As Duke of Cornwall, Prince William will inherit the former Estate of the new King, making him England’s largest landowner.
The Duchy of Cornwall, which covers thousands of acres, the majority of which is in southwest England, has been an income source for his father, who inherited the estate at the age of 21.
According to its most recent financial year’s accounts, King Edward III’s estate is worth around £1 billion ($1.2 billion).
The estate includes vast swaths of central London property as well as the seabed around England, Wales, and Northern Ireland, and it is managed as a corporation by a chief executive and commissioners or non-executive directors that is appointed by the monarch on the recommendation of the prime minister.
While the UK Treasury made a net profit of nearly £313 million ($361 million) in the previous fiscal year, it paid the Queen a Sovereign Grant of £86 million ($100 million) from the amount – equivalent to £1.29 ($1.50) per person in the UK.
Formally, the Sovereign Grant was equal to 15% of the estate’s profits; however, in 2017, the payment was increased to 25% for the next decade to help pay for Buckingham Palace renovations.
The majority of this money is used to maintain the Royal family’s properties and pay their staff. Last year, King Charles paid himself £21 million ($25 million) from the Duchy of Cornwall estate, despite the fact that he was not required to pay any tax on his estate. King Charles has voluntarily paid income tax since 1993.
