Prince William Inherited $1 Billion Estate From A 685-Year-Old Estate

The wills of royal family members are never made public. Because of this, the distribution of a significant portion of the Queen’s riches in the wake of her passing a week ago will continue to be a closely guarded family secret. The jewels, art collection, investments, and two mansions, Balmoral Castle in Scotland and Sandringham House in Norfolk, were the primary contributors to the late monarch’s fortune, which Forbes estimated to be worth a total of $500 million the year before she passed away. Both of these lands were passed down to the Queen by her late father, King George VI.

Laura Clancy, a lecturer in media at Lancaster University and author of a book on royal finances, says, “[Royal wills] are hidden, so we have no idea what’s in them and what that’s worth, and that’s never made public.” Clancy made this statement in an interview

However, the lion’s share of the royal family’s wealth—estimated to be at least £18 billion ($21 billion) in land, property, and investments—now follows a well-worn and time-honoured road that leads to the current monarch, King Charles, and his heir. This path has been in place for generations. Because of his position as the first in line to the British throne, Prince William is now in a far better financial position than his predecessors. The private estate that is the Duchy of Cornwall is passed down to the heir apparent by his father. The duchy is the proud owner of a vast portfolio of land and property that spans nearly 140,000 acres, most of which is located in the southwest region of England.

Prince William net Worth
Prince William’s net Worth

According to its accounts for the most recent financial year, the estate has a value of approximately £1 billion ($1.2 billion), despite having been established in 1337 by King Edward III. According to the Website for the estate, the revenue generated by the estate is “used to fund the public, private, and philanthropic activities” of the Duke of Cornwall. Prince William currently serves as the holder of such a title.

The Crown Estate, worth approximately $19 billion today, currently belongs to King Charles as the reigning monarch. However, according to an arrangement that dates back to 1760, the monarch hands overall profits from the estate to the government in exchange for a slice, which is called the Sovereign Grant. The crown estate is the most significant piece of the family’s fortune, worth approximately $16.5 billion today. The estate comprises enormous tracts of land in downtown London and the seabed surrounding England, Wales, and Northern Ireland. A chief executive officer and commissioners serve as non-executive directors responsible for the organization’s day-to-day operations. The monarch, acting on the prime minister’s advice, appoints commissioners.

It recorded a net profit of over $361 million (around £313 million). As a result, the UK Treasury presented the Queen with a Sovereign Grant of £86 million, equivalent to $100 million. That works to approximately $1.50 (or £1.29) for each individual in the United Kingdom. Most of this money is used to pay the Royal family workers and maintain their estates. The Sovereign Grant is typically comparable to fifteen per cent of the revenues made by the estate. However, in 2017, the payment was increased to 25% for the following decade to assist pay for the renovation of Buckingham Palace. This payment will remain in place until 2027.

According to the most current accounts, the private estate known as the Duchy of Lancaster dates back to 1265 and is estimated to be worth over £653 million ($764 million). King Charles will also inherit this property. The income it receives from its investments is used to meet official costs not covered by the Sovereign Grant and to help support other members of the Royal family.

Restrictions Apply

Despite the enormous quantities, the monarch and his successor are limited in how much they can directly benefit from their fortunes. This is the case even though the means are enormous. The Sovereign Grant is restricted to spending only on the King’s regal responsibilities. In addition, neither he nor his heir is permitted to profit from selling assets inside their duchies. According to an explainer issued by the Institute for Governments (IFG), any profit from selling estate assets is put back into the estate (IfG).

The UK Treasury must also approve any significant property transfers, according to the IfG. However, in contrast to the Sovereign Grant, created by the Crown Estate, both duchies are private sources of wealth. This means that their owners are not obligated to reveal any details other than reporting their income, according to the IFG. In the previous year, King Charles, who was then known as the Duke of Cornwall, took a payout of £21 million ($25 million) from the inheritance of the Duchy of Cornwall.

According to the information provided by the IfG, neither Prince William nor King Charles is required to pay any tax on their respective estates; nonetheless, both duchies have voluntarily paid income tax since 1993. Clancy said that move came a year after the Royal family faced intense criticism for planning to use public money to repair Windsor Castle, which had suffered damage in a fire.

“Of course, voluntary income tax [is] not a fixed rate, and they don’t have to declare how much income they’re making their tax. So actually, it’s just like plucking a figure out of thin air,” Clancy said.

 

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