With Britain’s longest reigning monarch, Queen Elizabeth II, passing last week, most of the Royal Estates passed to the next sovereign, King Charles III. However, the line of succession ensures that as the new Prince of Wales and Duke of Cornwall and Cambridge, Prince William, is now keeper of the sprawling estate of the Duchy of Cornwall. Created in 1337 by King Edward III, the Dutchy of Cornwall was estimated to be worth a whopping $1.2billion or a £1billion last year when it belonged to the previous Prince of Wales, who is now king.

Today, the Prince of Wales’ Duchy of Cornwall comprises 135,000 acres (55,000 hectares) including 18,710 acres (7,571 hectares) of land in Cornwall, almost all of the Isles of Scilly, Dartmoor in Devon, other large holdings in Herefordshire and Somerset, as well as the Duchy’s portfolio of financial investments.

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The British monarchy’s vast assets fall into several categories. Most of these assets are owned by the Crown, which is to say that they belong to the reigning monarch but are not their private property. These include the Royal residences and the Crown Estate. Buckingham Palace,  Windsor Castle , and Holyrood Palace are also on the Crown’s list of assets.

Read more: Ancient Origins