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King Charles III built his own empire long before he inherited his mother: He spent half a century turning the royal estate into a billion dollar portfolio and one of the most lucrative moneymakers in the royal family business.
While his mother, Queen Elizabeth II, largely delegated responsibility for her portfolio, Charles was more involved in developing the private estate known as the Duchy of Cornwall. Over the past decade, he has assembled a large team of professional managers who have increased the value of the portfolio and profits by about 50 percent.
Today, the Duchy of Cornwall has a landmark cricket ground known as The Oval, fertile farmland in the south of England, beach holiday rentals, London office space and suburban supermarket depots. (A duchy is a traditional territory ruled by a duke or princess.) The 130,000-acre real estate portfolio, nearly the size of Chicago, generates millions of dollars a year in rental income.
The conglomerate’s holdings are estimated at $1.4 billion, compared to $949 million in the queen’s personal portfolio. These two estates share a fraction of the royal family’s estimated $28 billion fortune. In addition, the family has private wealth that remains a closely guarded secret.
As king, Charles took over his mother’s portfolio and inherited a portion of this unfathomable personal fortune. While British citizens normally pay 40 percent inheritance tax, King Charles gets this tax free. He also bequeathed the duchy to his eldest son, William, so that he could grow without having to pay corporation tax.
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