The American network “CNN” claimed that the British Crown Prince, Prince William, the eldest son of King Charles III, became the richest in the family and the network confirmed that the future king will inherit the private property of the Duchy of Cornwall. His father’s estate, which contains a large area of land. The property, which covers nearly 140,000 acres, is mainly located in the South West of England.
He explained that the duchy, built in 1337 by King Edward III, is worth about one billion pounds (1.2 billion dollars), according to the calculations of the last financial year.
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According to the American website “Al-Hurra”, the proceeds from this property are used to “finance the public, private and charitable activities” of the Duke of Cornwall, a title that Prince William now holds, succeeding his father, who became king of Great Britain.
Last year, Forbes estimated the late Queen Elizabeth’s personal fortune at $ 500 million, consisting of jewelry, art collections, investments, two houses, Balmoral Castle in Scotland and Sandringham House in Norfolk, both inherited from the queen by her father, King George VI.
But most of the royal family’s fortune, totaling at least £ 18 billion ($ 21 billion) in land, property and investment, now passes down a centuries-old path to the new monarch, King Charles, and his heir, Prince William.
The largest chunk of the family’s £ 16.5 billion ($ 19 billion) fortune is now owned by Charles as reigning monarch. But in a deal that dates back to 1760, the king hands over all profits from the estate to the government, in exchange for a tranche called Sovereign’s Grant.
The king’s possessions include real estate areas in central London and the seabed around England, Wales and Northern Ireland. It has the status of a corporation and is managed by a managing director and commissioners, appointed by the king on the recommendation of the prime minister.
In the last financial year, the estate generated a net profit of around 313 million pounds (361 million dollars) and the British Treasury paid the queen a sovereign grant of 86 million pounds (100 million dollars).
Most of this money is spent on maintaining the properties of the royal family and paying the salaries of its employees. But despite the huge sums, the king and his heir are limited in the amount of personal benefit from their wealth.
The king can spend the sovereign grant only on royal duties, and neither he nor his heir can profit from the sale of the assets in their duchies.
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