How Prince Charles makes millions in real estate
When it comes to finance, Charles, Prince of Wales has a rather unique arrangement...
The earnings and net worths of the royal family are not very clear. Prince Charles, the eldest son of Queen Elizabeth and Prince Philip, Duke of Edinburgh has a very unique financial setup. As the heir apparent to the British throne, Charles is also Duke of Cornwall, and on the back of this, a large part of his finance comes from what is called The Duchy of Cornwall.
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Queen Elizabeth II, Prince Charles, the Prince of Wales, and at rear, from left, Kate, Duchess of Cambridge, Camilla, Duchess of Cornwall, Prince William, Prince Harry and Meghan, Duchess of Sussex at Buckingham Palace. (Dominic Lipinski/Pool via AP)
What is a duchy?
The bronze effigy on the tomb of Edward Plantagenet in the Trinity Chapel of Canterbury Cathedral (RDImages/Epics/Getty Images)
A duchy is a private estate that provides a source of income for the reigning monarch's heir apparent (currently Charles). Established in 1337 by King Edward III, for his son, Prince Edward (known as Edward the Black Prince), who became the first Duke of Cornwall, the charter decreed that the Duke of Cornwall has to be the eldest surviving (so not necessarily the first-born) son of the monarch and heir to the throne. The original charter outlined that the duchy includes a title, an honor, along with land holdings and the finances to support them.
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Prince Charles (the Prince of Wales), has been incumbent Duke of Cornwall since Feb. 6, 1952, when his mother was proclaimed Queen after the death of her father, George VI. When Charles celebrated his 21st birthday in 1969, he became entitled to the full income of the Duchy and continues to be actively involved in the running of the estate.
The Duchy provides the prince with an annual income of $27.5 million, which he uses to support himself, his wife, Camilla, The Duchess of Cornwall and both Prince William and Prince Harry and their families. It's the Duchy that also goes towards funding his charity work, which raises over $131 million.
Queen Elizabeth, Prince Charles, Prince William and Prince George pose for a photo to mark the Queen's 90th birthday in the White Drawing Room at Buckingham Palace, London, April 2016. (Ranald Mackechnie/Buckingham Palace via AP)
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A prince and landlord
Prince Charles and Camilla, Duchess of Cornwall leave St George's Chapel in Windsor Castle after the wedding ceremony of Prince Harry, Duke of Sussex and Meghan, Duchess of Sussex in Windsor, Britain, May 19, 2018. (NEIL HALL/Pool via REUTERS)
Because of the laws and entitlements of the Duchy, Charles is the largest private landowner in England, with an estate of some 135,000 acres, across 23 counties of England. The Duchy estate surprisingly owns The Oval cricket ground and Dartmoor Prison. The estate also includes 600 residential lettings and over 700 agricultural tenancies, making Charles a landlord along with a prince. Land owned by The Duchy makes up 13 percent of the overall estate; it doesn't, however, own the whole county of Cornwall.
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Recent estimates place the estate and the land and its assets as being worth $1.5 billion. But the Prince himself receives around $28 million annually from the Duchy.