(Photo: Ben Birchall/Pool via REUTERS)
Prince Charles' vast land portfolio, reportedly, had an income increase of 3% in the recent financial year. The Duchy of Cornwall's earnings rose from $26.8 million (£21.6 million) in June 2019 to $27.6 million (£22.2 million) in June 2020, per reports released Thursday, June 25.
According to The London Economic, despite the current increase, Prince Charles' private income from the Duchy of Cornwall is predicted to drop in the incoming financial year due to the coronavirus pandemic. Alastair Martin, the Duchy's secretary and keeper of the records, said that it will be too early to say how the private lands' financial performance will actually fare but the expectations will be lower since some of the enterprises closed for several months because of the lockdown orders.
Martin further said that the Duchy of Cornwall did not avail of the support from the government. Prince Charles' staff were also, reportedly, paid every month despite the closure of trading.
The records also show that Prince Charles made substantial donations to various charities from this private income. Prince Charles also enforced a rent deferral for the tenants of his lands due to the pandemic's economic fallout. All of these will contribute to a potential loss in income next year.
Prince Charles inherited the Duchy of Cornwall in 1969. It was established in the 1300s by King Edward III for his son, also named Edward, the heir to the throne. Subsequent heir to the thrones or the eldest sons of the monarch inherited the Duchy of Cornwall as their personal and private property. So, as tradition dictates, when Prince Charles becomes the king, his eldest son, Prince William, will inherit the vast land portfolio.
This centuries-old agreement, however, has received criticisms many times over. Graham Smith of the Republic political organization said that the Duchy of Cornwall must be given back to the government as this private income is bigger than most heads of state. If there is no male heir to the throne, the Duchy of Cornwall actually reverts to The Crown estate.
But Smith said that the amassed wealth has "no justification" when public services to the community are grappling for funds, especially during this pandemic. He said that it is the British people who must benefit from this Duchy and not the royals.
Prince Charles uses the earnings from this private income to fund his lifestyle and his children's lifestyle. Prince Harry and Meghan Markle receive 95% of their cost of living from this fund, as do Prince William and Kate Middleton. This money pays for their security costs, travels and their children's education, among other things.
