Sunday, September 25, 2022
Islamabad (Urdu Point. DW Urdu. September 25, 2022) Whenever many people think of King Charles Swim, the image of the former Prince of Wales who played polo, shook hands with people, waved jams comes to mind. Or seemed to appreciate organic farming. But while he was doing all this, he was also building a business empire of his own.
He is currently worth over a billion British pounds and growing steadily.
Today, Charles Swaim owns huge properties and has also made huge investments. Soon his image will also be present on domestic currency notes. But looking back, his interests in business, real estate deals and investments in some offshore companies are also visible.
The Duchy of Cornwall, a Historical Irregularity
As Prince of Wales, Charles relied on income from the Duchy of Cornwall to meet his personal and official expenses. The Duchy is a private enterprise comprising approximately 52,450 hectares of land spread over 20 counties in England and Wales.
It also includes 260 fully equipped farms, forest areas, residential and commercial properties.
The duchy also includes some coastal areas and capitals.
This duchy has existed since 1337 and is intended to meet the expenses of the Crown. By law the property cannot be sold and the Crown is entitled only to the proceeds.
In 1969, when Charles was 21, he began receiving the full income of the duchy.
However, he started focusing on this business in the 1980s. Currently there is a staff of 180 people who manage the property and business. Most of the focus is on land, tenancy and property development, but according to information released in 2017, the business also invested in offshore companies. This was an embarrassment to then-Crown Charles, but his spokesman said the business's investment cases were seen by others.
An increase in the profits of the Duchy of Cornwall
In the year 2002/2003 the income from this property was 10 million pounds. When Charles got the property it was worth £400 million.
In the year 2011/2012, the income from this property was 18.3 million pounds, while its value had increased to 728 million pounds. According to the report released on March 31, 2022, the value of his assets has reached 1.049 billion pounds, which means that the value of this property has increased by more than 200 percent in two decades.
Then the government has also waived the corporate tax on it. However, since 1993, Charles has been paying income tax on the money he receives from the duchy, but after deducting government expenses.
Transfer of the Duchy of Cornwall to Prince William
Now after becoming the King of Great Britain, Charles Swimme has transferred this duchy to his son Prince William. In return, the new monarch will receive income from the Duchy of Lancaster, funds from the Crown Estate and a share from Queen Elizabeth's personal estate.
The Queen received £24 million from the Duchy of Lancaster last year, compared to her net worth of £652 million.
The Crown Estate is a multi-billion pound estate whose affairs are run by a board. This property is not the property of the king, but he gets a share of its income. Last year, the Crown Estate made a profit of 313 million pounds, of which the Queen received 86 million pounds, while the rest went to the British government.
Charles Swim would then inherit many of his mother's estates, including Balmoral Castle in Scotland. Then there are race horses, investments and expensive jewelery and furniture, which are estimated to be worth more than £500 million.
Timothy Roux (A.B.A.)
