The Royal Family is undoubtedly one of the wealthiest groups of relatives in the entire world. According to Forbes, the family has amassed a stunning $28 billion fortune. Prior to the death of his mother, Queen Elizabeth, Prince Charles III – now King Charles – was already a billionaire. Like most members of the Royal Family, the 74-year-old has amassed a huge fortune, accumulating an impressive real estate portfolio and also choosing money managers wisely. Just how did Charles build his empire? Here is everything you need to know.
King Charles' Estate Is Known As "Duchy of Cornwall"
King Charles' private estate is known as the Duchy of Cornwall. According to the New York Times, his estate has doubled in value over the past decade due to clever investments and a spectacular team managing his money and property. "The duchy has been steadily commercializing over the past few decades," Laura Clancy, the author of Running the Family Firm: How the Monarchy Manages Its Image and Our Money, told the publication. "It is run like a commercial business with a C.E.O. and over 150 staff." Initially a "landed gentry pile of land" operates like a corporation.
It Includes Multiple Profit-Making Properties
The 130,000-acre Duchy of Cornwall real estate portfolio includes multiple properties. Amongst them, The Oval cricket grounds, farmland in England, oceanfront vacation rentals, London office spaces, and even a suburban supermarket depot.
It Is Estimated to Be Worth $1.4 Billion
Per the publication, the Duchy is worth a whopping $1.4 billion. His late mother's, in comparison, is worth just $949 million. And neither of those figures includes personal wealth. (The Queen's personal wealth was reportedly valued at $430 million by The Sunday Times). Now that his mother has passed, not only will he inherit her real estate, but also her personal savings.
He Doesn't Have to Pay Taxes
While most people would be forced to pay taxes on all of that money as well as a 40 percent inheritance tax, there is a major tax break for being born into the Royal Family. Charles doesn't have to pay a penny! To avoid corporate taxes, Charles will pass control of the Duchy of Cornwall to William. It will then be William's job to manage the estate.
His Money Funds His Children Too
According to the Times, the Duchy puts a whole lot of dough into Charles' bank account every year, estimated around "tens of millions of dollars." The money is used for his private spending and also pays for his son, William, and daughter-in-law, Kate Middleton.