Prince William is well-off because he is a prince and third in line to the throne. He’s worth $30 million, and he and Kate Middleton are about to buy their third home together. He already has a multimillion-dollar “apartment” in Kensington Palace, and he and Kate own a massive mansion in the country. But when his father, Prince Charles, becomes king, William will inherit a massive fortune known as the Duchy of Cornwall.
I’m curious: what exactly is a “Duchy,” and why don’t you have one, too? Concerns like these keep us up at night. So, first things first, let’s state the obvious:
Explain to Me, Please, the Concept of a Duchy.
Currently, Prince Charles owns the Duchy of Cornwall as a private investment fund. In 1337, King Edward III established the Duchy “to provide independence” for his son, also named Edward.
Duchy is defined by Merriam-Webster as “the territory of a duke or duchess,” but it’s really just a fancy term for a portfolio of land and financial investments, so congrats to this guy and his impressive beard. For Prince Charles, this consists of 52,449 hectares of farmland, forests, rivers, coastlines, quarries, homes, and businesses valued at £345 million. I, patiently awaiting the bestowal of a Duchy upon me.
To what extent does Prince Charles’ Duchy contribute to his income?
A lot! Although Prince Charles is not permitted to use Duchy assets for his own benefit, he does receive the annual revenue they generate. Plus, it’s a substantial sum of cash. Prince Charles reportedly earned £23 million in 2021/22 while the Duchy’s assets increased from £93 million to £1.2 billion. To support his extravagant lifestyle and those of other members of the British royal family, he uses this money.
With whom, then, does Charles divide the duchy’s wealth?
William and Harry, historically speaking, though Harry is now completely self-sufficient monetarily. The Duke of Cornwall was clearly showing his support for him and Meghan Markle before they jetted off to the Golden State. The Duchy provided 95% of Meghan Markle’s and Prince Harry’s income (again, before they left the royal family) in 2021, according to the BBC, and Charles gave them each about £5 million in 2019, according to the Wall Street Journal.
If you’re wondering how Prince William can get his hands on it at this point, the answer is straightforward:
The Duchy of Cornwall Passes to Prince William Charles’ Accession to the Throne
Prince William will succeed his father as Duke of Cornwall once Charles becomes king. That’s right; he’s the one who’ll reap the benefits of all those investments. And when Prince William becomes king, the Duchy will go to Prince George, and so on and so forth.
Yes, You May Remain on Duchy Land
Stay in one of Prince Charles () wonderful cottages in his Duchy of Cornwall if you’d like to donate to his charitable causes. The princes are all very charming, so I’m going to post this link.
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