Prince William and Kate Middleton will spend millions to raise their three royal children.

On Monday, the Duke and Duchess of Cambridge welcomed the new addition to their family, a baby boy. Prince William and Middleton are now parents to 4-year-old Prince George, 2-year-old Princess Charlotte and their newborn, whose name has not yet been announced.

With three royal babies, Prince William and Middleton are expected to spend millions on each child. Based on a report from CNN, it takes $354,000 to raise one child to age 21 in London. But this amount does not count private school or university tuition. The figure is much higher when it comes to the members of the royal family.

Prince William and Middleton are expected to spend for their three children's education, nannies, clothing and feeding, maternity care and baby gear. Overall, the couple could pay up to $1 million to raise Prince George alone. The amount will be multiplied by three as they have three children, Business Insider reported.

Prince George attended Westacre Montessori School nursery that costs $46 a day. Last September, he began attending at Thomas' Battersea in London which costs $23,000 a year.

On the other hand, Princess Charlotte attends Willcocks Nursery School. It has a special lunch club for $777 per term for one afternoon a week or $2,331 per term for three afternoons per week.

Prince William and Middleton have a combined net worth of $50 million. According to one of the Duke's friends, the royal couple is likely to have another child after their third.

"He would love to emulate his grandmother and have four children and he would be very happy if it was another girl," an insider said. "Having Charlotte was an improving effect on George who was a bit of a tearaway in the early days, so he knows the benefit a second daughter might bring."

Princess Diana's royal butler, Paul Burrell, also thinks the same. According to him, Prince William and Prince Harry have always wanted to have a big family.

"I predict Meghan will be pregnant before Christmas. I bet William will have four. Both William and Harry wanted more brothers and sisters when they were young but it wasn't to be," Burrell said.

Royal Family
Prince William and Kate Middleton will spend a million raising one royal child. Pictured: Prince William, Prince George, Middleton and Princess Charlotte arrive to attend the service at St Mark's Church on Christmas Day on Dec. 25, 2016 in Bucklebury, Berkshire. Getty Images/Andrew Matthews
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