It is no secret that members of the royal family, like Prince Charles, receive a hefty income.
It has been confirmed that The Prince of Wales recently received a raise much to the delight of his son, Prince Harry, and daughter-in-law Meghan Markle.
The Duchy of Cornwall decided to raise Prince Charles’s annual income by 3 percent, which means he is now receiving £22.2 million or $25.1 million.
Prince Charles received the extra money thanks to a surplus generated by the private estate, Duchy of Cornwall, which has many lands, agriculture, tourism, buildings, merchandise, and counts financial investments that bring in millions.
However, the heir to the throne cannot rejoice very long because his income is set to get a significant hit.
Prince Charles was soon hit with some devastating news about his wealth. It has been predicted that because of the coronavirus, the lockdown that put the British and world’s economy in shamble implies that Prince Charles’s impressive $25.1 million income will fall “by a significant amount” next year.
In a letter, the Duchy’s secretary Alastair Martin made this worrisome prediction: “The lockdown resulting from Covid-19 was only in place for one week of the financial year that this report covers. There is therefore very limited financial impact on these results.”
Martin added: “But, despite having a particularly well-diversified asset base, we fully expect the revenue surplus to be down by a significant amount, in large part due to our trading enterprises being closed.”
He concluded by: “Achieving a balance between financial results, protecting the natural environment on which we all depend, and supporting our communities has been at the heart of the Duchy ethos for many years.”
The Duchy’s income was used by Charles, Prince of Wales for his official duties, to pay rent for his London office and charitable work.
Despite being aware of the fact finances will decline, Prince Charles has been spending large sums of money to help Harry and Meghan Markle with their new life in Califonia.
Prince Charles has also been quietly funding the Duke and Duchess of Sussex’s charities and paying for their security.
Now, a source close to Prince Charles said his close friends have warned this is not a limitless sum of money.
Prince Charles will review Prince Harry and Meghan Markle’s financial arrangements in 2021 under Queen Elizabeth‘s watchful eyes.
Prince Charles uses the large sum of money he receives from the Duchy to also support Prince William, the Duke, and Duchess of Cambridge and their children.