Home » Queen Elizabeth’s grandson Prince Williams inherits her N426 billion property

Queen Elizabeth’s grandson Prince Williams inherits her N426 billion property

by Ifeoluwa Solomon
Prince Williams

Following the death of Queen Elizabeth II, King Charles’s son Prince William inherited the late Queen Elizabeth II’s estate, Duchy of Cornwall estate—which was valued at more than N426 billion.

Queen Elizabeth II eldest son, Charles ascended to the throne as King Charles III. His former titles, the Duke of Cornwall and the Prince of Wales, have been passed to his son, Prince William.

The 685-year-old private estate was established in 1337 by Edward III, a move the estate says the medieval king made “to provide independence to his son and heir.”

With the estate’s creation, a charter was drawn up that rules each future Duke of Cornwall—and owner of the estate—would be the eldest surviving son of the monarch.

The line of succession makes Prince William, now the first in line to the British throne, a much wealthier man.

During his tenure as the Duke of Cornwall, Prince Charles chose “to use a substantial proportion of his income from the Duchy to meet the cost of his public and charitable work as well as the public and private lives of his immediate family,” according to the estate.

The Duchy of Cornwall is set to be a lucrative asset for Prince William. Last year, King Charles received an income of more than £20 million ($23 million) from the estate.

According to the Guardian, the king voluntarily paid the U.K.’s top rate of 45% income tax on his earnings from the Duchy last year, following mounting criticism over its exemption from corporation and capital gains tax.

Charles himself is also expected to receive a handsome inheritance from his late mother, who left behind a fortune of more than $500 million, although it is unclear exactly how the Queen’s assets will be divided among her four children.

You may also like