A recent investigation has shed new light on the immense private wealth held by King Charles III and Prince William, revealing how the two senior royals quietly control vast property empires through the historic Duchies of Lancaster and Cornwall. Combined, the duchies cover around 180,000 acres of land across England and Wales and generate tens of millions of pounds annually.
Originally established after the Norman conquest, these estates include farmland, commercial properties, and leases on everything from parking lots and golf courses to warehouses used by the National Health Service (NHS). One NHS lease alone will bring in £11 million over 15 years. Meanwhile, the Ministry of Justice pays £1.5 million a year to lease Dartmoor Prison from the Duchy.
Both King Charles and Prince William serve as patrons to numerous charities and have allowed some organizations, like Macmillan Cancer Support and Marie Curie, to operate from prime duchy-owned properties. Despite being legally exempt from income tax on these properties, both royals voluntarily pay tax. King Charles paid £5.9 million on earnings of £23 million last year, reflecting a 25% contribution.
The investigation also highlighted the royal family’s continued access to centuries-old privileges. Prince William, through the Duchy of Cornwall, benefits from a right called bona vacantia, allowing him to claim ownerless estates. This contributed to charitable donations amounting to over £288,000 last year, with more than half coming from such claims.
While public debate continues over the Crown’s enormous private wealth, the royal estates have long been managed separately from the sovereign grant — the public funding used to support official royal duties. That grant, derived from national revenue on Crown Estate lands surrendered by the monarchy centuries ago, continues to fund royal residences and institutional expenses.
