Queen's property boosts income to $56 million

Queen Elizabeth II has another reason to smile this year – her annual income will increase 20 percent to $56 million thanks to her property portfolio.

The Crown Estate posted a record profit of $377 million in the past 12 months, largely due to increased demand for its premium retail properties on London's Regent Street.

The portfolio also includes royal palaces, residential buildings throughout central London, a race course and even offshore wind farms.

The Queen's allowance was frozen in 2010 but new laws allow it to be bolstered by a percentage of the profits of her property portfolio.