Explosive investigation details private revenue of King Charles, Prince William

An explosive new report details the ways in which the private estates of Prince William and King Charles rake in funds by charging charitable organizations and public agencies for use of the duchies’ land and rights of way,

The controversy centers around the Duchy of Lancaster, established in 1399 and owned by King Charles, and the Duchy of Cornwall, established in 1337 and owned by Prince William. Created to provide income for the sovereign and the throne’s heir, the respective duchies bring in about $35 million annually for King Charles and $30 million for Prince William, according to a five-month-long joint investigation by the current affairs show “Dispatches” with The Sunday Times.

Just about everything done on their land — the 44,748-acre Duchy of Lancaster on parcels scattered throughout England and Wales, and the 130,000-acre Duchy of Cornwall in southwest England — generates a charge.

Income flows from charges for things like the right to cross rivers, unload cargo from ship to shore, bury cables under the duchies’ beaches, and operate charities and schools, among other activities that occur on the land, according to The Sunday Times. The revenue from toll bridges, ferries, churches, rental homes, wind turbines, mines and a host of other avenues also flows into their coffers.

The money the royals collect covers expenses and provides their own private income, the report noted. The two royals voluntarily pay income tax on the estates’ profits after expenses, according to The Guardian; they haven’t revealed the amount.

The royals are exempt from taxes, even though they operate as commercial landlords, the investigation found. While the duchies are not directly taxpayer-funded, many of the agencies run on tax dollars — the navy, the National Health Service, the army, state schools, and the country’s prison service all collectively pay millions of dollars annually for use of the duchies’ riverbanks, coastlines and land, The Sunday Times reported.

The National Health Service, for instance, will pay the Duchy of Lancaster about 11.4 million pounds ($14.8 million) over 10 years to store a fleet of electric ambulances in a Lancaster duchy warehouse for 15 years. Some are now demanding the royals reimburse the NHS — and even ditch the duchies altogether.

Both duchies issued statements saying they were private and did not receive public funding, and that their annual report provides a window into all their financial dealings.

“The Duchy of Cornwall is a private estate with a commercial imperative which we achieve alongside our commitment to restoring the natural environment and generating positive social impact for our communities,” William’s duchy told Town & Country in a statement. “Prince William became Duke of Cornwall in September 2022 and since then has committed to an expansive transformation of the Duchy.”

The Duchy of Lancaster noted it “complies with all relevant U.K. legislation and regulatory standards applicable to its range of business activities,” according to Town & Country.

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