Prince Charles just got a whopping pay rise

Catriona Harvey-Jenner
Photo credit: WPA Pool - Getty Images

From Cosmopolitan

I'm sure Prince Charles has never struggled for money, but he'll be feeling even more flush than usual at the moment, after official records reveal he's enjoyed a rise of 3% to his annual income this year.

As royalty, the Prince of Wales has more than one stream of income (one of which is the sovereign grant) but his main source of money is the Duchy of Cornwall. The Duchy of Cornwall is a private estate, established by Edward III in 1337, which consists of around 53,000 hectares of land across 23 UK counties, mostly in the South West of England.

The land and the properties of it are commercially managed, and the "surplus" of that (not the capital value) is what brings in an income for the Duke of Cornwall, which is another of Prince Charles' titles. Charles became the 24th Duke of Cornwall when his mother was crowned Queen in 1952, and he later took over the management of the Duchy, as well as becoming entitled to its full income, in 1969 when he turned 21. The Duchy always goes to the monarch's "eldest surviving son and heir", meaning Prince William will become the next royal to manage and earn directly from it, when Charles eventually becomes King.

Photo credit: WPA Pool - Getty Images

According to the Duchy's annual report, which was released this week, its value has risen by almost 3% to £22.2million over the past year - equating to an increase of £617,000. That's some pay rise. You could do a whole lotta online shopping with that.

It's not all good news, however, because Prince Charles is forecast to see a big drop in next year's accounts, thanks to the coronavirus pandemic. "We fully expect the revenue surplus to be down by a significant amount, in large part due to our trading enterprises being closed," the report reads.

With his money from the Duchy of Cornwall, Prince Charles is allowed to spent it as he "sees fit". The official website explains that Prince Charles uses the revenue to support his work, as well as his family and his sons' families. "The current Prince of Wales chooses to use a substantial proportion of his income from the Duchy estate to meet the cost of his public and charitable work as well as the public and private lives of his family, The Duchess of Cornwall, The Duke and Duchess of Cambridge and The Duke and Duchess of Sussex, and their children," it reads.

While Prince Harry and Meghan Markle are now financially independent, earning their own income for the first time since becoming royalty (for Meghan) and ever (for Harry), it's believed the couple may still receive some funding from Prince Charles. This is because the Duchy income is private, and is not public money, meaning Charles can do whatever he pleases with it.

Looks like a certain pair of Princes and their families might be on track for some especially extravagant Christmas presents this year...

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