A bombshell investigation into the finances of King Charles III and Prince William has unveiled a dark secret that has left the British public reeling with anger. The Sunday Times and Channel 4’s Dispatches documentary, titled The King, The Prince & Their Secret Millions, aired on November 2, 2024, exposing how the royal estates of the Duchy of Lancaster and Duchy of Cornwall have been raking in millions from taxpayer-funded bodies and charities. The revelations have sparked widespread outrage, with many questioning the ethics of the monarchy’s financial dealings and calling for greater transparency.
A Financial Empire Built on Public Funds
The investigation, conducted over five months, uncovered that King Charles and Prince William’s private estates have generated approximately £50 million annually through contracts with public institutions such as the National Health Service (NHS), the armed forces, state schools, and even charities—some of which the royals themselves patronize. The Duchy of Lancaster, owned by King Charles, reportedly earned £35 million last year, while the Duchy of Cornwall, managed by Prince William, brought in £30 million. These estates, established in 1399 and 1337 respectively, own vast swathes of land and property across England and Wales, often acquired through medieval seizures.
Among the most shocking findings was a £11.4 million deal between the Duchy of Lancaster and Guy’s and St Thomas’ NHS Trust to house a fleet of electric ambulances—money that critics argue should be reinvested into the struggling healthcare system. The Duchy of Cornwall has also pocketed at least £22 million since 2005 from rents paid by charities housed in Camelford House, dubbed “charity towers” due to its occupants. Ironically, two cancer charities long supported by King Charles—Marie Curie and Macmillan—recently downsized their operations there, citing the need to free up funds, while the Duchy continued to profit.
The investigation further revealed that the Duchies charge public bodies for a range of services, including the right to cross rivers, run cables under beaches, operate schools, and even dig graves. The Ministry of Justice, for instance, is paying £37.5 million over 25 years to use Dartmoor prison, which currently sits empty due to radon gas issues. Additionally, the estates have struck deals with controversial mining companies, such as leasing land in Hingston Down—an area of outstanding natural beauty—to one of Europe’s biggest polluters, despite Prince William’s public advocacy for environmental causes through his Earthshot Prize.
Public Outrage and Accusations of Hypocrisy
The revelations have ignited a firestorm of public fury, with many Brits expressing their frustration on social media. Posts on X reflect the sentiment of betrayal, with one user stating, “It’s been two days since @C4Dispatches and @thetimes reported that King Charles and Prince William are secretly making millions from the NHS, armed forces, and UK charities, and not one member of the royal rota has published proper follow-up coverage.” Another user highlighted the irony, writing, “The Duchy Files show the royals are charging the public for everything—schools, charities, even graves. How is this not a national scandal?”
Channel 4 presenter Jean Johansson didn’t hold back in her criticism, accusing the royals of “milking” the system in her column for The Sunday Mail. She specifically called out Prince William for hypocrisy, noting that his recent documentary Prince William: We Can End Homelessness—which outlined a five-year plan to combat the UK’s homelessness crisis—stands in stark contrast to the Duchy of Cornwall’s financial practices. “I find Prince William tasking himself with ‘solving homelessness’ while siphoning money off from these services in very poor taste,” Johansson wrote. She added, “How is the whole nation not outraged by this? I guess the inequality in our society is so baked in that some will simply accept it.”
Former Liberal Democrats lawmaker Norman Baker echoed this sentiment, telling AFP that the findings confirm the royals are “taking the public for a ride.” He argued that the lands owned by the Duchies are Crown lands that belong to the public, and their profits should go to the Crown Estate, a public asset that channels funds into the Treasury.
The Royals’ Response and Ethical Concerns
Spokespersons for the Duchy of Lancaster and Duchy of Cornwall have defended their practices, emphasizing that both estates are private entities that do not receive taxpayer funding. “The Duchy of Lancaster manages a broad range of land and property assets. It is self-financing and does not receive any public funds in connection with its activities,” a Duchy of Lancaster spokesperson stated. The Duchy of Cornwall similarly asserted its “commercial imperative” while claiming a commitment to “restoring the natural environment and generating positive social impact for our communities.”
However, these defenses have done little to quell public anger, especially given the lack of transparency around the Duchies’ finances. Unlike the Crown Estate, whose profits contribute to the Treasury and help fund the Sovereign Grant (£132 million next year), the Duchies are not subject to the same scrutiny. They are exempt from capital gains and corporation taxes, and while Charles and William do pay income tax on their earnings, the exact amounts remain undisclosed. Prince William, in particular, made headlines last summer when he declined to reveal how much tax he paid on the Duchy of Cornwall’s £30 million revenue for the 2023-2024 financial year, further fueling perceptions of secrecy.
The ethical implications of these dealings are profound. At a time when the UK is grappling with a cost-of-living crisis—exacerbated by Chancellor Rachel Reeves’s £40 billion tax hike budget announced last week—the idea that the royal family is profiting from cash-strapped public services strikes many as indefensible. Dame Margaret Hodge, speaking to the BBC, called for a “full and transparent review” of both Duchies, arguing that the findings raise “serious question marks” about the monarchy’s financial practices.
A Critical Look at the Monarchy’s Role
The controversy also raises broader questions about the monarchy’s role in modern Britain. King Charles and Prince William have long positioned themselves as champions of social causes—Charles with his environmental advocacy and William with his focus on homelessness and mental health. Yet, the investigation suggests a disconnect between their public personas and private financial dealings. The Duchies’ investments in controversial mining operations, for instance, undermine their environmental rhetoric, while their contracts with struggling public services contradict their charitable endeavors.
Some critics argue that the monarchy’s defenders often rely on the narrative of tradition to justify such practices, pointing to the historical origins of the Duchies as a reason for their tax exemptions and lack of accountability. However, this narrative crumbles under scrutiny when one considers that these estates were largely built on lands seized by medieval monarchs—a practice that would be deemed unjust by today’s standards. The lack of transparency also perpetuates a power imbalance, allowing the royals to operate with impunity while the public bears the financial burden.
What’s Next for the Royals?
The fallout from this scandal is far from over. Royal expert Ian Pelham Turner told Fox News Digital that the revelations could become “the Watergate for the royal family,” predicting that the British public—already strained by economic hardship—will not take kindly to the news. “Many are suffering from huge costs for food and essential supplies,” Turner noted. “This will not go down well.”
For now, King Charles and Prince William have remained silent on the issue. The King was spotted attending a Sunday service at the Church of St Mary Magdalene on the Sandringham estate on November 3, 2024, appearing unruffled by the headlines. Prince William, meanwhile, continued his public engagements, traveling to South Africa for his Earthshot Prize shortly after the documentary aired. But as calls for transparency grow louder, the royal family may find it increasingly difficult to ignore the public’s demand for accountability.
The dark secret of Charles and William’s financial empire has not only exposed the monarchy’s hidden wealth but also shattered the illusion of their benevolence. As the public grapples with feelings of betrayal, one question looms large: will this scandal force a reckoning for the House of Windsor, or will the royals once again evade scrutiny behind the veil of tradition? Only time will tell, but for now, the British public is left furious—and rightfully so.
