The ascension of King Charles III to the throne heralds a new era in royal history. Taking the throne after the death of Queen Elizabeth II aged 96 on Thursday, September 8 it also means much of the Royal Family's considerable fortune will be changing hands for the first time in over 70 years.
While Charles will inherit his mother's private wealth as well as the Duchy of Lancaster and other valuable royal assets, his son William - now the Prince of Wales and Duke of Cornwall - won't do too badly either, netting a portfolio worth around £1 billion.
Here's how much William is likely to inherit from his father now that he has ascended to the throne.
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As the eldest son of Charles, William will inherit the 685-year-old private estate known as the Duchy of Cornwall. By far the larger of two royal duchies - private estates owned by the royal family - the Duchy of Cornwall was established in 1337 by Edward III, a move the estate says the medieval king made “to provide independence to his son and heir". The Duchy of Cornwall owns 531.3 square kilometres - around 0.2% of UK land – in over 23 counties including farming, residential, and commercial properties as well as an investment portfolio. Notable properties include The Oval cricket ground in London and Restormel Manor, near Lostwithiel.
Much of the estate is farmland but there are also homes, commercial properties, forests, rivers and coastline as well as around a third of the Dartmoor National Park. It no longer includes the Duchy Organics brand which was created by then Prince Charles but ran into financial difficulties in the 2007 financial crisis and is now part of Waitrose.
Ancient rules first drawn up when it was created mean that each future Duke of Cornwall - and owner of the estate - would be the eldest surviving son of the monarch. William became Duke of Cornwall and Duke of Rothesay on the day his father took the throne - the day the Queen died on September 8 - meaning he inherited the Duchy of Cornwall, which was valued at around £1 billion when it was valued in March this year.
As the 25th Duke of Cornwall, William is expected to benefit from the annual net surplus from the duchy, which most recently added up to £21 million. His father will inherit the smaller Duchy of Lancaster. As tradition goes, Prince William is also the next Prince of Wales as he is the eldest son of King Charles. You can read more about where his investiture will be here.
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