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Royalty isn't an uncommon word among humans or elves; after all there are many human kings and queens, and the elves have their one king and two queens -- and even some wights might use Royal titles. Only the dwarfs refuse to have any sort of king or queen, instead following their Clan Chiefs.
For dragons, however, things are slightly different.
The Dragon Royalty consists of sixteen members; The Dragon King, Valdaak, and the fifteen Dragon Princes and Princesses -- in orger of age they are Lintila, Aldor, Verena, Rashak, Obayana, Reneth, Reet, Zelen, Elya, Lynn, Darak, Shayna, Nilus, Ruzika and Kiriani. Given the unique breeding conditions of dragons, most of these are half-siblings, and were born into all the other four Known People: Four were born elves, three humans, three dwarfs and five wights.
They are not only the dragons' royalty and rulers, but also their lawgivers and law enforcement; for all dragons everywhere, the King's word is law, and the Princes and Princesses have the right and the duty to enforce that law. They function as a sort of Dragon version of the Meddlers, working as detectives, investigators, enforcers and judges towards other dragons. If a dragon goes rogue or becomes too big of a threat to the world around, it's the Royalty's job to stop said dragon, and if a dragon breaks one of Kandrazaal's few laws, then the Royals are the ones to bring the culprit to justice.
(The exceptions to this, for the moment, are the three youngest siblings -- Nilus, Ruzika and Kiriani. They aren't quite old enough to handle the responsibilities yet -- though Nilus is in training and Ruzika is currently on her coming-of-age journey.)
A Dragon Prince or Princess can always be recognized by a single gold ring in his or her right ear. This ring is not only a convenient identification tag, but also a way of solving the clothes problem when they shapeshift. The earring can conjure perfectly-fitting clothes on demand, of any type or thickness but limited in color -- the clothes can only be various shades of one single color, with gold trimmings and highlights. Hence, each dragon Prince and Princess has their own "signature color": Ruzika's signature color is red while her little sister Kiriani's signature color is yellow.