Prince George, the oldest child of Prince William and Princess Kate, is the second in line to the throne and will inherit a vast portfolio of land and property
Prince George is reportedly worth billions of pounds and has inherited an enormous land empire despite being only 11 years old.
The young prince, celebrating his 11th birthday today (July 22nd), is second in line to the throne after his father, Prince William.
According to Reader’s Digest, he has an estimated net worth of approximately £2.9 billion ($3.6 billion).
His staggering wealth is mostly due to an inheritance of 133,000 acres of land when he was born.
It spans 23 UK counties and had an estimated value of £0.83 billion ($1 billion) in 2019, reports the Economic Times.
George will inherit the Duchy of Cornwall from his father, a massive portfolio of land and property worth more than £1 billion and which provides a substantial income to the male heir to the throne (it currently stands at £21 million per year).
According to the Royal Family’s official website, the Duchy of Cornwall’s income is used by The Prince of Wales to “support himself, his children and their families” and his “philanthropic work”.
It states that this work raises more than £100m “annually for a variety of good causes”, and the Prince “voluntarily pays income tax on all revenue” from the estate.
George will also become King one day, meaning he will have access to all of the monetary perks of the title, including funds from the Duchy of Lancaster (another huge portfolio of land, property and assets) and the Government’s Sovereign Grant.
GoodtoKnow reports that his wealth is also generated in part by something known as the “royal effect”, a sales phenomenon that sees Royal fans quickly snapping up anything remotely linked to the Prince and Princess of Wales’ children, including fashion.
One noteworthy example was a £9 Sunuva T-shirt worn by George on his third birthday that sold out one hour after his parents, William and Princess Kate, shared the photo.
Like many royals, George’s future is predetermined, with the young prince set to inherit a series of new titles when William ascends to the throne.
They are as follows: Duke of Cornwall, Earl of Chester, Duke of Rothesay, Earl of Carrick, Baron of Renfrew, Lord of the Isles and Prince and Great Steward of Scotland.
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Source: CNN
