Prince William who is slated to be the future king has inherited the Duchy of Cornwall private estate from his father who ascended to the throne following the death of Queen Elizabeth II.
Recall, that Queen Elizabeth passed away on Thursday, September 8, 2022, at the age of 96, after over seventy years on the throne.
Prince Charles has been declared the King of the United Kingdom following the death of his mother, Queen Elizabeth II, and accedes to the throne as King Charles III.
As King Charles III ascends the throne, the heir to the throne which is Prince William will inherit the Duchy of Cornwall estate from his father.
The estate is a sprawling portfolio that includes properties and land in southwest England estimated at 140,000 acres.
King Edward III created the estate way back in 1337 and is valued at around N214 billion according to financial books.
According to reports, the estate’s revenue is utilised in funding charitable activities and public coffers.
Forbes estimated last year that Queen Elizabeth’s personal fortune was worth $500 million, encompassing her jewels, art collection, investments and two residences — Balmoral Castle in Scotland and Sandringham House in Norfolk, both of which she inherited from her father, King George VI.
Properties make up the lion’s share of royal wealth, with the family assets totaling at least £18 billion ($21 billion).
As the reigning monarch, King Charles is now the keeper of the Crown Estate, valued at £16.5 billion ($19 billion).
However, he is required to hand over all estate profits to the government in exchange for a portion — dubbed the Sovereign Grant, used primarily to pay staff and maintain the properties — as part of an arrangement dating back to 1760.
King Charles is also now the keeper of the Duchy of Lancaster estate, which dates back to 1265 and was most recently valued at about £653 million ($764 million).
Unlike the Crown Estate, both duchies are considered private estates on which Charles and William are not required to pay taxes or give any details beyond reporting their income. CNN notes that both duchies have voluntarily paid income tax since 1993.
Meanwhile, the Institute for Government website states that the King may only spend the Sovereign Grant money on royal duties and that neither he nor his heir is allowed to benefit from the sale of assets in their duchies. Any profit from said sales would be reinvested back into the estate.