The death of Queen Elizabeth II, the UK's longest-serving monarch, has set in motion unprecedented changes to the British monarchy. As Charles III is now King of the UK and 14 other Commonwealth realms, his eldest son, Prince William, has received the title of Prince of Wales, in addition to his royal title of Duke of Cornwall.
Prince William and his wife, Katherine Middleton, were the Duke and Duchess of Cambridge. After the death of Queen Elizabeth, the couple were granted the titles of Prince and Princess of Wales, a title previously held by Charles III.
As a result of his new titles, Prince William now inherits a massive estate and property portfolio.? ?
The future king inherits the private Duchy of Cornwall estate from his father,?King Charles III.
Created in 1337 by King Edward III, the estate is said to be worth more than 95 billion rupees ($1.2 billion), as per financial accounts from the last year. The Duchy of Cornwall encompasses a generous portfolio of land and property, including almost 140,000 acres in southwest England.?
Last year, King Charles, then the Duke of Cornwall, paid himself more than 1 billion rupees ($25 million) from the Duchy of Cornwall estate, as per CNN.?
Neither Prince William nor King Charles are obliged to pay any form of tax on their estates.
This is as per a clause agreed in 1993 by the then prime minister, John Major, which stated that any inheritance passed "sovereign to sovereign" avoids the 40% levy applied to assets valued at more than ?325,000, according to?The Guardian.
In addition, Prince William now also owns The Prince of Wales' Guesthouses, a private "nature retreat... hidden among the meadows and hills of Zalan Valley" in Romania.
As per the?New York Post, the retreat features horseback riding and visits to local craft studios in the Carpathian foothills. It is administered by the Prince of Wales' Charitable Fund.
The non-profit foundation also manages Duchy Organic, the largest organic food brand in the?UK, which sells hundreds of items such as olive oil, cookies, and strawberry preserves.??
Prince William is also about to take over his father's estate at Highgrove House, where Charles originally established an organic farm in 1985.??
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