Imperial Finances

When the monarchy was responsible for government, state expenditure and the private expenses of the Imperial Family were borne by the Crown Estate; land and holdings owned by the monarch.

After Tsaritsa Olga returned from exile with her family, she agreed to transfer power from the monarchy to Parliament. This meant that she and her descendants would no longer be responsible for funding the expenses of government but she was clever enough to realise that this also meant her family would no longer be able to use the Crown Estate for private spending as they had done for centuries. The monarchy would be at the mercy of governments who could decide how much money it received.

Olga and her lawyers argued that as each Russian monarch throughout history had been an historical owner of the Estate, including herself, she and her ancestors had invested significantly in it. Therefore, the Romanov family were owed a portion of the portfolio. Moreover, they argued that the monarch and their family should be able to support themselves with a private source of income rather than depend on the financial whims of the government of the day. This point was particularly prescient for Olga who feared that a socialist or left-leaning government would reduce the Imperial Family's income and she detested the idea of "begging" an elected government for money. Lastly, her lawyers argued that the Romanovs were entitled to recompense after they had been exiled and had their land and property stolen by the communists.

After much heated negotiations, a deal was finally reached and Olga was given full ownership of one-third of the Crown Estate. She was expected to pay all taxes due on this wealth which she and her family could spend at leisure. The government took ownership of the remaining two-thirds of the Crown Estate and renamed it as the Imperial Trust. The revenues from this benefit the national treasury. The monarchy receives 15 percent of the annual profits which pays for official expenditure such as travel, security and the maintenance of palaces etc.

Shrewd management of the Crown Estate by subsequent tsars and their board of managers over the decades has significantly increased its value, making the Romanovs exceptionally wealthy. While his true net worth is unknown, it is estimated that the current Tsar is a billionaire.