Prince William yesterday told a cheeky 11-year-old boy that he ‘didn’t know’ how much money is in his bank account after being tickled by the surprise question during his visit to a youth club in Manchester.
The Prince of Wales was meeting young people at The Hideaway Youth Project – lead partner of the Manchester Peace Together Alliance – in Moss Side when he was blindsided by the demand.
Young Amir Hassan made the royal family laugh when he boldly asked, “How much is in your bank account?”
The schoolboy revealed afterwards that the heir to the throne joked that he ‘didn’t know’, but the prince’s fortune is being laid bare in the duchy’s annual reports.
Last September, Prince William was predicted by The Sunday times to be worth a whopping £1.05 billion after inheriting his father King Charles’ estate, the Duchy of Cornwall, when the Queen died.
The inheritance effectively made William a billionaire as he became the largest private landowner in Britain, with assets of £1.2 billion across 23 counties, including farms, housing developments, seven castles, forests, coastlines and commercial properties. Nearly 90 percent of the Duchy’s assets consist of real estate.
Its astonishing portfolio includes London’s Oval cricket ground – which was formerly a cabbage patch – Highgrove, near Tetbury, the town of Poundbury in Dorset and Tintagel Castle in Cornwall.
Prince William (pictured in Manchester yesterday) told a cheeky 11-year-old boy that ‘he didn’t know’ how much money is in his bank account after being tickled by the surprise question during his visit to a youth club in Manchester
The Duchy of Cornwall owns Highgrove, which was inherited by Prince William. Pictured: William on his pony in Highgrove with Princess Diana
The Kennington Oval cricket ground (pictured) was formerly a cabbage patch and market garden owned by the Duchy of Cornwall
Other assets include £345m of commercial property in London, Milton Keynes and elsewhere.
The popularity of staycations during the Covid crisis boosted income from the Duchy’s holiday homes, with record bookings, while the Duchy’s plant nursery in Lostwithiel, Cornwall also had a strong year.
William, like the king, does not have a free hand with the assets, but he can use the estate’s profits – which are called ‘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 grow.
For 2020-21 the total fortune was £21.241 million, but last year this rose to £24.646 million and then rose again to £26.311 million for the year ending March 2023.
Of last year’s record surplus of £24.048 million, William had access to £12.773 million, while his father received £11.275 million.
William would normally receive the £24 million as private income, but his finances were complicated by his becoming heir apparent in the middle of the financial year.
Kensington Palace explained at the time that as a ‘one-off measure in relation to the change at the Dukes of Cornwall’, the Duchy’s team asked to retain some of the surplus for ‘working capital purposes’ – the day-to-day running of the company. estate – this year.
The Duchy was left with £6.873 million, leaving William with an income of £5.9 million.
Tintagel Castle (pictured) is also owned by the Duchy. William’s real estate portfolio has increased substantially
Poundbury (pictured), built on land belonging to the Duchy of Cornwall, is currently home to 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: he 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’ private fortune is said to have risen to £1.8 billion, the Guardian reported in April.
William paid tribute to his father in the Duchy’s latest financial accounts for leaving an ‘indelible mark’ on the Duchy and being passionate about driving change. He described that he wanted to make a difference in his new role.
“I am committed to tackling climate change and I am proud of the estate’s efforts to contribute to this challenge,” William said.
“If we can also help respond to social challenges such as mental health and homelessness, I will feel that my term as Duke has been worthwhile,” he said.
He added: “I recognize that I have taken over at a challenging time for many tenants, businesses and communities across the Duchy.”
William said that, like his father, he will “support the Duchy family in this and ensure that the estate continues to develop and progress as a modern business that delivers on our vision of sustainable stewardship – for communities, businesses and nature.”
Prince William, 41, yesterday marked the launch of the Royal Foundation Community Impact Project with a visit to the youth centre, where he was joined by Greater Manchester Mayor Andy Burnham.
William speaks to children during his visit to the Moss Side Millennium Powerhouse
He seemed very focused on a game of pool during his visit, as observers watched his strategic play
After the figures were published, the Republic, which is campaigning for an elected head of state, called on the prince to fully report his income and expenditure, and instead give his duchy’s income to local communities across the country.
Graham Smith, chief executive of Republic, said: ‘William has some explaining to do because a change of monarch and heir is no excuse to row back on what little transparency there is.’
He added: ‘There is absolutely no reason why William’s household cannot provide full accounts for this financial year.
“As a recipient of public funds from the State Duchy, he should report his income and expenditure.
‘As the Duchy’s profits look set to grow to a record £24 million, it is time we demand the return of the Duchies (of Cornwall and Lancaster) to the people and that the revenues are spent in 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 largest retailer, at £17 billion.
William is believed to be worth £1.05 billion, while his father’s fortune is £900 million.
Harry and Meghan were estimated to be worth £20 million, although brand experts have said their new life in the US, combined 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 bills.
The royal family’s cash and assets were estimated at between £20 billion and £24 billion, although this also includes £1.4 billion worth of properties such as Buckingham Palace, which is only owned by the monarch in an official capacity.
The Crown Estate is worth £16.5 billion.