network report detectionCNNThe American, who was the heir to the British throne, Prince William, eldest son of the new King Charles III, became the richest man in the family after the death of Queen Elizabeth II.
The network claimed that the future king will inherit the private estate of the Duchy of Cornwall from his father, which contains a large area of land and property covering nearly 140,000 acres, mainly in the South West of England.
He added that the property, built in 1337 by King Edward III, is worth around a billion pounds ($ 1.2 billion), according to the last financial year’s calculations.
The proceeds from the estate are used to “finance the public, private and charitable activities” of the Duke of Cornwall, a title now held by Prince William, succeeding his father, who became King of England.
Royal wills are not made public, meaning what happens to much of Queen Elizabeth’s personal fortune after her death last week will remain a family secret.
Last year, Forbes estimated the late queen’s personal fortune at $ 500 million, consisting of jewelry, art collections, investments, two houses, Balmoral Castle in Scotland and Sandringham House in Norfolk, both of which were inherited by the queen. by his 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 estate includes 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 approximately 313 million pounds (361 million dollars). The British Treasury paid the Queen a £ 86 million (US $ 100 million) sovereign grant.
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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