A new investigation shows King Charles and Prince William earning millions. They make this income through their royal estates. This raises concerns over their financial ties to charities and public groups.
This investigation, conducted by The Sunday Times and Dispatches on Channel 4, explores how the Duchies of Lancaster and Cornwall—privately held estates of the King and the Prince of Wales—generate significant income.
The investigation reveals how these estates earn through various contracts. They work with government bodies, charities, and organizations. The Duchy of Lancaster, managed by King Charles, makes about $35 million yearly. Meanwhile, Prince William’s Duchy of Cornwall generates $30 million annually. These estates have supported the monarch and heir for centuries. They continue to provide substantial financial backing to the royal family.
The financial model of these duchies relies on charging for a variety of services.
The royals, acting as commercial landlords, collect fees from land leases, tolls, and rights for activities such as crossing rivers, operating ferries, running gas pipelines, and even digging graves. According to The Sunday Times, the duchies earn money from an array of activities including renting land for schools, charities, sewage systems, and wind turbines. They also profit from more traditional assets like pubs, car parks, and village halls.
The investigation highlights the special status these estates enjoy, as they are exempt from paying taxes on the income generated.
This setup lets the royals manage their estates like commercial landlords. However, they don’t face the same tax obligations. The income funds King Charles and Prince William’s personal and public costs. It also supports their charitable and community projects. Critics argue this raises concerns about fairness and transparency. They question how public funds interact with royal finances.
A Duchy of Lancaster spokesperson defended its finances, saying it’s private and not taxpayer-funded. The estate follows U.K. laws and provides audited annual reports. Similarly, the Duchy of Cornwall focuses on balancing profit with social responsibility. Prince William is committed to making it net-zero by 2032 and investing in mental health and homelessness.
Despite these efforts, the investigation sheds light on the controversial aspects of the duchies’ financial dealings.
Both estates are said to charge a range of public services—such as the army, navy, and NHS—for the use of their land. This includes land for military training, hospital sites, and even prisons. These charges add to the millions the royals receive annually, raising questions about the overlap between royal finances and public service costs.
The Duchy of Lancaster and Duchy of Cornwall were established centuries ago to provide for the monarch and the heir. However, modern critics question whether these private estates should be exempt from taxes while generating significant income. Last summer, Prince William sparked controversy when he refused to disclose how much tax he paid on the $30 million earned from the Duchy of Cornwall during the 2023-2024 fiscal year.
In summary, this investigation reveals the complex financial arrangements that allow King Charles and Prince William to profit from public services, charities, and their vast estates.
While the estates operate as private entities, the royalties they collect from various sources, combined with their tax exemptions, fuel ongoing debates about the transparency and fairness of their financial practices.