Prince Charles built a massive billion-dollar enterprise as the Duchy of Cornwall, which he inherited in 1962 as the eldest son of a monarch. This parcel of land extends to 22 counties, from which the Prince of Wales earn a private income that funds his family's personal expenses, on top of the Sovereign Grant.
Interest in how Prince Charles earns from this Cornwall land recently drew attention after Prince Harry and Meghan revealed that they receive financial support from the Prince of Wales. In stepping back from their royal duties, the Duke and Duchess of Sussex expressed their intention to be released from the Sovereign Grant. But to support their lifestyle, Prince Harry and Meghan will subsist on Prince Charles' income from the Duchy of Cornwall. Apparently, this income will be funding the Sussex royals' lifestyle for a full year.
According to the Chicago Tribune, Prince Harry and Meghan exposed the "shadowy world" of Prince Charles' private income in announcing their intention to live as private individuals. Royal expert David McClure said that some issues "bubbling for decades" have come to surface about the Duchy of Cornwall.
In 1337, King Edward III established this privilege to the eldest surviving son of the monarch. Since inheriting the land, Prince Charles still benefits from the ancient laws attached to this ownership 700 years after it was laid down.
For instance, Prince Charles gains the right to the property in the Duchy of Cornwall from residents who die without will. Prince Charles also has the power to veto any law calling to change this arrangement.
Apparently, a 15-month court battle in 2013 solidified Prince Charles' blocking power by asserting that the land is a private estate not a public property nor a corporation. The Prince of Wales also does not pay corporate taxes to these lands despite lawmakers saying that he runs the Duchy of Cornwall a such.
Prince Charles voluntarily pays the taxes he deems to be official. His accountants allegedly invest the gains of the Duchy of Cornwall in businesses while the renters are charged a small rental fee every month.
The profits of this land also go to the hundreds of charities supported by Prince Charles. But since Prince Harry and Meghan's announcement, the public has reportedly been doubtful of the fact that the Sussexes won't be using taxpayers' money.
