Prince William had made it clear that he’ll make changes to the monarchy when he becomes King, and he’s already putting some of those plans in motion. Earlier this month, the Times reported that the Prince of Wales will be selling off a fifth of the Duchy of Cornwall over the next 10 years so he can invest that money to help others. The unprecedented decision is one that royal expert Jennie Bond said is a sign of things to come for the future King William.
“I think this is a powerful example of William putting his money where his mouth is,” Bond told the Mirror. “He has talked about change being on his agenda, and now he is proving that he’s willing to shake things up in quite a dramatic way.”
The Duchy of Cornwall was created in the 1300s by King Edward III with the intent for the estate to provide an independent income for his eldest son, Edward, Prince of Wales, and future princes to hold the title. Prince William earns roughly £20 million ($27 million) from the 128,000 acre duchy each year. But according to William Bax, chief executive of the Duchy of Cornwall, Prince William doesn’t want to be a traditional landowner.
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Prince William visits the construction site of 10 new sustainable homes delivered by the Duchy of Cornwall on May 22 in the Isles of Scilly, England.
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Prince William meets local residents from the first Build-to-Rent homes during his visit to Nansledan, a sustainable community development led by the Duchy of Cornwall.
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Bax told the Times that Prince William thinks the duchy “shouldn’t just exist to own land. It should first and foremost exist to have a positive impact on the world.” After selling the land, the Prince of Wales will be investing £500 million (roughly $672 million USD) to better the environment and help those facing homelessness—two of the causes he’s most passionate about in his royal work.
“He says he wants to be more than a traditional landowner,” Bond said of William’s decision. “His goal is to prioritize things that will make people’s lives better. William is all about impact and tangible results.”
The former BBC royal correspondent added that the Prince of Wales “is leading by example” when it comes to solving the housing crisis, in particular. William has been criticized for the lofty goals of his Homewards program, which aims to end homelessness in the U.K., but by selling off some of the duchy, he’ll be able to make actual change, Bond said.
“He knows that it’s all very well talking about trying to end homelessness, but he needs to take practical steps to ease the crisis,” Bond said, adding that William “is going to use some of [the funds] to create more affordable housing – which is so desperately needed.”