An investigation by The Sunday Times and Channel 4’s Dispatches has revealed that the British royal family made nearly $65 million last year from a vast and secretive property portfolio, which spans government facilities, schools, and commercial operations. The report shows how these earnings come in addition to the sovereign grant – public funds allocated for the royal family’s official duties.
Dubbed the “Duchy Files,” the investigation uncovered the scale of wealth generated by the Duchies of Lancaster and Cornwall, private estates controlled by King Charles III and his son, Prince William, respectively. In 2023, these duchies raised a combined total of approximately £51 million ($65 million). The Duchy of Lancaster, Charles’ “private fiefdom,” brought in over £27 million ($35 million), while the Duchy of Cornwall, managed by Prince William, earned around £23.6 million ($30 million). The duchies hold over 5,400 land assets, including commercial properties, agricultural holdings, and even historically unique rights such as river crossing fees and shoreline usage permits.
The investigation reveals that royal earnings are drawn from diverse revenue streams, including tolls on bridges, charges for boat moorings, and fees for digging graves. The properties also support 900 residential homes and agricultural lands leased to tenants. The Duchy of Cornwall, for example, collects £1.5 million ($1.9 million) annually from the Ministry of Justice for use of the historic Dartmoor Prison. It also charges the British Army for training rights across its extensive lands in Dartmoor, although the specifics of this deal remain confidential.
The Duchy of Lancaster similarly benefits from contracts with public entities, such as a reported £11 million ($14 million) lease with an NHS foundation trust for an ambulance warehouse over a 15-year period. Despite functioning as commercial landlords, both duchies are exempt from corporate tax, though the King and Prince voluntarily pay the UK’s highest income tax rate on their personal income.
The “Duchy Files” investigation claims to be the first to make the royal estates’ full property holdings list publicly accessible. This level of transparency contrasts with previous royal secrecy; even the British parliament had reportedly been denied access to details on these duchy assets. The estates, originally seized by medieval monarchs, have long remained a guarded asset within the royal family’s inner circle.
Separate from the Crown Estate, which funds the royal family through public contributions and will increase from £86.3 million ($111 million) in 2024-25 to £132 million ($170 million) in 2025-26 due to rising profits, the Duchies of Lancaster and Cornwall continue to expand the royal family’s wealth independently.
