David McClure made the claim. Mr McClure is an entrepreneur and angel investor based in the San Francisco Bay Area. He admitted he did not know how much of the £5million fund is spent by the Duchesses on their wardrobe and explained the eye-watering fund came at zero cost the UK taxpayer.
The fund, according to Mr McClure appearing on Yahoo’s The Royal Box, comes from Prince Charles’ official household budget funded by the Duchy of Cornwall, meaning the public “do not pay a penny” towards it.
The finance guru claimed senior Royal Family members never carry cash while on engagements.
He also described the Duchy of Lancaster as the Queen’s “cash cow” having brought in a cool £20million last year.
Mr McClure said: “The public doesn’t pay a penny for the clothes of Meghan and Kate.
“The main source of funding for their official duties comes from Prince Charles as Duchy of Cornwall, which gives them £5million pounds a year.”
According to Mr McClure, senior royals never take money out with them on official engagements.
He said: “Senior Royals do not normally carry cash.
“Diana certainly didn’t.
“The Queen doesn’t carry cash and nor does Prince Charles.”
He also revealed the bulk of the Queen’s wealth comes from her inheritance.
He said: “There are her two private estates – Balmoral and Sandringham, which are probably worth about £100million that she got from her father, George VI.
“There’s also a fabulous collection of art and jewellery, private art treasures that again came from her parents.
“That’s probably worth more than £100million.
“There’s also a stamp collection and some fabulous cars. So those are all inherited.”