Prince William Inheritance
As a son of the late King George VI, Prince William inherited an estate worth over $1 billion. The estate is owned by the Duchy of Cornwall. According to the estate’s Sovereign Grant, the King can only use this money for the King’s regal duties. This means that the future King of England can’t spend his inheritance on anything other than the King’s responsibilities. However, the estate’s Sovereign Grant does have some limits. For example, he can’t sell any of the estate’s assets for a profit – he can only spend the income from the estate’s assets every year.
Prince William inherited an estate worth $1 billion
Prince William has inherited a huge estate that is worth more than $1 billion. This land is part of the Duchy of Cornwall, which was created by King Edward III in 1337. The estate has over one hundred thousand acres of land, which will go to the heir apparent. The money that comes from this land will be used for both public and private activities.
The estate will generate an annual income of between twenty to thirty million pounds. In addition, William will also be responsible for paying income tax on the estate’s revenue every year. This income will be enough to help William support his wife Kate and children Louis, Charlotte, and George.
Duchy of Cornwall estate worth $1.2 billion
The Duchy of Cornwall is a private fund, founded by Edward III in 1337 for his son. It owns a total of PS345 million in commercial property and over 128,000 acres of land. The Duchy also owns the Isles of Scilly. The Duchy of Cornwall is home to the famous Oval cricket ground, Dartmoor Prison, and other properties.
Prince William will inherit the Duchy of Cornwall estate, which has been an income source for the royal family for the past 50 years. The estate is spread across 20 counties, including England and Wales. The majority of the property is outside of Cornwall.
Sovereign Grant restricted to spending only on the King’s regal responsibilities
The Sovereign Grant is paid annually to the King and Queen from the Crown Estate. It is indexed as a percentage of the previous two years’ Crown Estate revenues and is reviewed by Royal Trustees every five years. The current grant amounts to PS8bn.
The grant is used to pay staff and maintain the royal palaces. The government retains the remaining 15%. However, the Queen agreed to receive 25 percent of the profits from the Crown Estate starting in 2017 and continuing for a period of ten years. The money from the grant will also be used to fund the refurbishment of Buckingham Palace. The Crown Estate is owned by the King and is separate from the Queen’s private property.
In the same way, as the Sovereign Grant is restricted to spending only on the King’s duties, the Queen’s personal wealth is passed on to Charles, so the Sovereign Grant is only one part of the royal income. The rest of the royal income comes from her personal estate, which includes iconic castles and the Crown Jewels.
Kate Markle contributed $2 million
If Kate Markle and Prince Harry are really worth $2 million, they will make a fortune. The couple received a large inheritance from their mother when they were young. When they turned thirty, they each received a quarter of a million dollars. They also received $450,000 per year in dividends. They used to earn $62,000 per year as air ambulance pilots. However, they have retired to focus on their royal duties.
The couple has a history of contributing to charitable causes. The royal couple’s charitable foundation, the Royal Foundation, is making a huge donation to charities that help front-line workers and people suffering from mental health. The couple met with representatives of various organizations to announce the donation. Afterward, they decided to share the news on Instagram.
Meghan Markle voluntarily paid income tax
After Prince William died last year, Meghan Markle voluntarily paid income tax on his estate. While the Prince receives income from his Duchy of Cornwall estate, the couple has not declared all of their assets. Meghan has received gifts from international royalty and A-list friends. Besides the royal heirlooms, the couple owns a multi-million-dollar newly renovated Windsor estate.
The royal couple’s financial independence was a primary goal. They claimed they wished to become financially independent, and in September 2020, Newsweek reported that Prince Harry and Meghan had ceased receiving money from the Duchy of Cornwall. In fact, the couple returned PS2.4 million in public money they had received as part of the Sovereign Grant, which was used for renovations at their Windsor home.