9 JULY 2003
While most of the world is in a financial rough spot, there's at least one person who made hefty gains last year – the Queen.

The Crown Estate – a £4.2 billion empire of properties, which includes all of Regent Street, Ascot races and a gold mine – experienced a record 4.6 per cent increase in profits, it was revealed on Wednesday.

And the £170.8 million surplus is good news for the Government, as all revenues from the Crown Estate go to the treasury. In essence, last year the Queen contributed four times more to the UK economy then it cost to run the monarchy – £36.2 million was allotted to Her Majesty from the Civil List.

However, the profitability of the vast landowning business may not have come as a surprise to many. In 2002, its portfolio gained £16 million, while in the last decade the value of the Crown Estate more than doubled.