Duchy of Lancaster, Duchy of Cornwall: How centuries-old estates fund UK royals

Since 1399, Britain’s reigning monarch has received income from the Duchy of Lancaster, an estate of 41,910 acres including commercial properties in central London and other cities, with net assets valued at £687.3 million in March 2026. While the sitting monarch cannot use proceeds from land sales, they do receive the net revenue surplus, which was £25.2 million in 2025/26.

That income funds King Charles III’s private homes and the incomes of working royals not permitted outside earnings, currently including Princess Anne, Prince Edward and his wife, the Duke and Duchess of Gloucester, the Duke of Kent and Princess Alexandra.

A separate estate, the Duchy of Cornwall, was created in 1337 and provides income for the heir to the throne, currently Prince William and his wife Kate. The estate spans 128,151 acres across England and Wales, with net assets of £1.2 billion at the end of March 2026. William received the net surplus revenue of £21.55 million in 2025/26, according to a report by Global Banking & Finance Review.

These duchies operate separately from the Sovereign Grant, the government payment that funds the royal family’s official state duties and palace upkeep.