Is it?
Royal residences generated £50m in ticket sales alone. Gift shops £71m. Visitors to Windsor Castle and Frogmore House pay £11m per year.
Brand Finance estimate that the Royal Family cost £500m per year in upkeep but contribute £2.5bn per year.
I'd say that's value for money.
It's good a financial case can be made for the Royal Family, but it doesn't have to be.
We have them simply because the vast majority of the population like the idea.
Very few things we pay for with public money make any money, we buy those goods and services because, collectively, we want to.
More bad news for republicans is abolition looks a long way away.
If the Queen could have lived forever, so would have the monarchy.
The next man into bat was a bit of a duffer in his younger days, but he appears at least steady now.
Even I'm surprised at the apparent popularity of Queen Camilla.
There's more bad news for sour-faced abolitionists in the shape of the Royal youth system, which appears in rude health.
William is more popular than both the other two combined, and Kate shows every sign of being another Royal world beater.
Even little Harry looks promising, charming the public every time he's seen on the telly.
The people will ultimately decide, which is how it should be.
When an electable party feels able to run on an abolitionist platform, the Royal Family should get worried.
Until then, they can rest easy in their draughty palaces.