The Prince of Wales’ annual income from the Duchy of Cornwall has risen by nearly three percent to £22.2 million, but is expected to fall “by a significant amount” next year due to the coronavirus pandemic, accounts show. Nonetheless, Express.co.uk has learned that Charles will continue to offer his financial support to the Royal couple, according to a palace aide.
The coronavirus crisis has had a financial impact on households across the UK, with a rising uncertainty on jobs and income as the pandemic continues to wreak havoc on the economy.
However, unlike many other families, the Queen and Prince Charles are well placed to weather the worst effects of the coronavirus.
The next few days and weeks is set to bring accounts published by several royal estates and charities that are expected to show multi-million pounds losses caused by the pandemic.
This is thanks to a funding system that inoculates them against loss.
he Prince of Wales will continue to fund Meghan Markle and Prince Harry a palace aide has claimed
As the rest of Britain endured a decade of austerity, royal earnings from the family’s main sources of income rose from £63.5 million in that year to £142.4 million in 2019.
However, these figures do not include substantial private investments and inheritances – which are hidden from public view.
These investments could be used to help support Harry and Meghan, as a source close to the palace has insisted that Charles will continue to help them.
Royal money currently flows between dozens of charities, estates and private accounts.
The Prince of Wales’ annual income from the Duchy of Cornwallis expected to fall ‘by a significant amount’ next year due to the coronavirus pandemic
It is often impossible to determine where money ends up from other accounts.
Harry and Meghan Markle, moved from a freshly renovated cottage on the Queen’s estate in March to a billionaire’s house in Los Angeles, Prince Harry gave up a share of £5 million allocated yearly to him and his brother, William, to support their official duties.
However, he kept a personal allowance.
“Prince Charles will continue to offer private financial support”, said one royal aide.
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Private investments and inheritances hidden from public view could be used to support Harry and Meghan
Former aides have revealed that the Prince put pressure on the Duchy to boost its profits when his sons were young
In the context of royal finances, however, “private” can mean a lot of things.
Charles may be able to subsidise Harry through the Duchy of Cornwall.
The estate funds both the heir’s official and personal activities.
On the other hand, the bulk could come from the Prince of Wales’ more private investments.
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Royal Family tree
Harry will also benefit from other sources of wealth.
This includes the sizeable inheritances left to him by his late mother, Princess Diana, and the Queen Mother.
The aide also revealed that the majority of Charles’ money has gone on his two sons.
According to the Duchy’s recent profits Charles is £4.4 million a year personally richer than he was twelve years ago.
Prince Harry gave up a share of £5 million allocated yearly to him and his brother, William, to support their official duties
Former aides have revealed that the Prince put pressure on the Duchy to boost its profits when his sons were young.
This was in anticipation of them needing their own private offices.
“The big thing that changed when I was around is the extra strain on the Duchy created by a busier and more expensive Duke and Duchess of Cambridge and Duke and Duchess of Sussex,” one said.
“Everyone knew that when William and Harry got older and had their own offices and duties they’d require more cash. There was pressure to grow income to meet rising costs.”
Express.co.uk has contacted Buckingham palace for comment.