Duchy of Lancaster

The Duchy of Lancaster is a private estate of the British sovereign. The estate has its origins in the lands held by the medieval Dukes of Lancaster, which came under the direct control of the monarch when Henry Bolingbroke, the then duke of Lancaster, ascended the throne in 1399. In 1461 King Edward IV confirmed that the Duchy would be inherited by the monarch, but held separately from the Crown Estate, the other assets which belong to the monarch.

The Duchy consists of a portfolio of lands, properties, and assets held in trust for the sovereign. The principal purpose of the estate is to provide a source of independent income. The Duchy consists of 18,433 ha (45,550 acres) of land holdings, including rural estates and farmland, urban developments, historic buildings, and commercial properties across England and Wales, particularly in Cheshire, Staffordshire, Derbyshire, Lincolnshire, Yorkshire, Lancashire, and the Savoy Estate in London. As of the financial year ending 31 March 2022, the estate was valued at £652.8 million. The net income of the duchy is paid to the reigning sovereign and amounts to about £24 million per year.

The Duchy exercises some powers and ceremonial duties of the Crown in the historic county of Lancashire, which includes the current ceremonial counties of Lancashire, Greater Manchester, and Merseyside, as well as the Furness area of Cumbria. The Duchy of Lancaster is one of two royal duchies: the other is the Duchy of Cornwall, which provides income to the Duke of Cornwall, a title which is held by the monarch's oldest son.