King Charles, Prince William inherit estates worth £15.5bn
September 16, 2022 - Queen Elizabeth II’s death prompted a massive restructuring of the royal family’s finances. King Charles III takes over the Crown Estate, while his eldest son William inherits the Duchy of Cornwall.
Established as long ago as 1337, the estates that help fund the British monarchy are now serving a new generation of the Windsors.
In addition to the Crown Estate, King Charles III also inherits the Duchy of Lancaster -- a private estate -- while his eldest son William, and next-in-line to the throne, inherits the private Duchy of Cornwall estate from his father.
The vast bulk of the Royal family’s wealth totals at least £15.5 billion (€17.7 billion) in land, property and investments.
The monarch hands the profits from the Crown Estate assets to the government in return for the Sovereign Grant, which will fund King Charles and his family for their official duties.
The grant for the year to March 2023 is £86.3 million (€98.7 million), unchanged from the 2022 period.
Royal wills are not made public, “so we have no idea actually what’s in them and what that’s worth,” Laura Clancy, a lecturer in media at Lancaster University and author of a book on royal finances, told CNN Business.
As monarch, King Charles is exempt from inheritance tax on assets he receives in his mother’s will. However, he and the Queen have paid income and capital gains tax on funds from their private estates since 1993.