Royalty

Royalty refers to both a person or group belonging to a royal family and the system of monarchy by which such figures rule. In a monarchy, a royal may be the sovereign or a dynastic relative. Authority ranges from ceremonial duties in constitutional monarchies to substantial governing power in absolute systems, with succession often determining the line of royalty.

Most contemporary monarchies are constitutional, where royals perform symbolic duties and represent the state while an elected government governs. In other states, such as Saudi Arabia, royals hold significant political authority. Common titles include king, queen, prince, and princess, with dynastic rules and regalia marking accession and legitimacy.

Outside governance, royalty also denotes payments to rights holders for the use of intellectual property, such as books, music, or patents. Royalties are usually a percentage of revenue or a fixed fee, sometimes with advances and licenses. Governments may also collect royalties from natural resource extraction.

Historically, royal authority has ranged from divine-right claims to constitutional limits, reflecting broader political and social change. Today, the term covers both living royal families and the economic mechanism that compensates creators and resource owners.