Death of the Queen: William and Kate make $2 billion in one day

On Wednesday, the world’s biggest royal story was William and Kate, the duo then known as the Duke and Duchess of Cambridge, bringing along their three children, Prince George.

Princess Charlotte and Prince Louis to their new school, Lambrook in Berkshire, on

first time.

It was a big day! There were big smiles! Neatly ironed uniform! As Father Cambridge said to their new director, “The whole gang is here!”

What difference can 72 hours make. Today, of course, the couple have new titles: his father, King Charles III, unexpectedly elevated them to the rank of Prince and Princess of Wales on the very first day of his royal work.

This is not the only important change. William and Kate also became billionaires this weekend.

Although their promotion to the title of Wales came as something of a surprise and many expected that the new king would only honor them in the coming weeks or months, they automatically also became Duke and Duchess of Cornwall when the queen passed away. and Charles joined.

And you get to call yourself Cornwall? Well, it ties in with the incredibly valuable Duchy of Cornwall estate, worth just over $2 billion, according to this year’s reports.

The couple hardly went out on Straggle Street earlier in the week, surviving on the $3.8 million they received annually from Charles and which came from his income from the dukedom.

The couple also received his inheritance from his late mother Diana, Princess of Wales, which is reportedly worth about $16 million today when carefully invested, and in addition, Kate is a descendant of the Middleton empire. Carol built a business worth about $50 million.

Sure, they hardly had to buy nameless tea bags and send George to school with canned ham sandwiches, but still, all those millions now pale in comparison to the billions of dollars of assets that the prince now manages. In the past year alone, the Duchy’s valuation has jumped by a staggering $157 million.

Today, the estate, dating back to 1337, includes 128,000 acres of land, making William one of the largest landowners in the UK, including forests, rivers, coastlines, about one-third of England’s famous Dartmoor National Park, the Surrey Cricket Oval and land, on which houses Dartmoor Prison.

Did I mention the $584 million commercial property now owned by the new Prince of Wales? I’m so stupid.

(However, it is worth noting that, by law, he cannot sell the duchy).

However, despite all of the above, the duchy is becoming increasingly controversial and subject to much more political control.

First, it is simply astoundingly more valuable than it was in 1969, when Charles officially took over its management, proving to be an amazingly skilled businessman, turning the estate into a much more profitable and expansive business thanks to his entrepreneurial courage. I know he’s a dark horse, the new king.

But all these new millions and the very nifty financial arrangements enjoyed by the Duchy (arrangements not available to the public) have caused a fair amount of heat over the years.

In 1993, Charles (like the Queen) agreed that he would start paying income tax on the tens of millions he received each year, paying the top rate of 45 per cent in the UK, but the Duchy is not legally a company, meaning it shouldn’t pay income tax and capital gains tax.

In 2005, the British House of Commons Public Accounts Committee launched an investigation to review the duchy’s accounts, with a powerful cross body later publishing a highly critical report urging Charles to bring more transparency to the vast estate.

In 2012, Charles was accused of running a “well-established tax evasion scheme”.

supporters of the monarchy. The following year, the government’s Public Accounts Committee asked the Treasury to investigate, with the committee’s chair, Labor MP Margaret Hodge, saying the duchy’s tax-free status “could give it an unfair advantage over competitors.” The keeper reported.

Yet dodging the beady eyes of Westminster time and time again, the duchy has grown by leaps and bounds under Charles, thanks in part to a 2009 deal with supermarket chain Waitrose that paid a small fortune to license the name of the Duchy of Cornwall.

And thanks to this deal and many others, William and Kate’s annual income will jump from less than $4 million to more than $35.5 million as of now. (London flower-dress sellers must be licking their lips at the thought of the newly cashed-in princess.)

At this stage, the most interesting consideration is not what they could do with their new windfall (more matching Hunter rubber boots? more Range Rover?), but what that situation would look like if Harry and Meghan, the Duke and Duchess Sussex, remained in place. in royal life, rather than leaving for California to Oprah Winfrey’s waiting shoulder.

Until they left the stage in January 2020, Charles’s sons and their wives shared about $7.6 million of their father’s funds, which covered their personal expenses. (Their official expenses, such as personal secretaries and travel, were covered by the Sovereign Grant.) Both couples, thanks to their ducal money and inheritance from their mother, were in approximately equal financial positions.

However, if Harry and Meghan were still serving as Royal Highnesses today, everything would change in the blink of an eye with the death of Her Majesty the Queen.

William took billions of dollars worth of assets and Harry would get… nothing.

Had this scenario come to fruition, it is likely that Charles would have continued to fund his youngest son, perhaps in the same vein, from the duchy of Lancaster, which is controlled by the sovereign. (According to their latest reports, the company has $1.1 billion in assets and an annual profit of just over $40 million.)

We would see a huge, huge financial gap between the families of William and Harry.

I wonder if the Sussexes at the end of 2019, when they were weighing their future, took into account this financial shake-up? Since landing in the US, they have signed over $200 million worth of contracts, an impressive amount (boom tish) they would never have made had they stayed in the royal tent.

In the week history was made, billions of dollars changed hands, and none of it would ever fall into Harry’s hands. If anyone has ever thought about how inherently unfair heir and spare can be, how deeply ingrained this inequality is, let me give you two billion very good reasons why.

Daniela Elser is a royal expert and writer with over 15 years of experience working with some of the leading Australian media.

Read related topics:Queen Elizabeth II

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