Queen Elizabeth's income jumps 5% to about $58M

Queen Elizabeth's income jumps 5% to about $58M, Buckingham Palace accounts show Queen Elizabeth II will receive a 5% income boost following record portfolio profits.

Crown Estate profits revealed Thursday that the royal portfolio, including much of London's Regent Street, rose 5.2% to 253 million pounds ($380 million) in the last financial year.

The queen receives 15% of Crown Estate profits through a grant supplied by the British government that funds the monarch's spending as head of state. The queen's income will rise to about 38 million pounds, or almost $58 million.

Keeper of the Privy Purse Alan Reid wrote that a significant part of the Sovereign Grant increase will be used on maintenance at royal palaces, which has lagged in recent years.