Today, the Duchy of Cornwall includes famous cricket ground, abundant farmland in the south of England, seaside rentals, office space in London and a suburban supermarket. Property portfolio with an area of 130,000 sq m the acres are almost the size of Chicago and generate millions of dollars a year in rents, reports The New York Times.
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“The Principality is run like a trading company”
As King Charles III the monarch will now take over his mother’s fortune and inherit part of her enormous fortune without paying taxes. On the other hand, control of the Duchy of Cornwall will be transferred to his eldest son William. He will be able to continue to develop the family corporation, also without paying taxes that apply to British citizens. However, it is worth mentioning that Karol paid a tax of 45 percent last year. on property income. He did it voluntarily.
The growth of the royal family’s fortune and Charles’s personal fortune over the past decade has coincided with a difficult situation Great Britain. Poverty among citizens worsened, which further emphasized the difference between their standard of living and the wealth and “palatial” lifestyle of Charles. Today he enters the throne, which can further fuel negative public moods, “The New York Times” sums up.
“The principality has been steadily commercializing over the past few decades,” said Laura Clancy, author of a book on royal estate. “It is run like a trading company with a CEO and over 150 employees.” What was once considered a landed estate, she added, now functions like a corporation.
The new king, the new Duke of Cornwall
The Duchy of Cornwall was founded in 1337 by Edward III as a private estate. Since then, by law, the eldest surviving son of the monarch has inherited control over him and the title of Duke of Cornwall. However, he cannot sell the property, he only receives the annual income that his assets generate.
“When Charles took power at the age of 21, the principality was not in a good financial position,” said Marlene Koenig, an expert on royal affairs, stressing that it was influenced by previous mismanagement and a lack of diversification. Only Karol began to actively work for the company and employ experienced managers. “At that time, the principality became financially aggressive,” she said, quoted by The New York Times.
The newly appointed British monarch also acted for charity, chairing a foundation established for this purpose, which finances philanthropic campaigns around the world. In his speech on Saturday, the king indicated that he planned to withdraw from external ventures. “It will no longer be possible for me to devote so much time and energy to charities and the causes I care about so much,” he said. According to Laura Clancy, the new monarch should also completely abandon lobbying and business ventures.