Prince Charles gets 'three percent' hike in income at £22.2m from Duchy of Cornwall

Prince Charles, the heir to the throne, has got a staggering hike in his income this year. Unfortunately, this may not be the case next year as a consequence of the coronavirus outbreak.

According to Hello, the Duchy of Cornwall has shown a three percent increase in revenue in the past year, as per the account records. The income earned is now £22.2 million. As per the detailed report, the year 2019-20, Prince of Wales' private income from the estate increased by £617,000, now amounting to £22,244,000 as per the record released on Thursday.

However, things may not be the same next year as the report comes with a warning of coronavirus' consequential impact on Duchy's revenue. "The lockdown resulting from COVID-19 was only in place for one week of the financial year that this report covers," Alastair Martin, the secretary and keeper of the records said adding "there is therefore very limited financial impact on these results."

"As to 2020-21, it is too early in the new financial year to be able to say with any confidence what the impact on our financial performance will be, but, despite having a particularly well-diversified asset base, we fully expect the revenue surplus to be down by a significant amount, in large part due to our trading enterprises being closed," he added.

It is said that as heir to the throne, Prince Charles is entitled to the surplus income generated from Duchy's vast estate including land, buildings, and financial investment. It is one of the two royal duchies in England, the other being Duchy of Lancaster.

The Duchy of Cornwall was established on March 17, 1337, by the Royal Great Charter by Edward III for his son Edward, Prince of Wales. As a tradition of the British monarchy, the title of Duke of Cornwall goes to the eldest surviving son of the monarch and the heir to the throne.

The duchy estate reportedly extends across 23 counties in England and Wales and includes the Oval cricket ground and 67,000 acres of Dartmoor. It is said that Charles uses his private income for his official duties, charitable work, and funding Duke and Duchess of Cambridge's public duties.