For generations, the fortune of the Windsor family has been a subject of enormous curiosity and speculation, especially because of the secrecy surrounding it.
However, a recent investigation by two British media has uncovered details about the wealth of King Charles III and his son, Prince William.
Where does the fortune of King Charles and Prince William come from?
The investigation reveals that a considerable portion of their fortune comes from the duchies of Lancaster and Cornwall, which encompass a staggering 5,000-plus properties and generate millions in income through rents and other royalties.
The Dukedoms of Lancaster and Cornwall, which belong respectively to the monarch and his heir, comprise not only vast agricultural lands, but also a wide variety of properties and amenities that pay rent to the king and prince. Parking lots, golf courses and even surf schools are among the facilities that contribute to this source of income.
For years, it has been known that these duchies generated significant profits, but this five-month investigation has managed to detail what the exact properties are and in what diverse ways the family’s wealth is increased.
The investigation reveals that Charles and William derive income not only from land and property rentals, but also from unique concessions and rights.
These range from permits to cross certain rivers or load goods in coastal areas, to laying cables under beaches they own. They even include activities such as running schools, charitable works, and charging fees for digging graves.
Moreover, these revenues make no distinctions; both the National Health Service (NHS) and various charities must pay for the use of certain properties.
Some of the arrangements are particularly notable. For example, the NHS has a lease with the Duchy of Lancaster for an ambulance depot that will cost £11 million over a 15-year period.
Another agreement with the Ministry of Justice secures the use of Dartmoor Prison, for which the rent is £1.5 million a year.
In total, the Duchies have 5,410 properties distributed between England and Wales. Of these, 3,536 belong to the Duchy of Lancaster and 1,874 to the Duchy of Cornwall.
The estates include mines, commercial properties, schools and areas of cultural interest, each constantly generating income for their royal owners.
These estates cover some 180,000 acres, including lands and coastlines dating back to the 11th and 12th centuries, when they were taken during the Norman Conquest.
Much of it is located in London and is rented to charities, which adds a touch of irony, since both Charles and William are patrons of several of these institutions. Among the tenants are organizations such as Macmillan Cancer Support, Marie Curie and Comic Relief.
This web of property and income also preserves some ancient rights dating back centuries. Prince William, as holder of the Duchy of Cornwall, benefits from the right of “bona vacantia,” which allows him to keep any duchy property left without an owner upon the death of its owner.
According to the annual report, last year the prince donated £288,000 to charitable causes, more than half of which came from this rule.
Another interesting revelation is that neither the king nor his heir are required to pay tax on their personal income. However, both choose to make voluntary contributions: King Charles III claimed to have paid £5.9 million in taxes in his last report, representing about 25% of his annual income of £23 million.
The highest tax rate in the UK is 45%, but the monarch managed to reduce his tax burden through deductions related to his official duties.
In addition, father and son are free to spend these personal earnings as they wish, as their institutional expenses and maintenance of official residences are funded by the sovereign grant, a state allowance calculated as a percentage of the income generated by the lands the royal family surrendered to the Treasury more than two centuries ago.
This research brings to light the complex financial mechanisms that sustain the wealth of the Windsor family, showing how centuries-old privileges and traditions still influence the economy of the British monarchy in the midst of the 21st century.