As heir to the throne, Prince William automatically became the Duke of Cornwall when his father became King Charles III.
But this was not always the case. It was not until 1337 when King Edward III signed the Royal Great Charter, establishing the duchy. Edward III was the former Earl of Cornwall. Creating the duchy, he appointed his son, Edward, as the first Duke of Cornwall. The duchy gives the heir an income independent of the sovereign or the state.
The duchy of Cornwall is a private estate and does not have geographical boundaries but based on land holdings, most of which are in Southern England and Wales. It currently has 53,000 hectares over 23 counties. The duchy produces income through the management of its land and a financial portfolio.
The income of the duchy is meant to provide the heir to the throne funds to support his public, charitable and private work. Throughout history the dukes have always managed the land but according to the The Duchies of Lancaster and Cornwall Act of 1838, the Treasury has a function in overseeing transactions. This system ensures the long term value of the estate. The financial accounts are also presented to Parliament once a year.
Coastlines, arable and livestock farms, residential and commercial properties, as well as forests, rivers and quarries make up the duchy. It is worth about one billion pounds and generates an income of 21 million pounds for the Duke. Though he does not have to, the Duke voluntarily pays income taxes on his earnings.
Though the direction of management changes with each Duke, overall the goals are for the duchy to be sustainable, financially sound and beneficial to the local community. Currently there is work towards a goal of net zero carbon emissions by 2028. The Prince’s Council, a non-executive body, gives advice to the Duke on managing the estate.
The title Duke of Cornwall is something the male heir to throne automatically inherits, unlike some titles which have to be bequeathed, i.e. Prince of Wales. When there is no male heir, the duchy automatically reverts to the Crown. The Sovereign Grant is then reduced by the amount of money the duchy generates.
King Charles was the longest serving duke, being in the role for 70 years. His goal was to “nurture and improve the estate” for future generations. Prince William is the 25th Duke of Cornwall and Prince George will be the 26th Duke of Cornwall when his father becomes King.
Cornwall is one of two royal duchies in England. The other is the Duchy of Lancaster, which is the private estate of the British monarch.
