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Brandfinance®Journal © Crown Copyright / Flickr Creative Commons BrandFinance® Journal www.brandfinance.com/journal SPECIAL JUBILEE ISSue • June 2012 Brand Understanding ® the value ofFinance the British Monarchy as a brand The Economic Benefit of the Monarchy The Value of Coats of Arms and Royal In association with Warrants The Monarchy’s Impact on Trade and Tourism 1 © Brand Finance plc 2012 Contents Introduction ......................................... 003 Summary Valuation Opinion .............. 005 The Importance of the Monarchy in the UK ............................. 007 Some Basic Concepts .......................... 009 The House of Windsor Family Tree ...... 011 The Order of Succession to the Throne ....................................... 013 Who’s Who ............................................ 015 Public Opinion of the Royal Family ..... 021 The Royal Finances .............................. 025 Understanding the Value of the Monarchy as a Brand-Detailed Analysis .................. 029 The Contribution of the Monarchy to UK Trade .......................... 033 The Contribution of the Monarchy to UK Tourism ..................... 035 The Economic Benefit of The Royal Wedding .............................. 035 Coats of Arms ....................................... 039 Royal Warrants ..................................... 041 Royalties ............................................... 045 About Brand Finance ........................... 047 Contact Details ..................................... 058 © Brand Finance plc 2012 © Brand Finance plc 2012 2 We identified three ways the Monarchy creates value for UK plc: First, the general benefit to UK tourism and industry; with airports, hotels, restaurants, shops, homes and streets full of crowds celebrating the ‘fairytale wedding’ £1 billion seemed credible. Second, the incremental benefit to individual UK businesses of the Royal Warrant scheme; there is compelling evidence that this scheme adds higher demand and higher prices to the 850 companies with a Royal endorsement. Brands like Fortnum and Masons and Berry Brothers clearly benefit from the luxury connotations of a Royal Warrant. Third, the reputational benefit to individual UK businesses gained from having a Coat of Arms; this is a mark of reputation granted In April 2011 I was interviewed outside by the Royal Household (via the College Buckingham Palace about the value of of Arms) to companies which can demonstrate the Monarchy as a ‘brand’ and was asked their stability and high business standards. to comment on the effect of the Royal Wedding Brands like British Airways and Harrods on this. wear their armorial bearings with pride because they produce business and financial benefits. In preparation for the interview, Brand Finance’s research team considered the issue However to a significant minority of people the as though the Monarchy were just any other idea that the Monarchy might have an asset branded business. In valuing ‘The Firm’, value as high as £20 billion proved both offensive we researched what tangible assets are tied and controversial when my interview was aired up in delivering the Monarchy ‘experience’ and in April last year. Many people don’t agree what intangible asset value is created for the with the constitutional principle of a hereditary United Kingdom by the Monarchy. Monarch exercising power over the running of the country. The question is obviously highly We pulled together a variety of facts and political and elicits very emotional responses. statistics and concluded that the Crown Brand Finance employs Monarchists and Estate (which owns all the Royal Palaces and Republicans in its ranks. So we decided for Properties) was worth approximately £8 billion our own interest to revisit this thorny subject (the tangible asset value of the Monarchy). in Jubilee year and get closer to a fair value for We then looked for evidence of annual the Monarchy. benefits to the UK and found reports from various sources which suggested that We were all surprised to find that we had incremental benefits to the UK economy under-estimated both the tangible and intangible came to approximately £1 billion, which value of the Monarchy. It is one of the most implied a future value of £10-12 billion. valuable of all British brands. Whatever one thinks As £1 billion represents only 0.067% of annual about the constitutional principle, there seems GDP (£1.5 trillion) this did not seem little doubt that the institution of Monarchy an unreasonably high number. adds significant annual earnings and long term 3 © Brand Finance plc 2012 Introduction economic value to the UK. We hope our report they are. Some are richer and more privileged stimulates an amicable debate about one of the than others and some flaunt the fact less UK’s most valuable assets. tactfully than others. Is it a price worth paying? The Monarchy in 2012 The fact is that great brands need highly paid stars. In sport, figures like David Beckham and Our valuation of the Monarchy is based on Sir Alex Ferguson earn millions building British a number of assumptions and data points which team brands like