Do Prince Charles, Prince William And Prince Harry Receive Allowances?

Every fan knows that Queen Elizabeth II’s heir, Prince Charles, and her grandsons Prince William and Prince Harry are rich and have led very comfortable lives. But what many aren’t so sure about is how they come up with the money to fund their luxurious lifestyle.

Someone on Quora put forth the possibility that perhaps Charles, William and Harry might be receiving some sort of allowance for being princes or dukes. However, other fans were quick to point out that none of the princes actually need allowances as they’re already rich in their own right.

Charles, for instance, relies on the Duchy of Cornwall for his expenses. “HRH the Prince Charles, Prince of Wales has his own independent income as he receives the annual profit from the Duchy of Cornwall as he is also the Duke of Cornwall,” Seren Verch Dafydd wrote on Quora.

The Duchy of Cornwall was set up by Edward III around 700 years ago as a source of income for the heir to the throne, who is currently Charles. When he eventually takes over his mother, Queen Elizabeth II, as the monarch, the Duchy will be inherited by William as the new heir.

It is a huge estate that consists of 130,000 acres of land spread across England and Wales. It is a well-managed portfolio with an estimated annual income of around $27 million.

Aside from taking care of Charles’ expenses, the income from the Duchy of Cornwall is also used to fund William’s and Harry’s expenses. “The Dukes of Cambridge and Sussex receive annual allotments from their father’s income,” Quora user Eileen Wood explained. “This is a privately-negotiated amount and is based on their duties, family size, and other needs.”

William and Harry are also wealthy, thanks to the sizable estate left behind by their mother, Princess Diana, and their great-grandmother, the Queen Mother. “Harry’s share of the Queen Mother’s estate was larger than William’s because she knew William would, in time, be receiving the revenue from the Duchy of Cornwall,” Eileen added.

Another Quora user, David Osofsky, also clarified that having the title of a duke does not entitle one to an allowance or monthly income. “The only dukedoms that matter and affect income are the only two that have an associated duchy, that is, Cornwall and Lancaster,” Osofsky wrote. “Other than that, royal dukedoms do not have any bearing on financing, they are honorifics only.”