Prince William and Kate Middleton's net worth increases from $40M to $1.3B overnight after Queen's death
LONDON, UNITED KINGDOM: The death of the Queen on Thursday, September 8, has ushered in a new era. With Prince Charles taking over the throne, every member of the royal family received a new title. On Friday, September 9, Prince William and Kate Middleton were named the Prince and Princess of Wales.
In addition to gaining royal titles and responsibilities, Prince William and Kate Middleton have acquired substantial wealth as well. Prior to the announcement of the Queen's demise, William had received money from the Crown Estate, Sovereign Grants, and the estate of his mother Princess Diana. His estimated net worth was $40 million (£34 million), which is a respectable amount. But his net worth has since been increased by $1.3 billion (£1.1 billion), making it $1.34 billion in total, reported LADBible.
This significant gain in wealth is the result of Prince William and Kate inheriting King Charles' former titles. They are now known as the Prince and Princess of Wales, the Duke and Duchess of Cornwall, in addition to their previous titles the Duke and Duchess of Cambridge. The title of the Duke and Duchess of Cornwall is the most financially rewarding when compared to the other titles that were acquired.
The entire Duchy of Cornwall is worth $1.3 billion (£1.1 billion) and consists of a broad array of real estate dispersed across the country. The estate contains farms, a prison, a portion of the Dartmoor National Park, and cricket grounds. It is larger than 128,000 acres and encompasses 20 counties in England and Wales.
The longest-serving Duke of Cornwall in history, Charles previously held the title for more than 50 years. In the most latest financial year, the estate's owner gave him $24 million (£21 million). The King voluntarily paid the highest rate of income tax of 45% on the property. However, because the duchy was not viewed as a business for tax purposes, Charles was free from paying corporation or capital gains tax.
This has drawn concern from the public and MPs because the estate owns land that was formerly used for mining and the duchy possesses the mine's mineral rights. Many claim that Charles launched Duchy Organics, a food company, thirty years ago, linking the estate and title to the company. Even though the brand was acquired by Waitrose and is no longer associated with the Duchy, the controversy remains. William will now be in charge of making all decisions regarding the estate's future after acquiring it.
On Saturday, September 10, the new Prince of Wales shared an emotional ode to his grandmother, the Queen, which included the following passage: "She was by my side at my happiest moments. And she was by my side during the saddest days of my life. I knew this day would come, but it will be some time before the reality of life without Grannie will truly feel real. I thank her for the kindness she showed my family and me. And I thank her on behalf of my generation for providing an example of service and dignity in public life that was from a different age, but always relevant to us all."