Prince Andrew has recently relinquished his royal titles, but his wealth remains substantial. The former Duke of York withdrew from his official duties in 2019 but continues to reside at Royal Lodge in Windsor. Despite lacking a public income, he has managed to finance his stay at the residence.
How Andrew has sustained his finances exactly remains unclear. Nonetheless, reports suggest he receives a pension from his service in the Royal Navy, amounting to approximately £20,000 annually. In 2022, he sold his extravagant chalet in Verbier for £20 million. His net worth is now estimated at £3.7 million even after renouncing his titles, as per Celebrity Net Worth.
The decision to abandon his titles was made in consultation with the King and the Prince of Wales, with the monarch reportedly approving of the outcome. Prince Charles has grappled with the dilemma of addressing his controversial younger brother since assuming the throne, while future king William has consistently advocated for a decisive approach to the situation.
This move marks the first instance in over a century of a senior royal relinquishing a dukedom, since Queen Victoria’s grandson, the Duke of Albany, lost his title under the Titles Deprivation Act 1917 for supporting the German side during World War I.
In a statement released by Buckingham Palace, Andrew explained, “In discussion with the King, and my immediate and wider family, we have concluded the continued accusations about me distract from the work of His Majesty and the Royal Family.” He further stated, “With His Majesty’s agreement, we feel I must now go a step further. I will therefore no longer use my title or the honours which have been conferred upon me.” Emphasizing his commitment to his family and country, he asserted, “I have decided, as I always have, to put my duty to my family and country first.”