It’s the highly embarrassing financial revelations that the royals didn’t want us to know. A new Channel 4 documentary has revealed unexpected details about the vast financial empire of King Charles III and Prince William, which has triggered public debate about royal wealth.
“The King, The Prince and Their Secret Millions” has uncovered new information about the monarchs’ revenue streams through their historic Duchies of Lancaster and Cornwall. This fresh insight has people asking questions about how transparent the royal finances really are.
The documentary explains intricate deals between royal estates and public organizations, with National Health Service (NHS) trusts and government departments among their business partners. Royal estates benefit from major tax advantages while managing extensive commercial property portfolios and private income sources that stayed hidden from public view, until now.
So, just where does the Royal Family’s money come from? Well, that would be from the land they own which is called the Duchies of Lancaster and Cornwall. This land has transformed from medieval estates into thriving business empires. These historic properties trace their roots back several centuries and now represent a combined worth exceeding £1.8 billion (C$3.2 billion). The duchies serve as significant revenue sources that provide substantial private income to Royal Family.
Henry III created the Duchy of Lancaster in 1265 by granting seized lands to his son Edmund. The Duchy of Cornwall, now 686 years old, came into being through Edward III's decree to support his heir. These royal estates provided independent income streams to the monarchy and the heir to the throne.
The bronze bust of the late Prince Philip in Poundbury, south west England, on June 27, 2023. King Charles III and Queen Camilla visited the Duchy of Cornwall's Poundbury development, to view a new bronze relief and to open The Duke of Edinburgh Garden (Chris Jackson/Pool via AP)
This financial arrangement continues to serve its original purpose today. The reigning monarch automatically inherits the Duchy of Lancaster's 18,481 hectares that is managed across Northern England and the Midlands. The total value stands at £652 million (C$1.16 billion). The throne's male heir receives the Duchy of Cornwall with its 52,450 hectares, located mainly in southwest England. The total assets are a big deal, standing at £1 billion ($1.78billion).
The duchies' financial arrangements have attracted considerable attention lately. Their combined revenue reached new heights during the 2022-23 fiscal year. According to the Duchy of Lancaster’s annual reports for this time from, available from their website, the annual revenue was £27.4 million ($48.7 million), whilst the Duchy of Cornwall’s was £23.6 million ($41.93 million). https://duchyofcornwall.org/
These estates benefit from several tax advantages. They don't pay corporation tax or capital gains tax. The beneficiaries choose to pay income tax at the highest rate on their duchy revenues.
New findings by Channel 4's Dispatches and The Sunday Times, reveal hidden money flows between royal estates and public institutions. In its five-month-long investigation, the Sunday Times said it used royal addresses to uncover the Royal Family’s business contracts to see how the duchies make money -- millions of pounds every year. The investigation found that the royals are charging government departments, councils, companies and the public, using commercial rents and feudal levies on land that was largely seized in medieval times by monarchs.
“The Duchy Files show the royals charge for the right to cross rivers; offload cargo onto the shore; run cables under their beaches; operate schools and charities; and even dig graves,” according to the Sunday Times’ investigation. “They earn revenue from toll bridges, ferries, sewage pipes, churches, village halls, pubs, distilleries, gas pipelines, boat moorings, opencast and underground mines, car parks, rental homes and wind turbines.”
Part of the Duchy Cornwall's commercial properties, the Franklin Wilkins building was leased to Kings College London (Maggie Jones / Creative Commons PDM 1.0)
Channel 4's documentary revelations sparked fierce criticism throughout Britain, drawing strong reactions from politicians, media figures, and public personalities.
Norman Baker, a former lawmaker from the centrist Liberal Democrats party and longtime royal critic, told AFP the findings confirmed his view that the royals were “taking the public for a ride. These are Crown lands which belong to the public… all that money should be going into the Crown Estate, which is a public asset,” he said.
TV personality Jean Johansson added her voice to the growing debate when she questioned online how “the whole nation is not outraged by this. I guess the inequality in our society is so baked in that for some, they will simply accept it," she stated in her column for The Sunday Mail. Jean further accused the King and Prince of “milking” the system and singled out Prince William for what she sees as hypocrisy, especially after his recent documentary on tackling homelessness.
Constitutional experts and campaigners want major reforms. Graham Smith, who leads the anti-monarchy group Republic, says the royal budget should be cut to less than £10 million ($17.77 million). He believes only King Charles should receive these funds. Former BBC Royal Correspondent Peter Hunt thinks Prince William could “make a big difference to homelessness by accepting a fixed income and giving up his huge Duchy of Cornwall estate.”
King Charles III visits a construction site in Poundbury, Southwest England, on June 27, 2023, to visit the Duchy of Cornwall's Poundbury development (Chris Jackson/Pool via AP)
The documentary's revelations pose major challenges to the monarchy's public image, especially when you consider Prince William's campaigns on homelessness and environmental issues. The royal estates have released complete statements to defend their financial practices and outline future commitments after Channel 4's documentary revelations.
The joint investigation with Channel 4 and The Sunday Times has people now questioning whether such extensive private royal wealth aligns with modern standards of transparency and fairness in public life. The investigation raises deeper questions about the monarchy's place in today's Britain. Both duchies defend their practices and promise to modernize. Yet public pressure for change has never been stronger.
The debate about royal wealth reflects society's demand for accountability. Equal treatment under tax laws might reshape the monarchy's financial future. The traditional system faces unprecedented challenges that could transform how royal finances work.
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