Prince Andrew was stripped of his titles following increasing pressure over his links with Jeffrey Epstein.
But how much will that impact his income, and how will he afford to continue living at royal residences?
Following a discussion with the King, it was announced that the disgraced royal will no longer be known as the Duke of York.
The change will mark a new era for the royal family, as it is unlikely the public will ever see Andrew next to the King or other senior royals again.
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King Charles cut off financial support for Andrew last year, prompting many to question how the King’s brother can continue living his lavish lifestyle.
So, how does Andrew make his money, and will he still be able to live at his Royal Lodge residence in Windsor?
How much is Prince Andrew worth?
When he was still a working royal, it is understood Andrew received money from the Sovereign Grant – a single sum of money that supports the Monarch’s official duties.
That sum of money was never made public, and it is unknown whether Andrew continued receiving money from private funds owned by his late mother, Queen Elizabeth II or later his brother, the King.
Funding from the Sovereign Grant stopped in 2019 when he stood down as a working royal following his controversial BBC Newsnight appearance in which he expressed no remorse for his friendship with paedophile financier Epstein.
Some sources suggest he is currently worth $5 million, earnings which he has built through various investments.
He has retained some financial resilience through his international investments and building business connections, enabling him to continue living his lavish lifestyle.
His private investments include commercial dealings with China, the Gulf States, and a now-suspended partnership with a Dutch start-up company.
How is he able to still live at Royal Lodge?
Andrew has remained at his Royal Lodge residence, a Grade II listed, 30-room Windsor home, despite repeated calls for him to move out.
However, it is unlikely he will be moving out anytime soon, as his occupancy is protected by a long-term lease with the Crown Estate lasting until 2078.
It is an asset that cannot be sold because of its lease with the Crown Estate, leaving little room for the King to remove Andrew from his residences.
When Andrew took on the property in 2003, much of the costs were paid upfront, giving him almost no incentive to move.
He also earned some money after selling his Sunninghill Park home in 2007 for £15 million – £3 million more than the asking price.
The 12-bedroom house near Windsor Castle, which Queen Elizabeth had gifted him as a wedding present, was sold to Timor Kulibayev, the son-in-law of the then-president of Kazakhstan.
A look at Royal Lodge in Windsor
Royal Lodge is a Grade II listed building in Windsor that houses 30 rooms, including seven bedrooms.
The lavish mansion is made up of a central section standing at three storeys tall, with two-storey wings.
The current building structure dates back to the 19th century and was later expanded in the 1930s by the then Duke of York, also the future King George VI.
The residence was previously occupied by Queen Elizabeth The Queen Mother from 1952 until she died in 2002, aged 101.
Royal Lodge then became home to Prince Andrew and his family in 2004.
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