Nearly two years after ascending to the British throne, King Charles III is bringing in a major pay raise.

Charles, 75, and fellow members of Britain's royal family are expected to see a nearly $60 million increase in the sovereign grant, the money the royal family receives annually from the U.K. government.

The increase is a result of increased profits from the Crown Estate, a large portfolio of assets that includes more than 191,000 acres of rural land, including the famed Windsor Castle; as well as retail and leisure businesses and high-end London properties.

The Crown Estate's profits rose from £443 million ($572 million) in 2022-23 to £1.1 billion ($1.4 billion) in 2023-24, according to its annual report released Wednesday.

The boost in profits was largely driven by the sale of offshore wind farm leases in the seabeds surrounding the U.K. which are owned by the Crown Estate.

In the annual report, Dan Labbad, the chief executive officer of the Crown Estate, credited the surging profits over the past year to, "years of commitment and investment into helping create the UK's world-leading offshore wind sector, as well as the active management of our diverse and resilient portfolio."

The Crown Estate is not owned by the royal family and its profits are controlled by the U.K. Treasury, which then allocates a percentage of the profits to the royal family to fund their official duties, including maintaining official residencies, paying staff and funding official trips.

This lump sum, which is given every year, is called the sovereign grant.

This year, in anticipation of the Crown Estate's windfall, the U.K. Treasury reduced the percentage of profits it annually allocates to the royal family through the sovereign grant from 25% to 12%.

Even with the reduction, Charles and his family will still have close to $60 million more for the 2025-2026 tax year.

Prince George joins dad Prince William in Berlin at UEFA European Championship

The improved finances for the royal family come both amid a cost-of-living crisis in the U.K. and a difficult year personally for Charles and his family.

The royal family has faced cancer diagnoses for two of its most high-profile members, Charles and his daughter-in-law, Kate, the Princess of Wales.

The types of cancer Kate and Charles face have not been disclosed publicly.

Charles returned to a modified schedule of public duties in late April, while Kate, the wife of Prince William, has continued to stay mostly out of the public eye as she continues treatment.

William and Kate's primary source of income, the Duchy of Cornwall estate, also released its annual report Wednesday, showing William received $30 million from his first full year's income from the estate.

The Duchy of Cornwall estate, established in 1337 and made up of land across Britain, traditionally gets passed down to the heir to the throne upon succession. When Charles became king in 2022, the estate was passed down to William, his eldest son.