Along with William’s new title comes the Duchy of Cornwall, a nearly 700-year-old, $1.5 billion fortune owned by the royal family. The origins of the Duchy of Cornwall are rooted in providing capital to the heir to the throne as a means of independence. The estate continues to report high revenue streams, much of which has been in contention under then-Prince Charles. With Prince William now taking on the role of Duke, the title is about more than just property.
WHAT IS THE DUCHY OF CORNWALL?
The private estate of the Duchy of Cornwall dates back to 1337, when King Edward III established it as a way of granting independence to his heir, Prince Edward. According to the Duchy of Cornwall’s website, the charter has been in effect since the estate will be given to the Monarch’s eldest surviving son and then heir to the throne. Contrary to its name, the estate’s properties span 20 counties across England and Wales, with only 13 percent of the land in Cornwall. Combined, the properties comprise 52,450 hectares of land comprising fully equipped farms, commercial and residential properties. “It’s not a small business and it makes a lot of money,” explains Stephen Brooke, a professor of British political history at York University in Toronto. In a phone interview with CTVNews.ca on Thursday, Brooke says holdings like the Duchy of Cornwall are the foundations of wealth to the throne. “For many, many years, the Queen was the richest woman in the world because of these holdings and I’m not sure people are really talking about that. it’s not just the Crown as a symbol, the Crown also has a lot of money,” he said.
“A MODERN COMPANY”
While Charles voluntarily pays income tax on the estate, the Duchy of Cornwall is not subject to corporation tax as it is considered Crown property. According to the estates’ annual financial reports from 2022, Charles earned £21 million (C$31.8 million) in income at the end of the financial year. In 1990, Charles started the organic food company Duchy Originals, now known as Waitrose Duchy Organic, which since 2010 has been working with the British supermarket company Waitrose. According to the Prince of Wales website, the company’s profits have gone to charity and it operates separately from the Duchy of Cornwall. Brooke says the investments made by the royal family show efforts to increase their financial wealth.” “The modernization of the monarchy also seems to have involved much more modern approaches to this private wealth. It’s not like they’re just quaint landowners, they’re a modern company,” he said.
WHAT COULD THIS MEAN FOR PRINCE WILLIAM
With the Queen’s departure, all eyes around the world are on the future of the Monarchy, says Brooke, as this new era opens up the debate on how the modern monarchy will continue to evolve. “I think a challenge for Prince William, if he takes it on, is to think, ‘is this (the Duchy of Cornwall) something that a modern monarch should have?’ he said. Brooke says Prince William, along with other members of the royal family, may face intense scrutiny over their legacies and new titles because of their celebrity status. unlike the Queen, who escaped any connection to being a celebrity. “I think Queen Elizabeth held the Monarchy in such high esteem in Britain mainly because of her personality. She was someone who didn’t attract the limelight, she always appeared very kind in an extraordinary way, but still very ordinary,” he said. “I am not sure that King Charles and the others have the same gift.” Ultimately, ties to the monarch for those within the Commonwealth remain strong enough that even those who may be aware of the royal family’s currents of wealth may not care enough to question it. “I guess he (Prince William) won’t question it too much, not out of greed, but just because he won’t have to. There has been some criticism, but it hasn’t become a major issue, so I think the royal family will probably be able to continue that tradition.”
