Prince William and Kate make $1.3 billion in one single day
| Last updated
Following the Queen's death, Prince William and Kate Middleton have not only been given a raft of new titles, but they also became billionaires overnight.
Prior to Thursday's news, William received funds from the Crown Estate, Sovereign Grants, and from his inheritance from his late mother Princess Diana.
His net worth was estimated to be about $40 million (£34 million), which isn't too shabby.
However, his net worth has skyrocketed by $1.3 billion (£1.1bn), taking his total net worth up to $1.34bn.
The reason for this huge spike in wealth is because Prince William and Kate have inherited King Charles' former titles.
As well as being the Duke and Duchess of Cambridge, they are now Prince and Princess of Wales, as well as the Duke and Duchess of Cornwall.
Significantly, the Duchy of Cornwall comes with a huge £1.1 billion portfolio of land and various assets across the country.
The estate is around 52,000 hectares (128,000 acres), spans across 20 counties in England and Wales (bizarrely most of it isn't actually in Cornwall) and consists of farmland, parts of Dartmoor national park, cricket grounds, and even a prison.
Charles was previously the Duchy of Cornwall for over five decades, making him the longest-serving Duke of Cornwall in history.
The ownership of the estate paid him £21 million ($24m) in the last fiscal year.
The King voluntarily paid the top rate of income tax (45 percent) on the property.
However, as the duchy is not considered a company according to tax laws, Charles didn't have to pay corporate or capital gains tax.
This has drawn criticism from the public and MPs alike and is particularly controversial as the estate owns land that used to be used for mining, and the duchy owns the mine’s mineral rights.
Charles also set up a food company three decades ago, named Duchy Organics, which many argue connects the estate and title with the company. The brand was acquired by Waitrose and is now separate to the Duchy, but the controversy persists.
After acquiring the estate, William will now make all decisions on shaping its future.
The new Prince of Wales released a moving tribute to his grandmother the Queen yesterday, which read in part: "She was by my side at my happiest moments. And she was by my side during the saddest days of my life. I knew this day would come, but it will be some time before the reality of life without Grannie will truly feel real.
“I thank her for the kindness she showed my family and me. And I thank her on behalf of my generation for providing an example of service and dignity in public life that was from a different age, but always relevant to us all."
Featured Image Credit: Sipa US / Alamy Stock Photo/Paul Smith / Alamy Stock Photo
Topics: Royal Family, UK News, Prince William, Kate Middleton