King Charles' coronation will take place on May 6. (Reuters File Photo)
King Charles is just days away from being officially crowned as the King of Great Britain. But little is known about how much money he makes or how much he's worth.
Here are five points on King Charles' wealth:
- In 1990, Charles launched his Duchy Originals range of Organic Oak Biscuits, which later expanded to other products, according to Wall Street Journal (WSJ). The products were sold exclusively in British supermarket Waitrose. Last year, the brand reported a profit of more than $4 million, which was donated to Prince of Wales's charitable foundation.
- As the heir to the throne, Charles also controls the Duchy of Cornwall estate, which according to WSJ is worth $1.3 billion. It covers almost 130,000 acres of land across England. The outlet further said that the value of its net assets have increased 44 per cent since 2012. Charles raked in $28.3 million from the estate in 2022 as rental income.
- King Charles also inherited the Duchy of Lancaster from his mother, worth around $800 million. It consists of more than 45,000 acres of commercial, agricultural and residential properties in England and Wales. The earnings from this land is private income for the monarch.
- King Charles doesn't have to pay income tax on Duchy revenue. However, he is expected to follow the footsteps of his mother and pay income tax after deducting money spent on official duties.
- Further, a large part of King Charles' income comes from the Sovereign Grant, which is paid annually to the monarch by the British government. It is the profit the UK government makes from swathes of land handed over by the monarchy to them. Last year, it totalled more than $106 million. This money is used to fund the monarch's official duties and maintain royal residences, including Buckingham Palace.
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