The inauguration of King Charles III as the new emperor of the United Kingdom of Great Britain and Northern Ireland took place on Saturday, September 10. As a result, Prince William, the elder son of King Charles III, is now the rightful heir or the successor to the throne. He has received some intriguing extensions to his inherited wealth.
William will be the owner of all Prince Charles’ assets, including The Oval cricket ground in London, worth a billion pounds. The final addition was made because William is now the Duke of Cornwallis. A Duke, a noble or royal personage underneath the ranks of king and Prince, owns a duchy, their property.
Who is now the Oval’s owner?
The Oval is the Duchy’s “historical asset” on its site. According to its website, King Edward III created the Duchy of Cornwall in 1337 as a private residence. The goal is to provide Prince Edward, his son, and heir, liberty and fortune. Since then, the heir to the King or Queen has received it. Surrey County Cricket Club received exclusive use of the Oval Cricket Ground in 1874. The Duchy has been engaged in renovation projects like the Pavilion’s reconstruction and the new Pavilion portico’s completion.
Prince William’s net worth
According to The Guardian, the title “Duke of Cornwallis” includes 20 counties, ranging from Kent to Nottingham shire, and not merely the province of Cornwallis of the United Kingdom. Additionally, it calculated that the land holdings’ combined area is roughly 52,000 hectares or 128,000 acres. However, roughly 7,552 hectares—or 13% of the entire Duchy estate—of land are owned by the Duchy in Cornwall.
The heir‘s spouse may also possess the title of duchess of Cornwall, which Camilla Parker Bowles previously occupied. She is the leader of 90 charities and organizations, most active in the Duchy of Cornwall.
The Isles of Scilly, containing 200+ islands, and Newquay, the most iconic coastal destination in the UK, are Duchy holdings. The 22,000 permanent population increases to 100,000 during the summer. The Duchy is engaged in two projects in Newquay that both promote environmentally, culturally, and economically sensible growth.
How much money are these homes generating?
The Duke receives the estate’s earnings and prefers to utilize these to finance his public, charitable, and domestic activities with his family. In essence, it serves as his source of revenue. His website claims it generates a yearly income of over 21 million pounds or almost 200 crores. In addition to his charity endeavors, the Prince utilizes it to “maintain himself, his kids, and their families. On any inheritance earnings, the Prince has also paid the taxes. The Prince of Wales is not eligible to receive any revenues or profits from the sale of assets, according to one of the rules set up in the charter, which is still upheld. Only the yearly revenue the assets produce is authorized to go to William.
It’s fascinating that the lower and upper houses of Parliament, the House of Commons and the House of Lords, received the Duchy’s annual financial reports. The Duchy’s relationship with the administration somehow doesn’t end here. Prince Charles has to obtain the Duke of Cornwall’s consent before Parliament takes any action that could negatively impact the Duchy of Cornwall. It also applied to the Queen, who would give her approval to legislation that had an impact on Crown interests. The Duke of Cornwall never refused to accept a bill that could hurt the Crown or Duchy of Cornwall’s interests.
