Due to being a literal prince and third in line to the throne, Prince William is rich. Like, the man has a net worth of $30 million and he's about to move into his third home with Kate Middleton. You know, along with the multimillion dollar"apartment"he already has in Kensington Palace and the giant mansion he and Kate own in the country. But William is about to get way richer thanks to a fortune he's set to inherit when his dad Prince Charles becomes king: the Duchy of Cornwall.
So...what is a "Duchy" and why don't you also have one? These are the questions that keep us up at night! So let's kick things off with the obvious:
The Duchy of Cornwall is a completely private fund that's currently owned by Prince Charles. The Duchy was founded by Edward III all the way back in 1337 "to provide independence" to his heir, also named Edward.
Congrats to this man and his impressive beard, but if you're still like "I 'm begging you, w** is a Duchy," Merriam-Webster defines it as "the territory of a duke or duchess"-but it's basically just a fancy term for a portfolio of land and financial investments. In Prince Charles's case, it consists of 52,449 "hectares of land," including farms, forests, rivers, coasts, quarries, residential properties, and £345 million worth of commercial properties.
^ Me, waiting for someone to give me a Duchy.
A lot! Prince Charles isn't allowed to sell the Duchy's assets for personal gain, but he does get the annual revenue that they generate. And it's a huge amount of money. The Duchy's assets reportedly jumped from £93 million to £1.2 billion last year, and Prince Charles's take home was £23 million in 2021/22. He uses this money to fund his fancy life-and provides for several other members of the British royal family.
Prince William and Prince Harry, historically-though Harry is now fully financially independent. But before he and Meghan Markle booked it to California, they were definitely getting some Duchy love from Charles. The Wall Street Journal reports that in 2019, Charles gave about £5 million to both his sons, and then BBC reported in 2021 that 95 percent of Meghan Markle and Prince Harry's income (again, before they left the royal family) came from the Duchy.
Anyway, at this point you're probably wondering how Prince William is getting his hands on this thing, and it's pretty simple:
Once Charles ascends the throne, Prince William will become the Duke of Cornwall and inherit the Duchy from his dad. Meaning, he'll be the one who gets revenue from allll those investments. And once William becomes king, Prince George will be the one who gets the Duchy, and so on, and so on.
In case you feel like using your hard-earned money to support Prince Charles (??), you can stay in one of his delightful Duchy of Cornwall holiday cottages! They range in prince and are truly charming, so gonna go ahead and drop this link.
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