Prince William yesterday told a cheeky 11-year-old that he “didn’t know” how much money was in his bank account after he was surprised by a surprise question during his visit to a youth club in Manchester.
The Prince of Wales was meeting young people in Moss Side at the Hideaway Youth Project – main partner of the Manchester Peace Together Alliance – when the question surprised him.
Young Amir Hassan made the king laugh when he boldly asked, “How much do you have in your bank account?”
The student revealed afterwards that the heir to the throne had joked that he “didn’t know” – but the prince’s fortune is disclosed in the Duchy of Cornwall’s annual reports.
Last September, the Sunday Times predicted that Prince William would be worth a staggering £1.05 billion after inheriting the Duchy of Cornwall estate from his father, King Charles, following the Queen’s death.
The inheritance made William – who is also the Duke of Cornwall – a virtual billionaire, as he became Britain’s largest private landowner, with holdings worth £1.2 billion across 23 counties, including farms, housing estates, seven castles, forests, coastlines and Commercial real estate. Almost 90 percent of the duchy’s assets are real estate.
Amazing portfolios include London’s Oval cricket ground – which was once a cabbage field – Highgrove near Tetbury, the town of Poundbury in Dorset and Tintagel Castle in Cornwall.
Prince William was in Manchester yesterday where he told a cheeky 11-year-old boy that he “didn’t know” how much money was in his bank account after being asked a surprising question during his visit to a youth club in Manchester
The Duchy of Cornwall owns Highgrove, which was inherited by Prince William, who is pictured there as a child riding a pony led by his mother, Princess Diana
Kennington Oval cricket ground (pictured) was once a cabbage garden and market garden owned by the Duchy of Cornwall
Other assets include £345 million worth of commercial property in London, Milton Keynes and elsewhere.
The popularity of staycations amid the Covid crisis boosted income from the Duchy’s holiday homes with record bookings, while the Duchy’s nursery in Lostwithiel, Cornwall, also had a strong year.
Like the king, William does not have free control over assets, but he can use the estate’s profits – known as “surpluses” in the duchy’s accounts – to finance his “public, private and charitable” activities.
Figures show how the prince, who became Duke of Cornwall and Duke of Rothesay after his father’s accession, has amassed even more wealth as the duchy’s fortunes increased.
For 2020-21, total assets were £21.241 million – but this jumped to £24.646 million last year and then rose again to £26.311 million for the year ending March 2023.
From last year’s record net surplus of £24.048 million, William had access to £12.773 million, while his father received £11.275 million.
Normally William received the £24 million as personal income, but his finances were complicated by his becoming heir to the throne in the middle of the financial year.
Kensington Palace said at the time that as a “one-off transaction relating to the change of Dukes of Cornwall” the Duchy team had asked to retain some of the surplus for “working capital purposes” – the day-to-day running of the estate – this year.
The duchy retained £6.873 million, leaving William with an income of £5.9 million.
Tintagel Castle (pictured) also belongs to the Duchy. William’s real estate portfolio has grown significantly
Poundbury (pictured) was built on the site of the Duchy of Cornwall and currently houses around 4,600 people in a mix of private and affordable housing
The Duchy also owns Restormel Castle near Lostwithiel in Cornwall (pictured)
The Duchy is believed to own Charles’ Welsh home at Llwynywermod, near the Brecon Beacons (pictured).
William was already extremely wealthy, having inherited around £10 million when his late mother Diana died, and a further £7 million after the Queen Mother’s death in 2002.
King Charles’ personal fortune is said to have risen to £1.8 billion, the Guardian reported in April.
In the Duchy’s latest financial reports, William paid tribute to his father for leaving an “indelible mark” on the Duchy and for being passionate about driving change. He described how he wanted to make a difference in his new role.
“I am committed to combating climate change and am proud of the estate’s efforts to contribute to this challenge,” said William.
“If we can also help respond to social challenges such as mental health and homelessness, I feel my tenure as Duke has been worth it,” he said.
He added: “I recognize that I have taken the helm at a difficult time for many of the Duchy’s tenants, businesses and communities.”
William said, like his father, he would “support the Duchy family and ensure the estate continues to evolve and become a modern business that delivers our vision of sustainable stewardship – for communities, businesses and nature.”
Prince William, 41, celebrated the launch of the Royal Foundation Community Impact Project yesterday with a visit to the youth center where he was joined by Greater Manchester Mayor Andy Burnham
William speaks to children during his visit to the Moss Side Millennium Powerhouse
During the visit he appeared very focused on a game of billiards as observers watched his strategic play
After the figures were released, Republic, which advocates for an elected head of state, called on the prince to fully report his income and expenses and instead distribute his duchy revenue to local communities across the country.
Graham Smith, Republic’s chief executive, said: “William has some explaining to do because a change of monarch and heir is no excuse to be upset about the lack of transparency that exists.”
He added: “There is absolutely no reason why William’s family cannot provide full financial statements for this financial year.”
“As a recipient of public funds from the state duchy, he should disclose his income and expenses.
“With the Duchy’s profits set to soar to a record £24 million, it is time we called for the Duchies (Cornwall and Lancaster) to be returned to the people and the proceeds used for local communities.”
Last year it was reported that the royal family’s fortune now exceeds £20 billion, making The Firm worth more than Tesco, Britain’s biggest retailer, at £17 billion.
William’s fortune is estimated at £1.05 billion, while his father’s fortune is at £900 million.
Harry and Meghan’s worth has been estimated at £20 million, although brand experts have said their new life in the US, coupled with their royal connection, could one day earn them $1 billion.
Princess Anne could be worth £50 million, Prince Edward £10 million and Prince Andrew £5 million, despite his own recent legal costs.
The royal family’s cash and assets have been estimated at between £20 billion and £24 billion, although this includes £1.4 billion in properties such as Buckingham Palace, which belong to the monarch only in an official capacity.
The Crown Estate is worth £16.5 billion.