The news comes in the wake of recent revelations that the Duke and Duchess of Sussex sank £2.4mln in taxpayer money into the refurbishing of their Windsor residence, as Prince Harry and Meghan moved into Frogmore Cottage shortly before the birth of their son, Archie.
The assets of the Prince of Wales’ private estate are worth over £1bln, reports the Independent, referring to the portfolio of land, property and investments which provide Prince Charles with an income.
The annual income of the heir to the throne from the Duchy of Cornwall’s assets is £21.6mln, down just over £100,000 from the previous financial year; however, the Duchy nonetheless anticipates achieving its target of 2.6 percent annualised growth over the five-year period to March 2020.
The estate of the Prince of Wales extends across 23 counties in England and Wales, and includes 52,760 hectares of land and 2,360 hectares of woodland, including the Oval cricket ground in south London.
Prince Charles has long shown an interest in sustainability. Thus, the estate opened its first hydro-electric generator at Dartmoor, and a number of new heat pumps in houses and workshops, with accounts reporting a 87 percent reduction in emissions from buildings used by the estate.
The news from the annual royal accounts comes in the wake of recent revelations that the Duke and Duchess of Sussex had sunk £2.4mln in taxpayer money into the refurbishing of Windsor residence.
Harry and Meghan moved into Frogmore Cottage, half a mile south of Windsor Castle, just before the arrival of the royal baby, Archie.
Frogmore Cottage, which has been a royal residence since 1792 and derives its name from the frogs that populate the nearby swampy area, sits in the grounds of Frogmore House, where Meghan and Harry held their wedding reception in May 2018.
Prior to the move, the building was made up of five separate housing units and major renovations were required to convert it into a single home that would suit a royal couple.
Reports say it took six months to complete and has been fitted with a mother-and-baby yoga room, a luxury bathroom and kitchen and new flooring, with the new fittings and fixtures paid for privately by the couple.
Keeper of the Privy Purse Sir Michael Stevens said Frogmore Cottage “had not been the subject of work for some years and had already been earmarked for renovation, in line with our responsibility to maintain the condition of the occupied royal palaces estate”.
The UK royal family cost taxpayers £67mln in the last financial year – nearly £20mln more than the previous year, according to accounts for the Sovereign Grant.
Reportedly, the lions’ share of the increase is due to expenses associated with maintaining royal palaces throughout the country and updating services at Buckingham Palace.