After Queen Elizabeth II passed away, Prince William, the son of King Charles, received the Duchy of Cornwall estate, which was worth more than N426 billion.
Charles, the eldest child of Queen Elizabeth II, became King Charles III. His son, Prince William, now holds the titles of the Duke of Cornwall and the Prince of Wales.
The 685-year-old private estate was established in 1337 by Edward III, a move the estate says the medieval king made “to provide independence to his son and heir.”
Get Instantly Update By: Joining Our Whatapps and Telegram Channel
With the estate’s creation, a charter was drawn up that rules each future Duke of Cornwall—and owner of the estate—would be the eldest surviving son of the monarch.
The line of succession makes Prince William, now the first in line to the British throne, a much wealthier man.
During his tenure as the Duke of Cornwall, Prince Charles chose “to use a substantial proportion of his income from the Duchy to meet the cost of his public and charitable work as well as the public and private lives of his immediate family,” according to the estate.
The Duchy of Cornwall is set to be a lucrative asset for Prince William. Last year, King Charles received an income of more than £20 million ($23 million) from the estate.
The Guardian claims that the king voluntarily paid the top rate of 45% income tax in the U.K. on his income from the Duchy last year in response to growing outrage over the Duchy’s exemption from capital gains and corporation taxes.
The late Queen, who left behind a fortune of more than $500 million, is also expected to leave Charles himself a rich legacy, though it is unknown how the Queen’s possessions will be distributed among her four children.