographed with half-nude women on a private yacht.
"Do you regret the whole friendship with Epstein?"
"Now? Still not."
In addition to his trip to Thailand, Andrew also traveled to New York, Florida, and the
Caribbean to continue rubbing shoulders with the world's elite, collectively spending thousands.
He reportedly traveled with his mattress, a personal manicurist, and his valet. He also
enjoyed champagne that costs hundreds of dollars with his friends while partying at nightclubs.
In addition to the numerous homes he has owned and his residence at the royal lodge,
Prince Andrew has called Buckingham Palace home since the 1980s. According to author
David McClure, who pointed to Andrew's many residences and his spending habits as a whole,
"The answers behind Andrew's sources of wealth are shrouded in mystery."
McClure went on to tell The Sun that the prince's life has been under scrutiny
for as many as 20 years. Despite that, however, Andrew has continued to enjoy
the splendors of royal life and enjoys one of the many residences amid the London palace.
Since Andrew's fall from grace, however, he's been offered yet another home. Without his income,
Andrew reportedly told close friends that he would not be able to maintain the Royal Lodge. As such,
Charles maintained that he would not leave Andrew homeless and has
offered up Frogmore Cottage as a living arrangement for him. This, of course,
comes at the expense of Charles' son, Prince Harry, and his wife Meghan Markle,
who have called Frogmore Cottage their London base since their days as senior royals.
When Meghan and Harry were still working for the family,
they renovated Frogmore extensively. Though it was a little controversial,
the couple proceeded to cover the $3.2 million costs of the renovation from
their own pocket in order to smooth things over with the taxpayers. With all this said,
Charles' request for Harry and Meghan to vacate Frogmore to allow Andrew to move in is all coming
at a time when things between the Sussexes, the royal family, and Andrew are coming to a head.