Manchester United. In media, we have drawn from reputable sources. Some actors and writers like Daniel Radcliffe and JK are more concrete than others, but we believe Rowling become multi-millionaires building that as with other valuations we have produced British entertainment brands like Harry Potter. a fair view overall. This year we estimate that the In business, entrepreneurs like Lord Sugar and combined tangible and intangible asset value of Sir Richard Branson become billionaires creating the Monarchy is £44 billion. global brands like Amstrad and Virgin. There is no question that the Royal Family is a team of In arriving at the tangible value, we have included stars building a multi-billion dollar brand for the the value of the Crown Estate, the Duchies of UK. Should they be reasonably paid for doing so? Lancaster and Cornwall and the Royal Collection. By different, and inevitably arcane, ownership For most of her reign, The Queen has managed routes these assets all belong to the country as the Monarchy team as expertly as Sir Alex a whole. They are appreciating assets which, at Ferguson manages Manchester United. She is current best estimates, are worth £18 billion. currently doing a great job on an international While the Monarchy employs these assets they stage. However while Ferguson has only been belong to everyone. doing it for 25 years, she has been at it for 60 years. In arriving at the intangible value we have included both economic benefits and costs. The Monarchy is a powerful endorsement for individual and company brands and for the nation Benefits include the revenue uplifts from brand. We believe that it is making a significant tourism, products and industrial sales in addition contribution to the task of driving Britain out of to free global advertising and public relations. recession. Republicans might argue that if the Finally they include the net increment to GDP Monarchy brand is worth so much why don’t we created by the Royal feel good factor. just sell it to the highest bidder and reduce the national debt? They might be right, but don’t Costs include the Civil List, earnings from Royal hold your breath for an IPO on Nasdaq! tangible property (ceded by the country to the Monarchy), security and other costs. Many In conclusion, I would like to thank Clive of these ‘costs’ are in fact incurred employing Cheesman of The College of Arms, Charles Kydd the Royal Household and Security staff, many and Liz Wyse of Debrett’s and Richard Peck of of whom would remain if we had a President The Royal Warrant Holders Association who all rather than a Monarch. generously helped Brand Finance to complete this special report of the Brand Finance Journal. The net effect appears to be an economic uplift even in years like 2011 and 2012 when Royal David Haigh, Chief Executive Officer, occasions provide a good excuse to down tools Brand Finance plc and have a day off work. It would be foolish to suggest that members of the Royal Family are not rich and privileged. The mystique of the institution relies on the fact that © Brand Finance plc 2012 © Brand Finance plc 2012 4 £18,113m £26,365m Value of Value of UK Monarchy UK Monarchy Tangible Assets + Intangible Assets = £4,057m -£195m Value of -£3,249m Travel Royal Warrants Security £63m -£845m £16,336m Special Events Cost to Councils Leisure, Tourism and Merchandise Accommodation SummarySource: YouGov / Sunday Times 8-9th March 2012 Valuation Opinion How we Valued the Monarchy as a Brand 5 © Brand Finance plc 2012 Key Summary £44,478m Benefits Total Value of the Costs Monarchy ‘Brand’ £513m Special Events Impact -£461m Upon Retail Civil List £308m Leisure and -£387m -£1,140m Accommodation Uplift Property Maintenance Cost of Additional Bank Holiday -£13m £4,039m Communications £8,285m and PR Advertising Value Equivalent of Monarchy Coverage Crown Estate -£796 m £406m -£127m -£429m Value of Duchy of Cornwall Coats of Arms (lost revenue) Required Government Duchy of Lancaster Expenditure (lost revenue) © Brand Finance plc 2012 © Brand Finance plc 2012 6 © UK Parliament / Flickr Creative Commons 7 © Brand Finance plc 2012 The Importance of the Monarchy in the UK The Queen is a constitutional monarch, Great state occasions, such as the marriages day-to-day power is excerised by the of the Queen and members of the Royal Family, democratically elected government, and the and the Queen’s coronation, have always had the power to unify and transfix the nation. Queen must be seen as politically impartial. The subject of millions of photographs and hours She symbolises the permanence and stability of of television footage, the Queen is the main the nation, rooted in a heritage and traditions player, sometimes robed, crowned and carrying that date back to William the Conqueror. She is a sceptre, in the drama and symbolism of these a keen observer and questioner, but at all times national rituals. stands above the ebb and flow of party politics. The Queen has said that she ‘has to be seen Her status as a national figurehead is reinforced to be believed’, and she spends much of her life by her public profile and commitments.
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