Prince William has reportedly inherited a £1 billion estate following the death of Queen Elizabeth II.
CNN Business has reported that the new Prince of Wales, who is now first in line for the throne, has inherited the private Duchy of Cornwall estate from his father King Charles III.
The estate, which was created in 1337 by King Edward III, is said to be worth around £1 billion per financial accounts from the past year.
The Duchy of Cornwall boasts and impressive portfolio of both land and property, including almost 140,000 acres in southwest England.
According to its website, the estate’s revenue is “used to fund the public, private and charitable activities” of the Duke of Cornwall, a title which is now held by William.
Last year, Forbes estimated that Queen Elizabeth’s personal fortune was worth $500 million, which encompasses her jewels, art collection, investments and two residences – Balmoral Castle and Sandringham House.
King Charles III is now the keeper of the Crown Estate, valued at £16.5 billion; however, he is required to hand over all estate profits to the government in exchange for a portion used to pay staff and maintain the properties, known as the Sovereign Grant.
The new monarch is also now the keeper of the Duchy of Lancaster estate, which was most recently valued at about £653 million according to CNN.
The Duchies of Lancaster and Cornwall are considered private estates on which William and Charles are not required to pay taxes, but CNN noted that both duchies have voluntarily paid income tax since 1993.
The Institute for Government website states that King Charles III may only spend the Sovereign Grant money on royal duties and that neither he nor his heir William are allowed to benefit from the sale of assets in their duchies.
