Return to Transcripts main page
Live From...
Price of Wales 27 Percent Richer
Aired June 30, 2003 - 14:57 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: Do you ever wonder what it's like to live like royalty? We do on a daily basis. Well the Prince of Wales has decided to come clean. He released an expense report detailing what he earns and how he spend it.
MILES O'BRIEN, CNN ANCHOR: Suffice to say it would not pass muster here at CNN Center but by all accounts everyone should be taking notes from his financial advisers. Price Charles personal income jumped 27 percent last year in a tough market to 17 million large. That would be more than that, $17 million. Of course he gets paid in pounds. ITV's Tom Bradby take as look at the books.
(BEGIN VIDEOTAPE)
TOM BRADBY, ITV CORRESPONDENT (voice-over): According to his top adviser he's the frugal prince. So how has this fact been obscured for so long? Perhaps it's the Aston Martin, or maybe the private train or possibly the large number of houses and domestic servants at his disposal. But of course I'm being unfair.
The decision to publish Prince Charles' accounts is an attempt at greater openness. It only seems to have backfired on the claim that the prince is frugal for a rich man, all these things being relative.
So how wealthy is he? Well, unlike his parents, the prince doesn't have an official allowance from the taxpayer. Instead, his annual income of almost 10 million pounds comes from the assets of the Dutchy of Cornwell. Or that, his biggest expenditure, 3.5 million is on his 91 staff for salaries, travel and training. A further 1.2 million goes on official duties, most of which is spent on entertaining. With tax and other expenses estimated at more than 3 million that's still leaves our frugal prince with more than 2 million to spend for himself.
However, not many rich men spend more than half their personal income on official duties and charity work. And at one of the many Prince of Wales pub today, most people were pretty supportive.
UNIDENTIFIED MALE: He has a hard time all the way. I mean the same with most of the royals. I don't think you can really do much without somebody saying, Oh, that's wrong or that's not right.
UNIDENTIFIED MALE: I think personality the (UNINTELLIGIBLE) is worth it. UNIDENTIFIED MALE: The man has got someone to squeeze his toothpaste on his toothbrush for him, I think he's probably earning a bit too much money. I certainly have to my own in the mornings.
BRADBY: The idea of Charles as a frugal prince is frankly a pretty hard sale but maybe we do have to be a bit grown-up about this. If we don't want a royal family, well that's once thing, a perfectly legitimate line of argument. But if we do want one, then maybe we have to accept they won't live life entirely like most of the rest of us.
Tom Bradby, ITV News at St. James' Palace.
(END VIDEOTAPE)
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired June 30, 2003 - 14:57 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: Do you ever wonder what it's like to live like royalty? We do on a daily basis. Well the Prince of Wales has decided to come clean. He released an expense report detailing what he earns and how he spend it.
MILES O'BRIEN, CNN ANCHOR: Suffice to say it would not pass muster here at CNN Center but by all accounts everyone should be taking notes from his financial advisers. Price Charles personal income jumped 27 percent last year in a tough market to 17 million large. That would be more than that, $17 million. Of course he gets paid in pounds. ITV's Tom Bradby take as look at the books.
(BEGIN VIDEOTAPE)
TOM BRADBY, ITV CORRESPONDENT (voice-over): According to his top adviser he's the frugal prince. So how has this fact been obscured for so long? Perhaps it's the Aston Martin, or maybe the private train or possibly the large number of houses and domestic servants at his disposal. But of course I'm being unfair.
The decision to publish Prince Charles' accounts is an attempt at greater openness. It only seems to have backfired on the claim that the prince is frugal for a rich man, all these things being relative.
So how wealthy is he? Well, unlike his parents, the prince doesn't have an official allowance from the taxpayer. Instead, his annual income of almost 10 million pounds comes from the assets of the Dutchy of Cornwell. Or that, his biggest expenditure, 3.5 million is on his 91 staff for salaries, travel and training. A further 1.2 million goes on official duties, most of which is spent on entertaining. With tax and other expenses estimated at more than 3 million that's still leaves our frugal prince with more than 2 million to spend for himself.
However, not many rich men spend more than half their personal income on official duties and charity work. And at one of the many Prince of Wales pub today, most people were pretty supportive.
UNIDENTIFIED MALE: He has a hard time all the way. I mean the same with most of the royals. I don't think you can really do much without somebody saying, Oh, that's wrong or that's not right.
UNIDENTIFIED MALE: I think personality the (UNINTELLIGIBLE) is worth it. UNIDENTIFIED MALE: The man has got someone to squeeze his toothpaste on his toothbrush for him, I think he's probably earning a bit too much money. I certainly have to my own in the mornings.
BRADBY: The idea of Charles as a frugal prince is frankly a pretty hard sale but maybe we do have to be a bit grown-up about this. If we don't want a royal family, well that's once thing, a perfectly legitimate line of argument. But if we do want one, then maybe we have to accept they won't live life entirely like most of the rest of us.
Tom Bradby, ITV News at St. James' Palace.
(END VIDEOTAPE)
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
