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King Charles III, who formally acceded to the British throne on Saturday, did not have to pay a penny as inheritance tax when he inherited his mother Queen Elizabeth II’s wealth, is one of the most lucrative moneymakers in the British royal family business.
But he has his own wealth managers to thank for it and not his inheritance because, as New York Times put it, he built his own empire long before he inherited his mother Queen Elizabeth’s. Charles spent half a century turning his estate into a billion-dollar portfolio, the publication stated.
Charles was deeply involved in developing his estate –the Duchy of Cornwall while his mother mostly delegated the responsibility for her portfolio. A duchy is a territory governed by a duke or a duchess.) And, over the past decade, the team of professional managers assembled by Charles has increased the value of his portfolio and profits by about 50 per cent, the New York Times reported.
The 130,000-acre Duchy of Cornwall generates millions of dollars a year in rental income. It owns the landmark cricket ground The Oval, farmland, seaside vacation rentals, office space in London, and a suburban supermarket depot, the publication stated.
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