Prince William becomes the new Duke of Cornwall; Here's how much he will inherit

King Charles III announced that Prince William – his eldest son – will become the heir apparent as he ascends the throne following the death of Queen Elizabeth II.  Along with the titles, William will also inherit the Duchy of Cornwall – an estate which owns around 128,000 acres of land across the country.

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Following the death of Queen Elizabeth II, King Charles III will succeed to the throne, and Prince William, his oldest son, will become the heir apparent. As a result, William will become the new Prince of Wales and take the position of his father as the Duke of Cornwall.

William will also get the Duchy of Cornwall, an estate with over 128,000 acres of land spread throughout the nation, in addition to the titles. The estate, which contains assets in 20 different British counties, was one of King Charles III's main sources of wealth, according to The Guardian.

Farmland, houses, mineral mining sites, and even London's Oval cricket stadium are among the assets. The Duchy was most recently estimated at about £1 billion at the end of March, and as a result of the inheritance, William will shortly surpass all other landowners in the nation.

In order to provide his son, Prince Edward, financial freedom, Edward III founded the duchy back in 1337. The land shall be passed down to each Duke of Cornwall in accordance with the duchy's agreement to ensure the continuation of the tradition.

King Charles III willingly paid a 45 percent income tax on all of the money made via the duchy in terms of taxes. The tax came to almost £23m in the previous year.

The duchy has never been subject to capital gains tax or corporation tax, though, as it is not a corporation.

King Charles made his first speech as the oldest king, in which he recalled Queen Elizabeth II, who passed away on Thursday after 70 years of rule. He acknowledged that the feeling of loss was "beyond measure". He furher added, "I honour my mother's life of devotion and pay respect to her memory. I am aware that her passing has saddened a great number of people, and I share your profound feeling of loss."