The British royal family isn’t just famous for its castles and crowns; it’s also a serious business powerhouse. According to a recent report by The Sunday Times and Channel 4’s Dispatches program, King Charles III and his son, Prince William, aren’t just relying on the “sovereign grant” from UK taxpayers. They have extra sources of income that bring in millions every year—thanks to two ancient estates, known as the Duchy of Lancaster and the Duchy of Cornwall.
How King Charles and Prince William Make Millions
In 2023 alone, Charles and William’s estates, or “private fiefdoms,” earned big money. The Duchy of Lancaster, which King Charles controls, pulled in over £27.4 million (about $35 million), while the Duchy of Cornwall, which belongs to Prince William, raked in around £23.6 million (about $30 million). This investigation uncovers that these estates make money by charging for all kinds of things, including crossing rivers, digging graves, running cables under beaches, and even renting out buildings to UK public services.
The “Duchy Files” Revelation
The investigation, nicknamed “The Duchy Files,” claims these estates have hundreds of business contracts with a wide variety of industries—from toll bridges and ferry services to sewage pipes and gas pipelines. This includes a warehouse rented to the NHS for storing ambulances, bringing in £11 million ($14 million) over 15 years. And it’s not just storage; Prince William’s estate also charges the Ministry of Justice £1.5 million ($1.9 million) each year for using the historic Dartmoor Prison. The Duchy of Cornwall even charges the British military for the right to train on its land, though the exact amount isn’t known.
An Empire of Rents and Fees
These duchies hold over 5,400 pieces of property across the UK, renting out everything from residential homes to farmland and even village pubs. Their portfolios stretch back to the 14th century and were originally built on land seized by ancient kings. Today, they operate as commercial landlords but don’t pay tax on the profits like regular businesses would.
King Charles and Prince William do pay a high rate of income tax—voluntarily—at 45%, though they are not required by law to do so. For example, in 2022, King Charles paid income tax on only 25% of the profits after claiming deductions for “official expenses.”
Secrets Kept from the Public – Until Now
This investigation marks the first time a full list of the royal family’s properties has been made public, as these records were kept private from even the British Parliament. The estates, separate from the Crown Estate (which funds official royal duties), have been part of the monarchy’s inner circle of wealth for centuries, serving as an enormous but secret source of income.
With the Crown Estate’s profits on the rise, the taxpayer-funded sovereign grant to cover the royal family’s official expenses will also jump from £86.3 million ($111 million) in 2024 to a hefty £132 million ($170 million) in 2025.
