Prince William inherits a fortune of more than one billion euros

Prince of Wales, Duke of Cambridge, and economically most important, 25th Earl of Cornwall. Guillermo had approved the Duchy of Cornwall (County of Cornwall) at the time his grandmother, Elizabeth II, had died, and the British crown had fallen at the head of his father, now Charles III. At the age of 40, he inherited assets valued at more than one billion euros, which places him among the largest landowners in the United Kingdom.

The Duchy of Cornwall was founded in 1337 by King Edward III to ensure the economic independence of his firstborn descendants, known as the “Black Prince”. A royal decree ensured the transfer of ownership to the eldest son and successor to future kings. Inherited by Carlos when he was 3 years old, he took full responsibility for management and benefits when he turned 21, losing the title this week to his heir. The Duke of Cornwall was the longest-lived of these seven centuries.

Carlos now transfers to his eldest son an empire of rural and urban land, homes, businesses, real estate and tourism businesses, with a net worth of £1,005 million (about €1,150 million at the exchange rate) and a surplus of €26 million, recorded in the 2022 income statements. It is the income that He would for the first time allow the Duke of Cambridge to provide for his family – his wife Catalina and the three children, Jorge, Carlotta and Louis – without relying on the regular support he received until the date of the former Prince of Wales.

The Duchy’s tentacles span across twenty counties, most of which are located in the southwest of England. It covers forests, farms, rivers, quarries, the coast and much of the Isles of Scilly off Cornwall. They own institutions of a diverse nature, such as Dartmoor Prison, on land in the national park of the same name, or Oval Cricket Ground in London. Among the private companies that have survived the pandemic crisis, some greenhouses and holiday homes stand out, which are marketed under the Duchy brand.

Under the current king, projects based on their philosophical pillars in the fields of architecture, ecology and organic farming have been promoted. Hence, managing this private universe in a manner that is “sustainable and financially viable” which provides “great value to the local community” is consistent with the evidence imposed by the outgoing Duke. Consistent with its principles, the annual financial results schedule is supplemented by the publication of a report focusing on carbon emissions. The operating carbon footprint has been reduced by 76% compared to 1990, according to the latest assessment.

reputation

There are no problems with transferring the duchy’s operations to William. The Prince’s advisors attended board meetings in order to learn about Duchy’s business, revenue collection and developments of projects and investments. It remains to be seen whether the new “owner” will follow in the footsteps of his father, who has built a reputation as a straightforward co-manager over decades, who has been in contact with his tenants and has been dubbed “the boss” by staff.

Carlos is leaving Cornwall with 150 employees spread across seven offices, from London to Scilly. There is also an administrative headquarters in Poundbury, the model village in the Dorset countryside, which the duchy began planning in the late 1980s. According to the traditional master plan, housing for about 3,000 people has been built and is expected to accommodate a total of 6,000 people by the scheduled completion time in 2025.

It would not be the only architectural plan in progress that William inherited in his new role as Duke of Cornwall. The company runs the sprawl of Newquay, famous for its surfing beaches and music festivals, from an ambitious residential and urban complex. It has municipal approval to build the first phase of a long-term scheme of 4,000 homes, as well as schools, shops and green and recreational areas for future urban expansion designed by The Prince’s Foundation Architects, from the network of charities founded by the former Prince of Wales.

His successor will now have the opportunity to make his mark on a duchy known around the world for the beautiful northern region of the same name and for a brand of biscuits, tea and other foods no longer under his control. This is Duchy Originals, launched by Carlos in 1992, with products exported to Spain and other countries, which were absorbed by the Waitrose chain of stores. The transfer of UK manufacturing and distribution rights saved the iconic brand from extinction in 2009.