The Windsors' money is a subject that frequently makes the headlines and attracts curiosity. Although the Duchy of Lancaster and the Duchy of Cornwall – trusts managing a portfolio of assets owned by the sovereign and his heir – are transparent entities, a recent investigation sheds light on how King Charles III and Prince William s 'enrich themselves as owners. Last year, the father and son together pocketed around 61 million euros thanks to their rents from schools, businesses, parking lots, a prison and road tolls.
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The two royal duchies: the gold mine of King Charles III and Prince William
The Duchy of Lancaster (Duchy of Lancaster) and the Duchy of Cornwall (Duchy of Cornwall) are the two entities that manage the properties acquired by monarchs and heirs to the British throne over 750 years. The two entities, although called duchies, are not territories but asset managers, not to be confused with the county of Lancashire and the county of Cornwall which are administrative territories. The two duchies are the sources of income of King Charles III, 75, and Prince William, 42. Other working members of the royal family do not receive an income.
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A major five-month investigation, carried out jointly by The Sunday Times et Channel 4gives a more precise overview of how the sovereign and his heir become richer each year. The functioning of the two duchies is known to everyone and its financial figures appear each year in the accounting balance sheets of the two companies. However, this investigation allows us to focus more precisely on the lessors of King Charles and Prince William, sometimes highlighting strange coincidences, particularly between tenants who are also associations which benefit from royal patronage.
Since the Norman Conquest in the 11th century, English kings have acquired territories and properties throughout the country. Over the centuries, the sovereign distributed his property with his heir. The royal family, which also owned Crown property and a group of castles and palaces, ceded part of its property to the State in the 18th century. In 1760, King George III – considered a poor manager – ceded the royal properties to the state. This set of assets, called the Crown Estate, brings in hundreds of millions of pounds per year to the British Treasury, which in exchange transfers a percentage to the Royal Household, which uses it to finance the official activities of the royal family. . The total value of the Crown Estate's assets was around £16 billion in 2023.
The British royal family has only parted ways with the main royal residences, managed today by the Crown Estate. The king and his heir remained the owners of their respective duchy, these being considered unprofitable at the time. Thanks to investments and interesting real estate projects, the 5,410 properties in the two duchies (3,536 for the Duchy of Lancaster and 1,874 for the Duchy of Cornwall) bring in tens of millions of pounds per year for their owners. Thus, King Charles III pocketed 27.4 million pounds (around 32.7 million euros) in 2023 thanks to his rental income, while Prince William earned 23.6 million pounds (around 28.1 million euros) with his duchy. The king and his heir are exempt from taxes. Both, however, chose to voluntarily pay their taxes despite the exemption to which they are entitled. The total value of the assets of the Duchy of Lancaster fluctuates around 650 million pounds (approximately 775 million euros) over the years, and the value of the cumulative assets of the Duchy of Cornwall has reached 1.26 billion pounds (1, 5 billion euros) in 2023.
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King Charles and Prince William receive rent from 5,410 properties covering 7,300 hectares
This new survey details the list of 5,410 properties owned by the monarch and his son. In addition to forests, land and private homes, there are more original landlords, such as a surf school, cricket and golf courses as well as various commercial companies. Land ownership allows you to generate original income. In addition to various rents, Charles and William can earn income from the management of sewers or from tolls on the roads and bridges that cross their land. Depending on the contracts established, they can request a percentage of income from the exploitation of forests, farms, agricultural land, mines or any commercial activity that generates a profit. Certain ancestral laws make it possible to receive income on the profits made from the exploitation of certain coasts. We have also known for several years that the Duchy of Lancaster's largest revenues come from the management of offshore wind farms. Indeed, thanks to a feudal law, the Duchy of Lancaster can charge the various energy companies which operate the wind farms for the cables crossing the foreshore of certain coasts.
According to this survey, the 5,410 properties would cover a total area of 180,000 acres, or approximately 728 square kilometers. Among the lessors attracting the attention of the press is the NHS (the British public health service) which rents an ambulance warehouse. This lease, signed for 15 years, requires an annual rent of 829,000 pounds sterling (or approximately 988,000 euros) in the Duchy of Lancaster. The Ministry of Justice is itself a tenant of the king and pays him rent to use Dartmoor prison. The investigation also talks about a building located in London which houses several companies, including associations. The Marie Curie and MacMillan associations, both tenants of Camelford House, pay rent to the duchy. These are also two associations to which King Charles provides his patronage.
The Duchy of Cornwall charged the Royal Navy over a million pounds for the construction and use of some piers and the mooring of warships. The duchy also gained more than 600,000 pounds from the construction of a fire station and is expected to get almost 600,000 pounds from rental agreements with six state schools. The survey also highlights that around 14% of housing rented by the two duchies has an energy performance of F or G. It has been illegal since 2020 to offer for rental properties with a rating lower than E. The Guardian reports the official statement from the Duchy of Lancaster on this subject: “More than 87% of all properties rented by the Duchy are rated E or above. The remainder are either awaiting planned improvement works or exempt from this requirement under UK law. »
Although this investigation does not make any earth-shattering revelations and does not reveal any suspicion of fraud of any kind, it once again awakens the political class who wish to reform these two trusts. The main demands concern in particular the fact of taxing the two duchies because their activities are considered unfair compared to their competitors. The request is supported by Baroness Margaret Hodge, former chair of the House of Commons Public Accounts Committee. The other proposal concerns a transfer of properties from the two duchies to the Crown Estate.
Nicolas Fontaine
Editor-in-chief
Nicolas Fontaine has been a designer-editor and author for numerous Belgian and French brands and media. A specialist in royal family news, Nicolas founded the site Histoires royales of which he is the editor-in-chief. [email protected]
