Queen Elizabeth II died last Thursday at the age of 96 at Balmoral Castle in Scotland, after more than 70 years of the longest reign in UK history. Charles III, his eldest son, took over as king at the age of 73. Prince William now owns the Duchy of Cornwall.

The Guardian reported that the current heir to the throne, as well as his wife, Kate Middleton, are among the largest landowners in England and that the Duchy, a large pool of privately owned land and assets, has $1 billion (about €987 million at current exchange rates), consisting of a stadium Cricket and prison.

In terms of titles, he was given the title Prince of Wales after the death of the Queen.

The post also mentions that the current King Charles III, who was the previous owner of the duchy, inherited it at the age of 21, and in the last year alone he made more than $24 million (about €23.7 million at the current exchange rate). However, the king paid a 45% income tax on the estate’s proceeds, according to annual reports to which the publication had access. Although not responsible for paying the tax, since the duchy is not a registered company, it did so voluntarily.

“The Duchy of Cornwall is a private estate established by Edward III in 1337 to provide independence for his son and heir Prince Edward. The charter specified that each future Duke of Cornwall would be the King’s surviving eldest son and heir to the throne.”