Financial arrangements of The Prince of Wales

The Prince of Wales does not receive any money from the State. Instead, he receives the annual net revenues of the Duchy of Cornwall and uses them to meet the costs of all aspects of his public and private commitments and those of his children.

The Duchy's name is derived from the Earldom of Cornwall, which Edward III elevated to a duchy and endowed with lands. Today it consists of around 52,250 hectares, mostly in the south of England, which is run on a commercial basis as prescribed by its parliamentary legislation.

Prince Charles became the 24th Duke of Cornwall on The Queen's accession in 1952. He is in effect a trustee, so is not entitled to the proceeds of disposal of assets. The Prince must pass on the estate intact, so that it continues to provide an income from its assets for future dukes.

In 1995, The Prince of Wales received £4.9 million before tax from the Duchy of Cornwall.

In the same way, Diana, Princess of Wales does not receive money from the State.