The coronation of King Charles will take place on 6 May. (Reuters file photo)
King Charles is just days away from being officially crowned as the King of Great Britain. But very few people know about how much money he earns or what is his worth.
Here are five points on the wealth of King Charles:
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In 1990, Charles launched his Duchy Originals range of organic oak biscuits, which later expanded to include other products. Wall Street Journal (WSJ), The products were sold exclusively in the British supermarket Waitrose. Last year, the brand reported a profit of over $4 million, which was donated to the Prince of Wales’s charitable foundation.
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As heir to the throne, Charles also controls the Duchy of Cornwall estate, according to WSJ is worth $1.3 billion. It covers approximately 130,000 acres of land across England. The outlet further stated that the value of its net assets has increased by 44 percent since 2012. Charles is expected to earn $28.3 million from the property in 2022 in the form of rental income.
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king charles He also inherited the Duchy of Lancaster from his mother, which was worth around $800 million. It comprises over 45,000 acres of commercial, agricultural and residential properties across England and Wales. The income from this land is the personal income of the king.
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King Charles does not have to pay income tax on Duchy revenues. However, he is expected to follow in his mother’s footsteps and pay income tax after deducting the money spent on official duties.
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In addition, a large portion of King Charles’ income comes from the Sovereign Grant, which is paid annually to the monarch by the British government. This is the profit the UK government makes from the exchange of land assigned to them by the monarchy. Last year, it totaled over $106 million. This money is used for the official duties of the monarch and for maintaining the royal residences including Buckingham Palace.