Prince William to gain new title when Charles is King says expert
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Prince William will be “entitled” to the Duchy of Cornwall income when Prince Charles is king, a royal expert has said. UCL Constitutional professor Bob Morris spoke to Express.co.uk about changes to the Royal Family when the Queen dies. He noted that the Duke of Cambridge would gain a number of titles, and the resources that go along with them.
Mr Morris told Express.co.uk: “You don’t become Prince of Wales automatically.
“I think Charles was 10 when he became Prince of Wales.
“And he wasn’t instituted into the role until he was 21 in 1969.
“But I’m sure that King Charles would quickly designate William as Prince of Wales.”
He added: “He would then be entitled, of course, to the income of the Duchy of Cornwall estate.”
The Duchy of Cornwall is a private estate owned on behalf of Prince Charles.
Spanning over 21 counties, the duchy principally manages land holdings in England of 135,000 acres.
The eldest surviving son of the monarch and heir to the throne is given the Duke of Cornwall title and access to the Duchy’s earnings.
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In 2019, the land generated Charles over £20 million on almost £1 billion of net assets.
Though the profit goes directly to Charles, William (and previously Harry) receives money from the Duchy through his father to fund both his and Kate, the Duchess of Cambridge’s private and official expenses.
In 2019, the Prince of Wales’s sons and their families received around £4 million in total from the fund.
Harry gave up this source of funding when he and Meghan Markle left the family, pledging to be “financially independent”.
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The largest source of income for the royals is government money through the sovereign grant.
The sovereign grant is the package of money that is used to pay for the official work of the monarch and her family, and also the upkeep of their properties.
The grant money comes from some of the profits that are made by the Crown of State, which is a huge portfolio of land and properties which are in the gift of the monarch.
Most of the profits go to the Treasury but a percentage goes to funding their official work. That is why it is often referred to as taxpayers’ money.
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