Duchies in England
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The two current duchies in England are the Duchy of Cornwall and the Duchy of Lancaster. Unlike historic duchies, these are no longer coextensive with a distinct geographic area, though they originate in the palatine counties of Cornwall and Lancaster. Rather, they are "Crown bodies," regulated by Acts of Parliament, that have some of the powers of a corporation or trust. They invest primarily in land, and their income is payable either to the monarch or the monarch's eldest son.
The Duchy of Cornwall currently owns approximately 141,000 acres (570 km2) in England. This includes just over 2% of the county of Cornwall. The majority of the estate lies elsewhere, with half being on Dartmoor in Devon. The income of the Duchy of Cornwall accrues to the Duke of Cornwall, who is the monarch's eldest son if heir to the throne (and thus currently the Prince of Wales). The estate reported a profit of over £7,800,000 for the year ending March 31, 2002[update].
The Duchy of Lancaster owns approximately 46,500 acres (188 km2) including Lancaster Castle and is administered by a Chancellor. The Chancellor of the Duchy of Lancaster is normally a member of the British Cabinet. The income of the Duchy of Lancaster accrues to the Duke of Lancaster, a title which has been held by the reigning monarch since 1413.