Prince Charles, who is now known as King Charles, is the King of the United Kingdom, the Head of the Commonwealth, the monarch of the sixteen realms of the Commonwealth of Nations, and the Head of the Church of England. In British history, he had been the longest-serving heir apparent of the British Crown. He ascended to the throne after his mother, Queen Elizabeth II passed away on 8th September 2022. He held the title of Prince of Wales in 1958 and served with this title for the longest period. Formerly known as Prince Charles became King Charles III after ascending to the throne.
As a prince, Charles had a net worth of $100 million, but after ascending to the throne his net worth increased to almost $600 million. Although sometimes he is referred to as the ”King of England” it should be noted that he is the ”King of the United Kingdom” which includes, England, Northern Ireland, Wales, and Scotland.
This article will help us explore everything about Prince Charles, his early life, personal life, role as a philanthropist, net worth, and all the wealth that he inherited. So, you better get started on this!
Prince Charles was born on 4th November 1948 in Buckingham Palace, London. He is the son to the late Queen Elizabeth II and the late Prince Philip, Duke of Edinburgh. He was baptized from the water of River Jordan by the Archbishop of Canterbury, Geoffrey Fisher. At the age of 3, he was made the heir apparent as his mother became the Queen of England. He was given the title of Duke of Cornwall at this time. He had many Godparents including aunts, cousins, and grandparents.
After getting lessons from a governess, Catherine Peebles for three years he went to West London to attend Hill House School. Then he attended Cheam Preparatory School in Berkshire, England where his father, Prince Philip used to go when he was young. After that, he was enrolled at Gordonstoun. Charles did not like his time there. After completing his 0 and A-levels he went to Cambridge University in 1967 to get a degree in Archaeology and Anthropology. He graduated in 1970 and further continued his studies and got a Master’s degree. He also learned the Welsh language at the University of Wales, Aberystwyth.
He attended the Royal Air Force College in Cranwell where he was trained to be a jet pilot. He also served in Air Force and Royal Navy. Charles went to Royal Naval College Dartmouth for a six-week training course. Moreover, he served on the HMS Minerva, HMS Norfolk, and the HMS Jupiter.
When did Charles become the Prince of Wales?
Charles was made the Earl of Chester and Prince of Wales on 26th July 1958. However, his investiture ceremony was held on 1st July 1969. The ceremony was held at the Caernarfon Castle where he was crowned by his mother, the Queen, and also gave a speech in Welsh. Along with being the longest-serving heir apparent, he also held the title of Prince of Wales for the maximum time. He founded the Prince’s Trust in 1976. He was asked to rule Romania, but he turned down this offer.
Prince Charles met Lady Diana in 1977, while he was visiting her sister Sarah. They later met in 1980 and he then proposed to Diana in February 1981. The Royal Wedding took place on 29th July at St Paul’s Cathedral. They lived at Kensington Palace and Highgrove House. Charles and Diana had two children, Prince William who was born in 1982, and Prince Harry who was born in 1984. Charles was the first royal to be present at their children’s birth.
The couple was not happily married as they faced troubles just after five years. Charles had an extramarital affair with ex-girlfriend Camilla Parker-Bowles, which played a major role in leading his marriage to divorce. Charles and Diana were unfortunately divorced in 1996 and a year later in 1997, Diana passed away in a car accident.
Then eventually Charles married Camilla in 2005 after making his relationship public in the 1990s. They got married at the Windsor Guildhall. Charles was the only royal who had a civil wedding instead of a church wedding in England.
Prince Charles’s Net Worth
Upon becoming the King after his mother’s death, Prince Charles’s net worth raised to $600 million which was previously $100 million. Let us explore how Charles managed to amass this fortune.
The Duchy of Cornwall
Before ascending the throne, Charles’s income mainly came from the Duchy of Cornwall. It is the royal law that the eldest child of the ruling monarch gets possession of the Duchy of Cornwall. It is one of the largest estates in Britain that includes residences, commercial properties, and lands. The Duchy has a financial portfolio that generates revenue for Charles. After the death of Queen Elizabeth, the Duchy is now possessed by Prince William.
The Duchy of Cornwall was founded on 17th March 1337 by Edward III. The sole purpose of it was to provide an income to the heir apparent. The Duchy has a net worth of approximately 1.3 billion dollars. With an impressive portfolio, the Duchy has 150 staff members and more than 130,000 acres of land. Charles earned a huge fortune by renting out the land for residential housing, farming, and commercial real estate. It generates almost $50 million in revenue each year and this $30 million is distributed among the Prince of Wales and his family.
The Crown Estate
The Crown Estate is another real estate portfolio that is not owned by Charles but yet he still benefits from the income it generates. It includes estates, retail parks, castles, mansions, racecourses, shopping centers, office buildings, and vast tracts of land such as farmland, forests, foreshore, and seabed. The Crown Estate is known to possess US 20 billion dollars funds approximately. Before coming on the throne, the prince earned US 3.5 million dollars a year which came from 25% of the profit generated by the Crown Estate.
Charles’s Role as a Philanthropist
Prince Charles played an active role as a philanthropist. He established one of the largest independent foundations present in the United Kingdom in 1979, called ‘’Prince of Wales’s Charitable Foundation.’’ This foundation grants funds for Eco-friendly and sustainability programs such as the International Sustainability Unit and the Prince of Wales’s Accounting for Sustainability Project. Over the years, Prince Charles has managed to grant $72.5 million. Tusk is an organization that is dedicated to stopping poaching in Africa. This organization is associated with Prince’s Foundation.
As the British Sovereign and Head of State, King Charles has a net worth of $600 million. He has accumulated his wealth mainly from investments and inheritances. The Duchy of Cornwall and the Crown Estate contribute to the major portion of his net worth. Despite being such a wealthy monarch, Charles spent a large portion of his wealth on charitable causes particularly those related to the environment and sustainability. As a member of the royal family, Prince Charles did not follow a specific career instead he fulfilled his official duties as a sovereign and he continues to do so now as the King of the United Kingdom.