The money, which comes from his Duchy of Cornwall (the estate of the eldest son of the Monarch) brings in his personal revenue and is his primary source of income.
By rights of the estate, anyone who dies on his estate and hasn’t named an heir to his possessions has their money sent to Prince Charles. He never uses the money for himself and it is given to charities which the Prince supports.
Last year, his estate produced £450,000 of intestate money which the Prince of Wales. According to latest estimates, he has roughly £3.3million intestate cash which is being distributed to Gordonstoun School, his own Prince’s Foundation and in 2012 the benevolent fund he set up to use the money made its biggest grant of £20,000 to Charles’s charity Business in the Community, whose supporters include some of the biggest companies in Britain. A grant of £1,000 was also given to his Prince’s Foundation for Building Community, which backs his planning ideas.
A Duchy of Cornwall spokesman said: ‘The Prince of Wales personally decided that the money from bona vacantia should be donated to charity.
‘Any charity can apply for a grant but the Fund favours charitable causes in the South West.’
photo credit: University Hospitals Birmingham via photopin cc
To receive the latest Royal Central posts straight to your email inbox, enter your email address below and press subscribe.
Join 598 other subscribers